Manufacturing leads Singapore’s GDP growth with 11% YoY rise in Q3

GDP is expected to drop in 2025.

Singapore’s gross domestic product (GDP) grew by 5.4% year-on-year (YoY) in Q3 2024, driven primarily by the manufacturing sector, Oxford Economics reported, in its recent research commissioned by the Institute of Chartered Accountants in England and Wales (ICAEW).

The manufacturing sector saw an 11% YoY increase, recovering from the 1.1% contraction in Q2. Domestic electronic products also grew by 17% YoY during the same period.

On the flip side, growth in the service and construction sectors fell to 0.9% quarter-on-quarter (QoQ).

In 2025, Singapore’s exports are expected to benefit from the ongoing upturn in the global tech cycle but at a slower pace.

Oxford Economics said that with global growth projected to rise slightly to 2.8% in 2025 from 2.7% this year, export growth is expected to remain cautious, limiting potential gains in business investments.

Meanwhile, private consumption is expected to decrease to 2.5% in 2025, down from 6.1% growth this year, primarily due to fewer interest rate cuts following Trump’s re-election.

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