MAS economists expect Singapore's GDP to expand by 2.4% in 2025

This is higher than the previous survey estimate of 1.7% in June 2025.

In August 2025, Singapore's Ministry of Trade and Industry announced that the country's GDP growth was revised to reflect an upward forecast, from “0.0 to 2.0%” to “1.5 to 2.5%”. However, at the time, the outlook remained uncertain, with risks tilted to the downside.

In that vein, economists from the Monetary Authority of Singapore (MAS) announced on 3 September that Singapore's economy is expected to grow by 2.4% in 2025, which is also higher than the previous survey in June 2025, where the median forecast of macroeconomic indicators for 2025 was 1.7%.

According to the respondents, the most likely outcome is for the Singapore economy to grow by 2.0% to 2.4% this year (with a probability of 36%), compared to 1.5% to 1.9% in the previous survey. 

Further, the distribution of the 2025 GDP growth forecasts has narrowed slightly compared to the June 2025 survey.

While the forecasts have risen across both the upper (i.e., 75^th and 90^th) and lower (i.e., 10^th and 25^th) percentiles, the increase is more pronounced at the lower percentiles. For example, respondents, on average, assign a 25% probability to 2025 GDP growth coming in at 2.1% & below in the latest survey, compared to 1.0% & below in the June 2025 survey, reflecting a smaller increase of 0.8% point. 

GDP growth in Q2 2025

Singapore's economy expanded by 4.4% year-on-year in Q2 2025, exceeding the respondents’ median forecast of 3.0% in the previous survey. In September's edition of the survey, the respondents expect the economy to grow by 0.9% year-on-year in Q3 2025.

GDP projections for 2026

The respondents’ median forecast of GDP growth for 2026 is 1.9%. Their forecasts of the most probable outcome for growth are in the 1.5% to 1.9% range, similar to the previous survey and with an average probability of about 30%. The standard deviation of the forecasts has remained broadly
unchanged, while the distribution has turned negatively skewed.

Methodology

The September 2025 Survey was sent out on 12 August 2025 to a total of 25 economists and analysts who closely monitor the Singapore economy. This report reflects the views received from 20 respondents (a response rate of 80%) and does not represent MAS’ views or forecasts.

Infographics / Survey of Professional Forecasters