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Singapore set for manufacturing boom, modest income growth for banks

The Republic is poised for solid electronics-led export expansion in 2025, while its lenders are expected to maintain a stable net interest income

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    • Singapore's financial sector, led by the top three banks, was a major driver of the country's robust GDP growth.
    • Singapore's financial sector, led by the top three banks, was a major driver of the country's robust GDP growth. PHOTO: CMG

    Hu You

    Published Tue, Feb 4, 2025 · 07:09 PM

    IN LATE 2023, we projected 4 per cent for Singapore’s 2024 gross domestic product (GDP) growth, which was notably more optimistic than the government’s initial 1 to 3 per cent forecast.

    At the time, the estimate seemed ambitious.

    However, through the course of the year, strong GDP results emerged in the second half. The government raised its forecast to 2 to 3 per cent in August, and then to around 3.5 per cent in November.

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