Singapore’s revised Q3 expansion prompts economists to raise full-year forecasts for 2024, but hold or lower 2025 projections

ECONOMISTS have raised their 2024 full-year growth forecasts for Singapore on the back of better-than-expected third-quarter growth – but they held or lowered their projections for 2025, citing global uncertainty and higher base effects from 2024.

Still, economists’ forecasts for 2025 all fell within the official forecast range of 1 to 3 per cent that was announced by the Ministry of Trade and Industry (MTI) on Friday (Nov 22).

Singapore’s gross domestic product (GDP) grew 5.4 per cent year on year in Q3, faster than the advance estimate of 4.1 per cent and beating economists’ expectations of 4.7 per cent. This was also faster than the second quarter’s 3 per cent growth.