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Singapore Economy Grows 5% in 2025, Upgrades 2026
Singapore’s economy expanded 5% in 2025, easing from 5.3% growth in 2024 but exceeding the Ministry of Trade and Industry’s advance estimate of 4.8%. The MTI also upgraded its 2026 growth forecast to 2%-4% from 1%-3%, citing greater resilience in the global economy. The trade ministry said a sustained artificial intelligence boom, expansionary fiscal policies in major economies and accommodative global financial conditions are expected to underpin global growth this year. In the fourth quarter of 2025, GDP rose 6.9% year-on-year, accelerating from 4.6% in the previous quarter and topping the advance estimate of 5.7%. That marked the strongest pace of expansion since Q4 2021. Full-year growth in 2025 was driven primarily by manufacturing, wholesale trade and finance and insurance, with robust AI-related electronics demand providing a key lift to activity.
Published on 2026-02-10

Singapore Economy Grows 5% in 2025, Upgrades 2026
Singapore’s economy expanded 5% in 2025, easing from 5.3% growth in 2024 but exceeding the Ministry of Trade and Industry’s advance estimate of 4.8%. The MTI also upgraded its 2026 growth forecast to 2%-4% from 1%-3%, citing greater resilience in the global economy. The trade ministry said a sustained artificial intelligence boom, expansionary fiscal policies in major economies and accommodative global financial conditions are expected to underpin global growth this year. In the fourth quarter of 2025, GDP rose 6.9% year-on-year, accelerating from 4.6% in the previous quarter and topping the advance estimate of 5.7%. That marked the strongest pace of expansion since Q4 2021. Full-year growth in 2025 was driven primarily by manufacturing, wholesale trade and finance and insurance, with robust AI-related electronics demand providing a key lift to activity.
Published on 2026-02-10

Singapore Q4 GDP Growth Strongest in 5 Quarters
Singapore’s economy expanded 5.7% year-on-year in Q4 2025, up from an upwardly revised 4.3% in Q3, marking the strongest growth since the third quarter of 2024, preliminary data showed. The acceleration in growth was mainly supported by the manufacturing sector, which surged 15% year-on-year, accelerating sharply from 4.9% in Q3, driven by output expansions in the biomedical manufacturing and electronics clusters. Meanwhile, construction sector growth eased to 4.2% from 5.1%. Among the services sectors, wholesale and retail trade and transportation and storage advanced 3.9%, following a 3.7% expansion in Q3. On a quarterly basis, the economy grew 1.9%, after a 2.4% expansion in the previous quarter. For the full year, GDP advanced 4.8%, accelerating from 4.4% growth in 2024. The latest data release did not include any forecasts for 2026. The ministry had previously forecast 2026 GDP growth at 1.0% to 3.0%.
Published on 2026-01-02

Singapore Q4 GDP Growth Strongest in 5 Quarters
Singapore’s economy expanded 5.7% year-on-year in Q4 2025, up from an upwardly revised 4.3% in Q3, marking the strongest growth since the third quarter of 2024, preliminary data showed. The acceleration in growth was mainly supported by the manufacturing sector, which surged 15% year-on-year, accelerating sharply from 4.9% in Q3, driven by output expansions in the biomedical manufacturing and electronics clusters. Meanwhile, construction sector growth eased to 4.2% from 5.1%. Among the services sectors, wholesale and retail trade and transportation and storage advanced 3.9%, following a 3.7% expansion in Q3. On a quarterly basis, the economy grew 1.9%, after a 2.4% expansion in the previous quarter. For the full year, GDP advanced 4.8%, accelerating from 4.4% growth in 2024. The latest data release did not include any forecasts for 2026. The ministry had previously forecast 2026 GDP growth at 1.0% to 3.0%.
Published on 2026-01-02

Singapore Q4 GDP Growth Strongest in 5 Quarters
Singapore’s economy expanded 5.7% year-on-year in Q4 2025, up from an upwardly revised 4.3% in Q2, marking the strongest growth since the third quarter of 2024. On a quarterly basis, the economy grew by 1.9% after a 2.4% expansion in the previous quarter. For the full year, the GDP advanced by 4.8%, accelerating from a 4.4% growth in 2024.
Published on 2026-01-02

Singapore Q4 GDP Growth Strongest in 5 Quarters
Singapore’s economy expanded 5.7% year-on-year in Q4 2025, up from an upwardly revised 4.3% in Q3, marking the strongest growth since the third quarter of 2024, preliminary data showed. The acceleration in growth was mainly supported by the manufacturing sector, which surged 15% year-on-year, accelerating sharply from 4.9% in Q3, driven by output expansions in the biomedical manufacturing and electronics clusters. Meanwhile, construction sector growth eased to 4.2% from 5.1%. Among the services sectors, wholesale and retail trade and transportation and storage advanced 3.9%, following a 3.7% expansion in Q3. On a quarterly basis, the economy grew 1.9%, after a 2.4% expansion in the previous quarter. For the full year, GDP advanced 4.8%, accelerating from 4.4% growth in 2024. The latest data release did not include any forecasts for 2026. The ministry had previously forecast 2026 GDP growth at 1.0% to 3.0%.
Published on 2026-01-02

