Singapore economy expected to slow in H2 2025

GDP grew 4.3% year-on-year in Q2.

Singapore’s economy is expected to slow in the second half of 2025, after stronger-than-expected growth in the first half, according to Monetary Authority of Singapore (MAS) Managing Director Chia Der Jiun.

Speaking at the MAS Annual Report 2024/2025 media conference, Chia said GDP growth was resilient in the first half, with inflation remaining low.

Advance estimates show Q2 GDP grew 4.3% year-on-year, driven mainly by the trade-related sector, as exporters benefited from delayed tariffs and frontloading of orders.

However, this momentum is not expected to last.

“In H2 2025, we expect tariffs to hit production and exports with a lag, especially when the boost from frontloading dissipates,” said Chia.

“Forward-looking surveys also indicate that business sentiment remains cautious, reinforcing expectations of a softer growth trajectory,” he added.

MAS expects Singapore’s GDP growth to be subdued for the remainder of the year.

He also noted that MAS began easing its tight monetary policy in January, after years of restrictions aimed at containing global inflation spillovers.

Core inflation has since dropped to 0.6% year-on-year in the first five months of 2025, down from 2% in Q4 2024.

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