Singapore's industrial production set to grow 3% in 2025: analyst

The city’s 4Q24 and full-year 2024 GDP growth will also likely be revised upward, RHB noted.

Singapore's full-year Industrial Production (IP) growth is projected at 3%, whilst GDP growth for 2025 is also expected to be 3%, RHB said.

In its report, RHB also noted the city’s 4Q24 and full-year 2024 GDP growth will likely be revised upward from the Ministry of Trade and Industry's (MTI) advance estimates.

December 2024 IP increased by 10.6% YoY, surpassing market expectations of 6.4% YoY and RHB's forecast of 3.3% YoY, though it slightly declined from the revised 10.8% YoY in November.

The growth was driven by robust performances in the electronics and transport engineering sectors, both of which exhibited double-digit growth, highlighting their significant contribution to the industrial expansion.

Key growth sectors include electronics, precision engineering, and transport engineering, which continue to benefit from strong global trade and rising demand for electronic products.

The electronics sector, which represents nearly half of Singapore's manufacturing output, grew by 14.3% YoY, although this was slower than the previous month’s 31.3% YoY increase.

Singapore is expected to benefit from a favorable global trade environment, with projected GDP growth of 2% in the US and 4.8% in China, aided by easing global monetary conditions.

Despite the optimistic outlook, potential risks and challenges remain. Geopolitical uncertainties, including potential trade protectionism under a possible Trump 2.0 administration, pose risks to Singapore's trade-dependent economy.

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