Singapore Revises Up Q3 GDP Growth, Raises 2025 Outlook
Singapore’s economy expanded 4.2% year-on-year in Q3 2025, down from an upwardly revised 4.7% in Q2. The latest print was above the flash estimate of 2.9%, mainly supported by growth in the manufacturing, wholesale trade, and finance & insurance sectors. Meanwhile, the trade ministry raised its 2025 growth forecast to around 4%, up from the earlier projection of 1.5%–2.5%.
Published on 2025-11-21

Singapore Revises Up Q3 GDP Growth, Raises 2025 Outlook
Singapore’s economy expanded 4.2% year-on-year in Q3 2025, down from an upwardly revised 4.7% in Q2. The latest print was above the flash estimate of 2.9%, mainly supported by growth in the manufacturing, wholesale trade, and finance & insurance sectors. The manufacturing sector grew 5.0% (vs 5.1%), mainly supported by electronics, transport engineering, and biomedical manufacturing clusters (6.1%). Meanwhile, growth in the construction sector (3.6% vs 6.2%) and wholesale trade (3.9% vs 6.9%) all moderated. By contrast, retail trade (2.5% vs 0.6%) and accommodation (4.9% vs 2.1%) both accelerated. The finance & insurance sectors advanced 4.6%, accelerating from 4.2% in Q2, driven mainly by the banking and other auxiliary activities segments. For the first three quarters of 2025, Singapore’s GDP growth averaged 4.3% yoy. Meanwhile, the trade ministry raised its 2025 growth forecast to around 4%, up from the earlier projection of 1.5%–2.5%, following better-than-expected Q3 figures.
Published on 2025-11-21

Singapore Revises Up Q3 GDP Growth, Raises 2025 Outlook
Singapore’s economy expanded 4.2% year-on-year in Q3 2025, down from an upwardly revised 4.7% in Q2. The latest print was above the flash estimate of 2.9%, mainly supported by growth in the manufacturing, wholesale trade, and finance & insurance sectors. The manufacturing sector grew 5.0% (vs 5.1%), mainly supported by electronics, transport engineering, and biomedical manufacturing clusters. Meanwhile, growth in the construction sector (3.6% vs 6.2%) and wholesale trade (3.9% vs 6.9%) all moderated. By contrast, retail trade (2.5% vs 0.6%) and accommodation (4.9% vs 2.1%) both accelerated. The finance & insurance sectors advanced 4.6%, accelerating from 4.2% in Q2, driven mainly by the banking and other auxiliary activities segments. For the first three quarters of 2025, Singapore’s GDP growth averaged 4.3% yoy. Meanwhile, the trade ministry raised its 2025 growth forecast to around 4%, up from the earlier projection of 1.5%–2.5%, following better-than-expected Q3 figures.
Published on 2025-11-21

Singapore Revises Up Q3 GDP Growth, Raises 2025 Outlook
Singapore’s economy expanded 4.2% year-on-year in Q3 2025, down from an upwardly revised 4.7% in Q2. The latest print was above the flash estimate of 2.9%, mainly supported by growth in the manufacturing, wholesale trade, and finance & insurance sectors. The manufacturing sector grew 5.0% (vs 5.1%), mainly supported by electronics, transport engineering, and biomedical manufacturing clusters (6.1%). Meanwhile, growth in the construction sector (3.6% vs 6.2%), wholesale trade (3.9% vs 6.9%), and transportation & storage (2.3% vs 3.8%) all moderated. By contrast, retail trade (2.5% vs 0.6%) and accommodation (4.9% vs 2.1%) both accelerated. The finance & insurance sectors advanced 4.6%, accelerating from 4.2% in Q2, driven mainly by the banking and other auxiliary activities segments. For the first three quarters of 2025, Singapore’s GDP growth averaged 4.3% yoy. Meanwhile, the trade ministry raised its 2025 growth forecast to around 4%, up from the earlier projection of 1.5%–2.5%.
Published on 2025-11-21

