22 May 2025. The Ministry of Trade and Industry (MTI) announced today that Singapore’s GDP growth forecast for 2025 has been maintained at “0.0 to 2.0 per cent”.

Economic Performance in First Quarter 2025

In the first quarter of 2025, the Singapore economy grew by 3.9 per cent on a year-on-year basis, moderating from the 5.0 per cent growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted basis, the Singapore economy contracted by 0.6 per cent, a reversal from the 0.5 per cent expansion in the fourth quarter of 2024.

On a year-on-year basis, GDP growth in the first quarter was largely driven by the wholesale trade, manufacturing and finance & insurance sectors. In particular, growth in the manufacturing and wholesale trade sectors were likely to have been partly supported by front-loading activities ahead of anticipated US tariff hikes. By contrast, the accommodation and food & beverage services sectors contracted, with the former weighed down by the weak performance of the higher value-added hotel segments.

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Economic Survey of Singapore First Quarter 2025

MINISTRY OF TRADE AND INDUSTRY
22 MAY 2025