The full-year figure was partly due to the growth momentum seen in the 4Q2024, which also surprised expectations with a 4.3% y-o-y growth and 0.1% q-o-q seasonally adjusted expansion. The Bloomberg consensus expected 4Q2024 GDP to be at 3.8% y-o-y while Ling forecasted the quarter’s GDP to come in at 3.1% y-o-y. Both expected the 4Q2024 GDP to dip by 0.8% and 1% on a q-o-q basis respectively.
Oversea-Chinese Banking Corporation’s (OCBC) Selena Ling has lowered her growth forecast for Singapore’s GDP in 2025 to 2.2% y-o-y from 2.7% y-o-y due to the high base from Singapore’s performance in 2024. Ling is the bank’s chief economist and head of global markets research & strategy.
Based on advance estimates released by the Ministry of Trade and Industry (MTI), Singapore’s 2024 GDP expanded by 4% on a y-o-y basis, which is the highest reading since 2021 and exceeding the official growth forecast and general market expectations.
