Singapore narrows 2025 NODX forecast to ‘around 2.5%’, expects ‘moderated growth’ in 2026

[SINGAPORE] The Republic has narrowed its 2025 full-year growth forecast for non-oil domestic exports (NODX) to “around 2.5 per cent” – from 1 to 3 per cent – in line with a projected moderation in the second half of 2025.

In its quarterly review of trade performance on Friday (Nov 21), EnterpriseSG said that it expects robust artificial intelligence (AI)-related demand and high gold prices to provide “some support” to NODX in the fourth quarter, though performance may be weighed down by the high base in November and December last year.

For 2026, EnterpriseSG forecasts a “moderated growth” of 0 to 2 per cent, which “primarily reflects the materialisation of tariff-related impact and the easing of front-loading effects”.