Singapore raises 2025 economic growth forecast
Singapore's Ministry of Trade and Industry on Tuesday upgraded the country's GDP growth forecast for 2025 to 1.5-2.5%, up from 0-2% previously.
Singapore's GDP growth in Q1/2025 was 4.1%. Photo courtesy of straitstimes.com.
The ministry said that this adjustment largely reflects the better-than-expected performance of the domestic economy in the first half of 2025.
However, economic growth in the second half is forecasted to slow down, with manufacturing growth potentially weakening due to US tariffs reducing demand in global consumer markets.
Additionally, wholesale trade may cool as early purchasing activities gradually decline and global trade slows. Meanwhile, decreased demand for maritime and air transportation could negatively impact the transportation and storage sectors, the ministry said.
The nation’s economy grew 4.4% in the second quarter, a slight upgrade from the advance estimate of 4.3%. GDP growth for the first quarter was 4.1%.
The ministry affirmed that it will continue to monitor developments in the global and domestic economies closely, and make adjustments to the forecast if necessary over the course of the year.
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