Singapore GDP forecast gets a bump from Taylor Swift’s Eras Tour concerts
- Analysts estimated the shows would add 0.2 percentage points of GDP to the city state’s economy in the first quarter
- The six-day event is also expected to boost Singapore’s hospitality, food & drink, and retail sectors
Gross domestic product probably expanded 2.9 per cent in the three months ending March 31, the quickest pace in six quarters, according to the median estimate in a Bloomberg survey.
They also raised the annual growth expectation to 2.5 per cent from 2.3 per cent seen previously – towards the upper end of the government’s 1 per cent-3 per cent forecast for 2024.
The Singapore leg of the Eras Tour involves the singer performing six concerts through March 9. That carries benefits to Singapore’s hospitality, food & drink, and retail activities, according to DBS Bank Ltd. Economist Han Teng Chua.
“These would be mainly supported by higher foreign tourist spending, with a large number of overseas fans attending the Singapore concerts,” said Chua, who estimates the shows to add around S$300 million-S$400 million, or 0.2 percentage points of GDP, to the city state’s economy in the first quarter.