Financial News: Singapore GDP Climbs 3.9% On Year In Q1

Singapore GDP Climbs 3.9% On Year In Q1

05/21/2025 - 20:07:00 (RTTNews)

(RTTNews) - Singapore's gross domestic product expanded 3.9 percent on year in the first quarter of 2025, the Ministry of Trade and Industry said on Thursday.

That beat expectations for a gain of 3.8 percent after rising 5.0 percent in the three months prior.

On a seasonally adjusted quarterly basis, GDP contracted 0.6 percent - but that also beat forecasts for a decline of 0.8 percent following the 0.5 percent increase in the previous three months.

On a year-on-year basis, GDP growth in the first quarter was largely driven by the wholesale trade, manufacturing and finance & insurance sectors. In particular, growth in the manufacturing and wholesale trade sectors were likely to have been partly supported by front-loading activities ahead of anticipated US tariff hikes. By contrast, the accommodation and food & beverage services sectors contracted, with the former weighed down by the weak performance of the higher value-added hotel segments.

Upon the release of the data, the MTI maintained Singapore's GDP growth forecast for 2025 for 0 to 2 percent.

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