We've upgraded our 2024 GDP growth forecast for Singapore by 0.7ppts to 3.2%. Our revision reflects the stronger-than-expected Q3 GDP outturn which is likely to drop back in Q4. But risks are tilted to the upside due to buoyant electronics demand. A higher base for comparison means we expect annual GDP to slow to 3.0% in 2025.
Singapore: Strong growth postpones start to monetary loosening