Singapore upgrades 2025 GDP growth forecast after Q2 tops initial estimates

Singapore’s economy grew slightly faster than initially estimated, prompting the government to upgrade the city state’s growth forecast for this year even as it warned of downside risks.

- 

Gross domestic product (GDP) rose by 4.4% year-on-year in the April-June quarter, government data showed on Tuesday, just ahead of an advance estimate of 4.3% gain released last month.

The trade ministry raised its GDP growth forecast for 2025 to 1.5% to 2.5% from 0.0% to 2.0%, saying it largely reflected a better-than-expected first half performance. In April, the ministry had cut its forecast from 1.0% to 3.0% after the United States announced its plans for global tariffs.

“However, the economic outlook for the rest of the year remains clouded by uncertainty, with the risks tilted to the downside,” it said ina statement.

On a quarter-on-quarter, seasonally-adjusted basis, GDP rose by 14% in the April-June period, in line with the advance estimate and following a 0.5% contraction in the first quarter.