RHB Bank has upgraded Singapore’s Gross Domestic Product (GDP) growth forecast to 3.0% for 2025, buoyed by a robust performance in the country’s non-oil domestic exports (NODX). According to Barnabas Gan, Group Chief Economist and Head of Market Research at RHB Bank, the NODX is expected to grow by 2.0% in 2025, aligning with the official forecast range of 1–3%.
The September NODX figures revealed a significant 6.9% year-on-year increase, with a month-on-month seasonally adjusted rise of 13.0%. This performance was notably driven by a 30.4% year-on-year surge in electronics exports, whilst non-electronics exports saw a modest 0.4% increase. These results exceeded Bloomberg’s consensus forecast, which had anticipated a 2.1% year-on-year decline.
Despite the positive outlook, Gan cautioned against premature celebrations, highlighting unresolved trade-related issues, particularly concerning tariff risks. These uncertainties are underscored by an upcoming US Supreme Court hearing on 5 November, which will address the legality of certain tariffs.
The recent report from RHB Bank underscores the resilience of Singapore’s export sector, particularly in electronics, which continues to bolster the nation’s economic prospects. As the global trade environment remains uncertain, Singapore’s ability to navigate these challenges will be crucial in sustaining its economic momentum.
