In 3Q2025, the Singapore economy expanded by 4.2% y-o-y, which exceeded the respondents’ median forecast of 0.9%. As such, the respondents expect Singapore’s GDP to grow by 3.6% in 4Q2025.
The 20 economists and analysts who responded to the Monetary Authority of Singapore’s (MAS) December 2025 survey of professional forecasters have raised their 2025 GDP estimate to 4.1%. This marks a sharp increase from the estimates posited in the June and September surveys of 1.7% and 2.4% respectively.
The higher estimate is due to upgrades seen across all major sectors. Manufacturing is expected to expand by 5.4%, up from 0.8%; finance & insurance at 4.1% y-o-y from 3.3%; construction up at 4.8% from 4.7%; wholesale & retail trade at 4.4% from 2.9%; and accommodation & food services at 0.9% from 0.5%. Private consumption is expected to expand by 3.8% y-o-y from 3.1% previously, while non-oil domestic exports is expected to expand by 4.5% from 2.2% before.
