SINGAPORE, Feb 15 Reuters Singapore39;s economy grew slower than initial estimates in the fourth quarter of last year, on downward revisions in construction and manufacturing but the citystate was still hopeful of a pick up in activity in 2024.

Gross domestic product GDP rose 2.2 on a yearonyear basis in the fourth quarter, government data showed on Thursday, lower than an advance estimate of 2.8 released last month.

The fourthquarter expansion was also below the 2.5 in a Reuters poll of forecasts.

On a quarteronquarter, seasonallyadjusted basis, GDP expanded 1.2 in the OctoberDecember period, compared with 1.7 in advanced estimates.

The trade ministry maintained its GDP growth forecast for 2024 at 1.0 to 3.0.

Beh Swan Gin, permanent secretary of development at the trade ministry, said manufacturing and traderelated sectors are expected to see a gradual pickup in 2024 and continued recovery in air travel and international arrivals supporting tourism and aviationrelated sectors.

For the whole of 2023, GDP grew 1.1, slower than the 3.8 in 2022.

Beh cited risks from the ongoing IsraelHamas conflict and war in Ukraine, cumulative effects of monetary policy tightening on vulnerable banking and financial systems, and idiosyncratic cost shocks disrupting the global disinflation process, which have kept financial conditions tight for longer.

OCBC economist Selena Ling said there is recognition that the recent uptick in inflation could throw the market anticipation of…