Potential slight downgrade in Q1 GDP growth after March factory output expansion misses: economists

[SINGAPORE] Private-sector economists are watching for a potential downward revision to Q1 2025 gross domestic product growth from the advance estimate, after manufacturing output underperformed in the quarter. The Republic’s factory output gained 5.8 per cent year on year (yoy) in March, strengthening from the previous month’s upwardly revised growth of 0.9 per cent, data from the Economic Development Board (EDB) showed on Friday (Apr 25). This was as manufacturing for the key electronics cluster recovered.

But the latest reading missed private-sector economists’ forecasts of an 8.1 per cent expansion in a Bloomberg poll. It also came amid a favourable base effect, economists pointed out.

Excluding the volatile biomedical sector, March’s industrial production rose 4.9 per cent on the year, up from February’s revised growth of 2.8 per cent.