The ministry has upgraded its 2024 growth forecast to around 3.5% from 2%-3% previously. MTI also introduced a 2025 growth forecast range of 1%-3%, implying a mid-point of 2%.
Economists from DBS Group Research, UOB Bank and OCBC Bank have raised their 2024 real GDP growth forecasts following the Ministry of Trade and Industry’s (MTI) release on 3Q2024 GDP growth.
For 3Q2024, Singapore’s GDP growth was revised upwards to 5.4% y-o-y seasonally adjusted from the advance estimates of 4.2% y-o-y. This was driven by September’s industrial production outturn, stronger-than-expected services and construction activity.
