Singapore Q4 GDP blasted higher than estimates at 5% y/y (expected 4.7%)

• Singapore Q4 GDP rose 5.0% year-on-year, surpassing analysts' estimate of 4.7%.
  Singapore Q4 GDP increased 0.5% quarter-on-quarter on a seasonally adjusted basis.
  Singapore MTI reports 2024 GDP growth at 4.4%.
  Singapore MTI maintains 2025 GDP growth forecast at 1.0% to 3.0%.
  Singapore MTI says uncertainties in the global economy remain significant, with risks tilted to the downside.
  Singapore MTI states the external demand outlook for 2025 remains broadly unchanged.
  Singapore MTI highlights that ongoing trade frictions and geopolitical risks could increase production costs in 2025.
  Singapore MTI expects manufacturing and trade-related services sectors to continue expanding in 2025.
  Singapore MTI forecasts that growth in consumer-facing sectors will likely remain lacklustre in 2025.

MTI is the Ministry of Trade and Industry

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Enterprise Singapore reports total merchandise trade rose by 6.6% in 2024.
Enterprise Singapore says non-oil domestic exports (NODX) grew by 0.2% in 2024.
Enterprise Singapore projects non-oil domestic exports to grow by 1.0% to 3.0% in 2025.
Enterprise Singapore states that the external outlook for 2025 remains supportive of global economic and trade growth.
Enterprise Singapore warns that ongoing trade frictions among major economies could create a more challenging and competitive trade environment in 2025.
Enterprise Singapore notes that uncertainties could weigh on global growth and pose downside risks to the NODX forecast for 2025.

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Enterprise Singapore supports Singapore's small and medium enterprise (SMEs) development, upgrade capabilities, innovate, transform, and internationalize. It also supports the growth of Singapore as a trading and startup hub, and continues to be the national standards and accreditation body.