Taylor Swift boosts Singapore GDP growth to 2.7% in Q1

The growth matched a preliminary estimate released last month and was stronger than the 2.5% forecast by economists in a Reuters poll. It was the fastest pace since the economy grew 4.1% on a year-on-year basis in the third quarter of 2022.

American singer-songwriter Taylor Swift performs on her 'The Eras Tour' at AT&T Stadium. on March 31, 2023 in Arlington, Texas, United States. Photo by AFP

The trade ministry, which maintained its GDP growth forecast for 2024 at 1.0% to 3.0, said the manufacturing and trade-related sectors were expected to see a gradual pick-up over the course of the year, according to Reuters.

"The stronger-than-anticipated recovery in air travel and tourism demand will continue to bolster the growth of aviation- and tourism-related sectors, as well as consumer-facing sectors," Gabriel Lim, the permanent secretary at the Trade Ministry, said during an online briefing on May 23. "The payments segment of the finance and insurance sector will also benefit from higher tourist spending."

The country welcomed 4.35 million visitors in the first three months, an increase of about 50% from the previous year, according to Nikkei Asia, quoting the Singapore Tourism Board.

Visitors flocked to Singapore in March to catch Swift's series of performances, her only Southeast Asian stop on a global tour.

Swift sold out all available seats, selling more than 300,000 tickets for the concerts as part of her Eras Tour, which includes over 150 concerts on five continents between March 2023 and December 2024, EFE reported on May 23.