Singapore's economy concluded 2024 with stronger-than-anticipated growth, although the pace slowed from the previous quarter, according to official figures released Wednesday. The city-state's Gross Domestic Product (GDP) expanded by 4.3 percent year-on-year, surpassing the predicted 3.8 percent, but down from 5.4 percent in the third quarter. 

This deceleration was also evident in quarter-on-quarter figures. The economy saw a marginal growth of 0.1 percent, a notable decrease from the 3.2 percent expansion in the preceding three-month period.

Despite this quarterly moderation, Singapore's overall economic performance in 2024 was robust. The nation’s GDP registered a 4.0 percent expansion for the year, a significant acceleration compared to the 1.1 percent growth recorded in 2023.

Concurrently, data from the Urban Redevelopment Authority (URA) indicated a cooling in housing price inflation during 2024. House prices saw an increase of 3.9 percent, a decrease from the 6.8 percent and 8.6 percent gains observed in 2023 and 2022 respectively.

In the final quarter of 2024, housing prices rose by 2.3 percent compared to the third quarter, further demonstrating the slowed inflationary trend in the real estate sector.

Looking ahead, the URA cautioned that the economic outlook is clouded with uncertainty. They cited potential risks including sustained high global interest rates and possible trade restrictions, which could pose challenges in 2025.

Furthermore, the URA noted that domestic mortgage rates are expected to remain higher than the low levels of the past decade. They urged households to maintain caution when purchasing property and securing mortgage loans, highlighting the importance of financial prudence in the current environment.