Singapore’s gross domestic product expanded 3.9 percent on year in the first quarter of 2025, the Ministry of Trade and Industry said on Thursday.
That beat expectations for a gain of 3.8 percent after rising 5.0 percent in the three months prior.
On a seasonally adjusted quarterly basis, GDP contracted 0.6 percent – but that also beat forecasts for a decline of 0.8 percent following the 0.5 percent increase in the previous three months.
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.
Upon the release of the data, the MTI maintained Singapore’s GDP growth forecast for 2025 for 0 to 2 percent.
For comments and feedback contact: editorial@rttnews.com
Economic News
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.