Bangkok, May 23 (EFE).- Singapore authorities reported Thursday that the economy rose 2.7 percent year-on-year in the first half thanks in part to sectors related to tourism, which experienced an improvement due to Taylor Swift’s and Coldplay’s concerts.
The city-state’s commerce ministry said in a report that GDP growth was partly supported by good data from the services sector, including 14.4 percent growth in accommodation and 6.8 percent growth in transportation and storage, both related to tourism.
The main driver in the quarter was the financial sector, while the manufacturing sector decreased 1.8 percent.
In a recent report, Singapore’s monetary authority said the concerts contributed to increased tourism and generated between SGD350 million and SGD450 million ($259 million and $333 million.)
The agency also said the concerts, which took place over 12 days, also played a role in increasing the number of foreign tourists, which rose 26 percent in the first quarter compared to the previous three months, to 4.4 million visitors.
Additionally, hotel occupancy hit 80 percent between January and February, compared to 77 percent in the final quarter of 2023, and hotels and airlines saw a 30 percent increase in regional demand around Taylor Swift concerts, according to the monetary authority.
Swift’s performances in Singapore, where she gave six concerts, caused controversy when it was discovered that authorities reached an agreement with the American artist for her exclusivity in Southeast Asia.
The matter transcended the regional political scene when the Thai Prime Minister Srettha Thavisin said concert promoters told him Singaporean authorities offered up to about $3 million per concert for the privilege.
Singapore recognized the exclusivity agreement, but said the amount is lower than announced, although it did not reveal any figure, adding that the benefits compensated the investment.
Swift sold out all the available seats in Singapore by selling more than 300,000 tickets for the concerts as part of her Eras Tour, which included more than 150 concerts on five continents between March 2023 and December 2024. EFE
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