In the fourth quarter of 2024, Singapore's gross domestic product (GDP) grew by 0.1 percent compared to the previous quarter. In the previous quarter, the GDP grew by 3.2 percent.

In 2023, Singapore’s construction sector contributed around 22.37 billion Singapore dollars to the country’s gross domestic product (GDP). This was a noticeable increase after the construction sector had been especially affected by the COVID-19 pandemic. Robust private and public sector demand in 2019 The construction sector in Singapore experienced three consecutive years of negative growth until 2019. This increase was fueled in part by the unexpected higher demand from the private sector, especially by the construction of new petrochemical facilities by global giants Linde and ExxonMobil. Public construction demand, meanwhile, has been growing steadily since 2015, supported by major civil engineering projects such as the expansion of the MRT lines and housing development. In that year, the value of contracts awarded for both private and public sector construction amounted to around 33 billion Singapore dollars. Impact of COVID-19 on the construction sector However, the COVID-19 pandemic has already negatively impacted the construction industry. Singapore experienced its worst recession since independence, and in Q1 2020, the construction sector contracted by four percent. Social distancing measures and the stopping of non-essential work meant that many construction projects were put on hold. Furthermore, Singapore’s construction sector is facing a two-fold labor crisis. This industry is heavily reliant on migrant workers from foreign countries. The global restrictions in travel meant that hardly any new labor was available. Adding to this challenge, the migrant workers in Singapore had been badly hit by COVID-19, making up the largest share of COVID-19 infections in the country.