Singapore Revises Up Q3 GDP Growth, Raises 2025 Outlook
Singapore’s economy expanded 4.2% year-on-year in Q3 2025, down from an upwardly revised 4.7% in Q2. The latest print was above the flash estimate of 2.9%, mainly supported by growth in the manufacturing, wholesale trade, and finance & insurance sectors. The manufacturing sector grew 5.0% (vs 5.1%), mainly supported by electronics, transport engineering, and biomedical manufacturing clusters (6.1%). Meanwhile, growth in the construction sector (3.6% vs 6.2%), wholesale trade (3.9% vs 6.9%), and transportation & storage (2.3% vs 3.8%) all moderated. By contrast, retail trade (2.5% vs 0.6%) and accommodation (4.9% vs 2.1%) both accelerated. For the first three quarters of 2025, Singapore’s GDP growth averaged 4.3% yoy. Meanwhile, the trade ministry raised its 2025 growth forecast to around 4%, up from the earlier projection of 1.5%–2.5%.
Published on 2025-11-21

Singapore Revises Up Q3 GDP Growth, Raises 2025 Outlook
Singapore’s economy expanded 4.2% year-on-year in Q3 2025, down from an upwardly revised 4.7% in Q2. The latest print was above the flash estimate of 2.9%, mainly supported by growth in the manufacturing, wholesale trade, and finance & insurance sectors. For the first three quarters of 2025, Singapore’s GDP growth averaged 4.3% yoy. Meanwhile, the trade ministry raised its 2025 growth forecast to around 4%, up from the earlier projection of 1.5%–2.5%.
Published on 2025-11-21

Singapore Revises Up Q3 GDP Growth, Raises 2025 Outlook
Singapore’s economy expanded 4.2% year-on-year in Q3 2025, down from an upwardly revised 4.7% in Q2. The latest print was above the flash estimate of 2.9%, mainly supported by growth in the manufacturing, wholesale trade, and finance & insurance sectors. The manufacturing sector grew 5.0% (vs 5.1%), mainly supported by electronics, transport engineering, and biomedical manufacturing clusters. Meanwhile, growth in the construction sector (3.6% vs 6.2%) and wholesale trade (3.9% vs 6.9%) all moderated. By contrast, retail trade (2.5% vs 0.6%) and accommodation (4.9% vs 2.1%) both accelerated. The finance & insurance sectors advanced 4.6%, accelerating from 4.2% in Q2, driven mainly by the banking and other auxiliary activities segments. For the first three quarters of 2025, Singapore’s GDP growth averaged 4.3% yoy. Meanwhile, the trade ministry raised its 2025 growth forecast to around 4%, up from the earlier projection of 1.5%–2.5%, following better-than-expected Q3 figures.
Published on 2025-11-21

Singapore GDP Growth Slows in Q3
Singapore’s economy expanded 2.9% year-on-year in the third quarter of 2025, slowing from an upwardly revised 4.5% in Q2 as weakness in manufacturing weighed on overall performance. The latest reading marked the slowest pace of growth in two years, though it still exceeded market expectations of a 2% increase. The manufacturing sector was broadly flat compared to a year earlier, a sharp slowdown from the 5% expansion seen in the previous quarter. Meanwhile, the construction sector grew 3.1% in Q3, moderating from a 6.2% gain in Q2 as public and private sector projects progressed more gradually. Among the services industries, the wholesale & retail trade and transportation & storage sectors together expanded by 2.5%, easing from 4.9% growth in the prior quarter. The latest figures underscore the challenges facing Singapore’s open economy as it contends with higher US tariffs on exports, with trade restrictions on pharmaceuticals and electronics taking a heavy toll on external demand.
Published on 2025-10-14

MAS Survey Points to Higher Singapore GDP Growth, Steady Policy Path
The Monetary Authority of Singapore’s quarterly survey released on Wednesday showed economists have raised Singapore’s 2025 growth outlook and expect monetary policy to remain unchanged at the next review. The survey, based on private-sector responses, does not represent MAS’s own views or forecasts. The median growth forecast was lifted to 2.4% from 1.7% in June, after the government raised its 2025 range to 1.5–2.5% in August on stronger H1 results. Economists projected Q3 growth at 0.9% year-on-year. Geopolitical tensions were cited as the main downside risk, while easing trade frictions and a tech upturn were seen as key upsides. MAS held policy steady in July after easing in January and April, with most expecting no change in October or January 2026. Inflation forecasts remained subdued: core inflation was trimmed to 0.7% from 0.8%, headline stayed at 0.9%, and July’s 0.5% core inflation marked the lowest in over three years.
Published on 2025-09-03

