Following Singapore’s 4.4% y-o-y GDP expansion in 2Q2025, exceeding the economists’ median forecast of 3% in the previous survey, the economists now expect the economy to grow by 0.9% y-o-y in 3Q2025.
The 20 economists who took part in the Monetary Authority of Singapore’s (MAS) September survey of professional forecasters are now expecting Singapore’s 2025 GDP to expand by 2.4%, higher than the previous estimate of 1.7%.
The higher estimate is due to a more bullish outlook on manufacturing at 0.8%, up from -0.3%; construction at 4.7%, up from 3.3%; wholesale & retail trade at 2.9%, up from 2.2%; and non-oil domestic exports (NODX) at 2.2%, up from 1%. The only sector to see a lower estimate is accommodation & food services at 0.5%, down from 1.5%.
