Economists uphold 2.4% full-year GDP growth for Singapore in Q2

FCHAIN Singapore Office Informs:

Economists uphold 2.4% full-year GDP growth for Singapore in Q2. Next year, they expect the economy to grow by 2.5%.

Despite a stronger-than-forecast expansion in Q1 2024, economists and analysts held their 2.4% full-year economic growth prediction for Singapore in Q2 2024.

The MAS Survey of Professional Forecasters indicated that whilst the 2.4% full-year GDP growth prediction remained steady, the “composition of growth drivers has changed.”

Experts particularly downgraded their growth forecast for manufacturing, from 4.0% to 1.6%, and construction, from 4.9% to 3.8%.

Forecasters also cut its growth forecast for non-oil domestic exports from 6.0% to 4.0%.

Based on MAS’ mean probability distribution of 2024 GDP growth forecasts, Singapore’s economy will likely grow by 2.0% to 2.4% this year.

By 2025, experts predict GDP to expand by 2.5%.