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The Ministry of Trade and Industry (MTI) has maintained Singapore's economic growth forecast for the year at a range of zero to two per cent, amid encouraging signs of de-escalation in global trade tensions. Singapore's economy grew by 3.9 per cent year-onSingapore keeps 2025 growth forecast at 0-2%, sees slight boost from US-China truce
The Ministry of Trade and Industry (MTI) has maintained Singapore's economic growth forecast for the year at a range of zero to two per cent, amid encouraging signs of de-escalation in global trade tensions. Singapore's economy grew by 3.9 per cent year-on-year for the first quarter of 2025, which comes in slightly higher than the 3.8 per cent from advance data in April, according to a statement released by MTI on Thursday (May 22). However, it is lower than the five per cent growth in the fourth quarter of 2024. GDP growth in the first quarter was largely driven by the wholesale trade, manufacturing, and finance and insurance sectors. Growth in manufacturing and wholesale trade were likely supported by front-loading activities ahead of anticipated US tariff hikes, added MTI. In contrast, the accommodation and food & beverage services sectors contracted as a result of lower gross lettings and lower sales volumes respectively. Read more