GDP is expected to drop in 2025.
Singapore's gross domestic product (GDP) grew by 5.4% year-on-year (YoY) in Q3 2024, driven primarily by the manufacturing sector, Oxford Economics reported.
The manufacturing sector saw an 11% YoY increase, recovering from the 1.1% contraction in Q2. Domestic electronic products also grew by 17% YoY during the same period.
On the flip side, growth in the service and construction sectors fell to 0.9% quarter-on-quarter (QoQ).
In 2025, Singapore's exports are expected to benefit from the ongoing upturn in the global tech cycle but at a slower pace.
Oxford Economics said that with global growth projected to rise slightly to 2.8% in 2025 from 2.7% this year, export growth is expected to remain cautious, limiting potential gains in business investments.
Meanwhile, private consumption is expected to decrease to 2.5% in 2025, down from 6.1% growth this year, primarily due to fewer interest rate cuts following Trump's re-election.
