Singapore Outpaces Expectations With Strong Q4 Growth In 2023
Portfolio Pulse from Benzinga Neuro
Singapore's economy saw a 2.8% year-on-year growth in Q4 2023, surpassing expectations with significant contributions from the construction and manufacturing sectors. This growth is an increase from the 1% in Q3 and a total expansion of 1.2% in 2023, although lower than the 3.6% in 2022. Economists predict a brighter outlook for 2024, with GDP growth estimates around 1% to 3%. U.S.-listed Singaporean companies like CapitaLand Ascendas REIT, Keppel Corp, and Singapore Telecommunications experienced share price increases following the news.
January 02, 2024 | 7:51 am
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POSITIVE IMPACT
CapitaLand Ascendas REIT's shares rose following Singapore's stronger-than-expected Q4 economic growth, indicating a positive outlook for the real estate sector.
As a real estate investment trust, CapitaLand Ascendas REIT is likely to benefit from the positive economic environment in Singapore, especially with the growth in construction and manufacturing sectors.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Keppel Corp's stock price increased in response to Singapore's Q4 economic performance, suggesting potential growth in its business segments.
Keppel Corp, with its involvement in multiple sectors including infrastructure and energy, is poised to gain from the overall economic growth and the strong performance of the manufacturing sector.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Singapore Telecommunications Ltd's shares benefited from the positive economic news, potentially improving its business prospects.
As a major telecommunications company, Singapore Telecommunications Ltd is likely to experience growth in tandem with the country's economic progress, especially with the positive outlook for 2024.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70