Singapore GDP Growth Forecast Raised After Q2 Outperforms

Singapore GDP growth forecast for 2025 has been upgraded to 1.5%-2.5% from 0.0%-2.0% after the economy expanded 4.4% year-on-year in Q2, exceeding earlier estimates. On a seasonally adjusted basis, GDP grew 1.4% in the quarter following a 0.5% decline in Q1. The Ministry of Trade and Industry said the revision reflected a stronger-than-expected first half, but warned of downside risks from global trade tensions, including US tariffs on key exports such as pharmaceuticals and semiconductors. Enterprise Singapore maintained its 1%-3% non-oil export growth forecast, noting a likely softer second half as frontloading eases and new tariffs take effect.