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Economists upgrade 2025 outlook after Q2 GDP turns out better than expected

Front-loading of exports and manufacturing before end of 90-day pause in US tariffs boosted Q2; slowdown in H2 expected as effect fades

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Sharon See

Sharon See

Published Mon, Jul 14, 2025 · 07:02 PM
    • Singapore’s economy has grown 4.3 per cent year on year in Q2, advance estimates from the Ministry of Trade and Industry show. This is well above the 3.6 per cent that private-sector economists polled by Bloomberg were predicting.
    • Singapore’s economy has grown 4.3 per cent year on year in Q2, advance estimates from the Ministry of Trade and Industry show. This is well above the 3.6 per cent that private-sector economists polled by Bloomberg were predicting. PHOTO: BLOOMBERG

    [SINGAPORE] Several economists have raised their full-year economic outlook after advance estimates of second-quarter gross domestic product beat market expectations amid the 90-day pause in US retaliatory tariffs.

    This is even as they expect GDP to slow in the second half of 2025, as the boost from the front-loading of economic activities fades.

    Most economists’ forecasts are now at or higher than the upper bound of the official forecast range of “0 to 2 per cent”, which the Ministry of Trade and Industry (MTI) set in April, shortly after US President Donald Trump unleashed his “Liberation Day” tariffs.

    Singapore economySingapore GDPTrump tariffsUS tariffsGDPMinistry of Trade & Industry

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