Expecting momentum to carry over from late last year, Singapore raises its GDP growth forecast for this year.

(Singapore, Feb 10) — Singapore’s Ministry of Trade and Industry (MTI) announced that the final estimate of the country’s full-year economic growth for 2025 came in at 5.0%, up 0.2 percentage points from the earlier advance estimate of 4.8%. For the fourth quarter, GDP was estimated to have expanded 6.9% year-on-year, higher than the preliminary figure of 5.7%.

On a quarter-on-quarter basis, seasonally adjusted GDP grew 2.1% in Q4, also above the initial estimate of 1.9%. MTI additionally revised 2024 full-year growth to 5.3%.

Looking ahead, MTI raised its 2026 GDP growth forecast range from 1%–3% to 2%–4%, citing strong global momentum seen in late 2025 that is expected to carry into this year. Against this backdrop, prospects for Singapore’s manufacturing sector and trade-related services have improved since November.

Separately, Enterprise Singapore upgraded its forecast for non-oil domestic exports from 0%–2% to 2%–4%. It said robust AI-related demand and elevated gold prices should continue to support export growth, while downside risks include escalating trade tensions and a potential pullback in AI-related investment demand.