14 April 2025. The Ministry of Trade and Industry (MTI) today announced that based on advance estimates, the Singapore economy grew by 3.8 per cent on a year-on-year basis in the first quarter of 2025. MTI further announced that Singapore’s GDP growth forecast for 2025 has been downgraded from “1.0 to 3.0 per cent” to “0.0 to 2.0 per cent”.

Economic Performance in First Quarter 2025

Based on advance estimates, the Singapore economy grew by 3.8 per cent year-on-year in the first quarter of 2025, slower than the 5.0 per cent growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted basis, the economy contracted by 0.8 per cent, a reversal from the 0.5 per cent expansion in the fourth quarter of 2024. This was due to sequential declines in manufacturing and some outward-oriented services sectors such as finance & insurance in tandem with slowing external demand.

Please click here for the full press release.

MINISTRY OF TRADE AND INDUSTRY
14 April 2025