[Global Finance] Singapore maintains its annual GDP growth forecast for 2025 from 0 to 2%.

Source: Wall Street News

Xinhua Finance Singapore, May 22 (Reporter Liu Chuntao) Data released by the Singapore Ministry of Trade and Industry on the 22nd showed that in the first quarter of 2025, Singapore's economy grew by 3.9% year-on-year, slowing down from 5.0% in the previous quarter; it fell by 0.6% month-on-month after quarter adjustment. Based on the internal and external situation, the Ministry of Trade and Industry decided to maintain the annual GDP growth expectation of unchanged in the range of "0.0% to 2.0%.

The Ministry of Trade and Industry pointed out that the growth in the first quarter mainly benefited from outward-oriented industries such as manufacturing, wholesale trade and finance and insurance. Among them, some manufacturing and trade activities have "snatched" to avoid the upcoming tariffs imposed by the United States. The accommodation and catering services industry overall shrank, while high-end hotels performed weakly.

The report believes that although China and the United States temporarily reached a tariff armistice agreement and restarted negotiations, there are still multiple downward risks in the global economic situation, including rising economic uncertainty, re-emergence of the trade war and disturbance of deflation trend. The Ministry of Trade and Industry evaluated that the outlook for external demand improved slightly compared with April, but it must still be highly vigilant about potential shocks.

Looking ahead to the whole year, the growth of manufacturing, financial insurance, professional services and consumer industries may be constrained by factors such as slowdown in exports, cautious corporate spending and weak domestic labor market. Data shows that the overall service industry grew by 3.6% year-on-year in the first quarter and only 0.5% month-on-month.

The Ministry of Trade and Industry stated that it will continue to pay attention to external trade trends and global economic changes, and adjust relevant policies if necessary to support stable economic development.

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