, Singapore
Photo by Justin Lim via Unsplash.

GDP to expand 0.5% to 2.5% in 2023: MTI

External demand outlook has weakened as US, Eurozone economies decelerate.

Singapore’s gross domestic product (GDP) is forecasted to grow between 0.5% to 2.5% in 2023, with growth likely to come at the midpoint of the range, The Ministry of Trade and Industry (MTI) said in its economic survey report for Q1.

The economy only grew 0.4% during the first three months of 2023, slower than the 2.1% expansion in Q4 2022.

“Taking into account the performance of the Singapore economy in the  first quarter of 2023, as well as the latest global and domestic economic  developments, MTI expects the economy to expand by “0.5 to 2.5 percent” in 2023, with growth likely to come in at around the mid-point of the  Range,” said Gabriel Lim,  Permanent Secretary (Policy), Ministry of Trade and Industry.

Lim noted that Singapore’s external demand outlook in 2023 weakened, hit by an expected deceleration of the US and the Eurozone’s economies. 

ALSO READ: Singapore is most attractive market for doing business

The electronics downcycle is also deeper and more prolonged than expected, Lim said.

“Spillovers from China’s services-led recovery are also expected to remain weak given that services activities are less import-intensive than industrial activities,” Lim said.

Lim noted other downside risks in the global economy, including the recent banking fiasco in the US.

“These include the impact of recent banking stresses abroad on global financial  conditions, as well as the risk of escalations in the war in Ukraine and geopolitical tensions among major global powers,” Lim said.

Follow the links for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!