Singapore Lifts Q2 GDP Growth, Upgrades 2025 Outlook
Singapore’s economy grew 4.4% year-on-year in Q2 2025, up from an upwardly revised 4.1% in Q1, which marked the slowest pace in four quarters. The latest print was slightly above the flash data of 4.3%, as the manufacturing sector quickened (5.2% vs 4.7% in Q1), driven by gains across all clusters. Also, service activity gained momentum (4.3% vs. 3.8%), amid broad-based growth within the sector, notably in wholesale and retail trade, information & communications, and accommodation & food services. Further, construction output accelerated (6.0% vs 4.9%), lifted by rises in both public sector and private sector output. Quarterly, GDP grew 1.4%, rebounding from a 0.5% fall in Q1. Meanwhile, the trade ministry raised its 2025 growth forecast to 1.5%–2.5% from April’s 0.0%–2.0% after stronger-than-expected H1 results, though it warned of downside risks. Despite a free-trade deal and a trade deficit with the U.S., Singapore still faces a 10% tariff under Washington’s sweeping tariffs.
Published on 2025-08-12

Singapore Q2 GDP Growth Revised Slightly Higher
Singapore’s economy grew 4.4% yoy in Q2 2025, up from an upwardly revised 4.1% in Q1, which marked the slowest pace in three quarters. The latest print was slightly above the flash data of 4.3%. The manufacturing sector quickened (5.2% vs 4.7% in Q1), driven by gains across all clusters. Additionally, service activity gained momentum (4.3% vs. 3.8%), amid broad-based growth within the sector, notably in wholesale and retail trade, information & communications, and accommodation & food services. Further, construction output accelerated (6.0% vs 4.9%), lifted by rises in both public sector and private sector output. Quarterly, GDP grew 1.4%, rebounding from a 0.5% fall in Q1. Meanwhile, the trade ministry raised its 2025 growth forecast to 1.5%–2.5% from April’s 0.0%–2.0% downgrade after stronger-than-expected H1 results, though it warned of downside risks. Despite a free-trade deal and a trade deficit with the U.S., Singapore still faces a 10% tariff under Washington’s sweeping tariffs.
Published on 2025-08-12

Singapore Q2 GDP Growth Revised Slightly Higher
Singapore’s economy grew 4.4% yoy in Q2 2025, up from an upwardly revised 4.1% in Q1, which was the slowest pace in three quarters. The latest print was slightly above the flash data of 4.3%. The manufacturing sector quickened (5.2% vs 4.7% in Q1), driven by gains across all clusters. Additionally, service activity gained momentum (4.3% vs. 3.8%), amid broad-based growth within the sector, notably in wholesale and retail trade, information & communications, and accommodation & food services. Further, construction output accelerated (6.0% vs 4.9%), lifted by rises in both public sector and private sector output. Quarterly, GDP grew 1.4%, rebounding from a 0.5% fall in Q1. Meanwhile, the trade ministry raised its 2025 growth forecast to 1.5%–2.5% from April’s 0.0%–2.0% downgrade after stronger-than-expected H1 results, though it warned of downside risks. Despite a free-trade deal and a trade deficit with the U.S., Singapore still faces a 10% tariff under Washington’s sweeping tariffs.
Published on 2025-08-12

Singapore Q2 GDP Growth Revised Slightly Higher
Singapore’s economy grew 4.4% year-on-year in Q2 2025, up from an upwardly revised 4.1% in Q1, which marked the slowest pace in four quarters. The latest print was slightly above the flash data of 4.3%, as the manufacturing sector quickened (5.2% vs 4.7% in Q1), driven by gains across all clusters. Also, service activity gained momentum (4.3% vs. 3.8%), amid broad-based growth within the sector, notably in wholesale and retail trade, information & communications, and accommodation & food services. Further, construction output accelerated (6.0% vs 4.9%), lifted by rises in both public sector and private sector output. Quarterly, GDP grew 1.4%, rebounding from a 0.5% fall in Q1. Meanwhile, the trade ministry raised its 2025 growth forecast to 1.5%–2.5% from April’s 0.0%–2.0% after stronger-than-expected H1 results, though it warned of downside risks. Despite a free-trade deal and a trade deficit with the U.S., Singapore still faces a 10% tariff under Washington’s sweeping tariffs.
Published on 2025-08-12

Singapore Q2 GDP Growth Revised Slightly Higher
Singapore’s economy grew 4.4% year-on-year in Q2 2025, up from an upwardly revised 4.1% in Q1, which was the slowest pace in three quarters. The latest reading slightly exceeded the flash estimate of 4.3%. The manufacturing sector quickened (5.2% vs 4.7% in Q1), driven by gains across all clusters, except for chemicals and general manufacturing. Also, services activity gained momentum (4.3% vs 3.8%), amid broad-based growth within the sector, notably wholesale and retail trade, information & communications, and accommodation & food services. Construction output increased at a faster rate (6.0% vs 4.9%), supported by expansions in both public sector and private sector output. Quarterly, GDP grew by 1.4%, rebounding from a 0.5% fall in Q1.
Published on 2025-08-12