Singapore GDP Q1 2025 +3.8%

According to data released by the Ministry of Trade and Industry, Singapore’s economy grew by 3.8 per cent in the first quarter of 2025 compared to a year earlier.

On a seasonally adjusted quarter-on-quarter basis, the economy contracted by 0.8 per cent, reversing the 0.5 per cent growth recorded in the fourth quarter of 2024. This contraction was driven by consecutive declines in the manufacturing sector and in certain service industries, including finance and insurance.

Manufacturing growth slowed to 5 per cent year-on-year in the first quarter, down from a 7.4 per cent increase in the previous quarter. Output rose across all clusters except for chemicals and general manufacturing.

The construction sector expanded by 4.6 per cent year-on-year in the first quarter, up from the 4.4 per cent growth seen in the previous quarter.

Overall, the services sector grew by 3.4 per cent year-on-year, easing from the 4.6 per cent growth recorded in the previous quarter. On a quarter-on-quarter basis, growth slowed to 0.3 per cent, down from the 0.9 per cent expansion in Q4 2024.

In its latest outlook, the International Monetary Fund estimated Singapore’s GDP growth rate to be 2.5 per cent in 2025.

The Association of Southeast Asian Nations (ASEAN), a political and economic union of ten member states, has a population of 667 million and a combined territory of 4.5 million km². It is currently the third-largest economy in the Asia-Pacific region and the fifth-largest in the world. The ASEAN Economic Community (AEC) had a combined GDP of USD 4.2 trillion, according to 2024 estimates.