Economy up 3.9% YoY in Q1

This growth was driven by the wholesale trade, manufacturing, finance, and insurance sectors.

Singapore’s economy expanded by 3.9% year-on-year (YoY), the Ministry of Trade and Industry reported. GDP growth forecast for 2025 was downgraded to 0.0% to 2.0% from 1.0% to 3.0%.

On a quarterly basis, the economy moderated from 5.0% in Q4 2024. On a quarter-on-quarter seasonally-adjusted basis, it contracted by 0.6%, reversing from the 0.5% expansion in Q4 2024.

According to MTI, the YoY GDP growth in Q1 2025 was largely driven by the wholesale trade, manufacturing, and finance and insurance sectors.

Notably, growth in the manufacturing and wholesale trade sectors was likely partly supported by front-loading activities ahead of anticipated US tariff hikes.

However, these gains are expected to taper off as front-loading fades and global trade weakens, which will also drag down the transportation and storage sector due to lower shipping and air cargo demand.

Accommodation and food and beverage services also contracted, with the former hit by poor performance in higher value-added hotel segments. Including retail trade, these consumer-facing sectors are likely to remain lacklustre, weighed down by locals’ overseas spending and a weakening labour market.

The finance and insurance sector may also slow due to weaker trading activity and a moderation in the payments segment amidst subdued business conditions and lower consumer spending.

MTI attributed the downgraded forecast to these expected slowdowns along with the impact of US-China tariffs.

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Ministry of Trade and Industry

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