Singapore GDP growth forecasted to ease to 2.4% in 2025

Manufacturing sector is anticipated to remain a key driver of economic growth.

Singapore’s GDP growth for 2025 is expected to moderate to 2.4%, down from an estimated 3.0% in 2024, CGS International (CGSI) said.

In its report, CGSI stated the manufacturing sector, especially the electronics industry, is anticipated to remain a key driver of economic growth.

However, growth among major trading partners like the US and China is likely to slow, posing risks to Singapore’s export-reliant economy

Geopolitical tensions in the Middle East and Europe could disrupt supply chains and elevate import costs. Additionally, the impact of potential US tariff policies under the Trump administration introduces further uncertainty

CGSI forecasted non-oil domestic exports (NODX) to grow by 3.7% in 2025, benefiting from a low base effect and steady electronics demand, but the implementation of new US tariffs may pressure export performance, particularly in the latter half of the year.

Meanwhile, it projects inflation to ease to 2.0% in 2025, down from 2.4% in 2024, driven by declining car ownership costs and anticipated adjustments in global oil prices as OPEC+ unwinds production cuts.

With falling inflation and the growing risk of weaker exports, CGSI expects Monetary Authority of Singapore to adjust its monetary policy, potentially easing the S$NEER slope while maintaining the current center and width of the policy band, currently estimated at 2%.

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