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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% 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%.
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

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% 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 marked the slowest pace in four 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 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 Warns of Slower Growth Amid Tariff Uncertainty
Singapore's economic growth is expected to slow in the second half of 2025 despite a stronger-than-expected 4.3% expansion in Q2 due to front-loaded exports ahead of new U.S. tariffs. Monetary Authority of Singapore chief Chia Der Jiun said on Tuesday that the outlook aligns with expectations of weaker global activity and external demand. “There is a range of possibilities around the extent and scope of tariffs, whether trade agreements are concluded and prove to be durable, and whether escalating trade conflicts recur,” Chia noted. The city-state had already lowered its full-year GDP forecast to 0–2%, down from an earlier 1–3%. Although U.S. President Donald Trump recently announced sweeping new tariffs of 20–50% on over 20 countries starting August 1, Singapore has not yet been notified and remains subject to a 10% baseline tariff announced in April.
Published on 2025-07-16

Singapore Warns of Slower Growth Amid Tariff Uncertainty
Singapore's economic growth is expected to slow in the second half of 2025 despite a stronger-than-expected 4.3% expansion in Q2 due to front-loaded exports ahead of new U.S. tariffs. Monetary Authority of Singapore chief Chia Der Jiun said that the outlook aligns with expectations of weaker global activity and external demand. “There is a range of possibilities around the extent and scope of tariffs, whether trade agreements are concluded and prove to be durable, and whether escalating trade conflicts recur,” Chia noted on Tuesday. The city-state had already lowered its full-year GDP forecast to 0–2%, down from an earlier 1–3%. Although U.S. President Donald Trump recently announced sweeping new tariffs of 20–50% on over 20 countries starting August 1, Singapore has not yet been notified and remains subject to a 10% baseline tariff announced in April.
Published on 2025-07-16

Singapore Q2 GDP Growth Beats Estimates
Singapore’s economy expanded 4.3% yoy in Q2 2025, following an upwardly revised 4.1% increase in Q1 and surpassing market forecasts of 3.5%, flash estimates showed. The manufacturing sector quickened (5.5% vs 4.4% in Q1), driven by gains across all clusters, except for chemicals and general manufacturing. Also, services activity rose at a stronger rate (4.1% vs 3.7%), amid widespread growth within the sector, notably wholesale and retail trade, information & communications, and accommodation & food services. Construction output went up further (4.9% vs 5.1%), mainly led by an increase in public sector output. Quarterly, GDP grew 1.4%, rebounding from a marginally revised 0.5% fall in Q1 and marking the fastest growth rate in three quarters. It was also above consensus of a 0.7% rise. For H1 of the year, GDP growth averaged 4.2% yoy. Looking ahead, mounting uncertainty and downside risks persist for the global economy in H2, largely due to ambiguity surrounding U.S. tariff policies.
Published on 2025-07-14

Singapore Q2 GDP Growth Beats Estimates
Singapore’s economy expanded by 4.3% yoy in Q2 2025, accelerating from a 3.9% increase in Q1 and surpassing market expectations of 3.5%, according to flash estimates. On a quarterly basis, GDP grew 1.4%, rebounding from a 0.6% contraction in Q1 and marking the fastest growth rate in three quarters.
Published on 2025-07-14

Singapore Q2 GDP Growth Beats Estimates
Singapore’s economy expanded by 4.3% yoy in Q2 2025, accelerating from an upwardly revised 4.1% increase in Q1 and surpassing market expectations of 3.5%, according to flash estimates. On a quarterly basis, GDP grew 1.4%, rebounding from a marginally revised 0.5% contraction in Q1 and marking the fastest growth rate in three quarters.
Published on 2025-07-14

Singapore Q2 GDP Growth Beats Estimates
Singapore’s economy expanded by 4.3% yoy in Q2 2025, accelerating from an upwardly revised 4.1% increase in Q1 and surpassing market expectations of 3.5%, according to flash estimates. On a quarterly basis, GDP grew 1.4%, rebounding from a marginally revised 0.5% contraction in Q1 and marking the fastest growth rate in three quarters. For H1 of the year, GDP growth averaged 4.2% yoy. .
Published on 2025-07-14

Singapore Q2 GDP Growth Beats Estimates
Singapore’s economy expanded by 4.3% yoy in Q2 2025, accelerating from an upwardly revised 4.1% increase in Q1 and surpassing market expectations of 3.5%, according to flash estimates. The manufacturing sector quickened (5.5% vs 4.4% in Q1), driven by output expansions across all clusters, except for the chemicals and general manufacturing. Also, services activity rose at a stronger rate (4.1% vs 3.7%), buoyed by widespread growth within the sector, notably wholesale and retail trade, information & communications, and accommodation & food services. Further, construction output continued to rise (4.9% vs 5.1%), mainly led by an increase in public sector construction. On a quarterly basis, GDP grew 1.4%, rebounding from a marginally revised 0.5% contraction in Q1 and marking the fastest growth rate in three quarters. For H1 of the year, GDP growth averaged 4.2% yoy. .
Published on 2025-07-14

Singapore Q2 GDP Growth Beats Estimates
Singapore’s economy expanded by 4.3% yoy in Q2 2025, accelerating from an upwardly revised 4.1% increase in Q1 and surpassing market expectations of 3.5%, flash estimates showed. The manufacturing sector quickened (5.5% vs 4.4% in Q1), driven by higher expansions across all clusters, except for chemicals and general manufacturing. Also, services activity rose at a stronger rate (4.1% vs 3.7%), buoyed by widespread growth within the sector, notably wholesale and retail trade, information & communications, and accommodation & food services. Construction output continued to rise (4.9% vs 5.1%), mainly led by an increase in public sector output. On a quarterly basis, GDP grew 1.4%, rebounding from a marginally revised 0.5% fall in Q1 and marking the fastest growth rate in three quarters. For H1 of the year, GDP growth averaged 4.2% yoy. Looking ahead, mounting uncertainty and downside risks persist for the global economy in H2, largely due to ambiguity surrounding U.S. tariff policies. .
Published on 2025-07-14

Singapore Q2 GDP Growth Beats Estimates
Singapore’s economy expanded by 4.3% yoy in Q2 2025, following an upwardly revised 4.1% increase in Q1 and surpassing market expectations of 3.5%, flash estimates showed. The manufacturing sector quickened (5.5% vs 4.4% in Q1), driven by higher expansions across all clusters, except for chemicals and general manufacturing. Also, services activity rose at a stronger rate (4.1% vs 3.7%), buoyed by widespread growth within the sector, notably wholesale and retail trade, information & communications, and accommodation & food services. Construction output continued to rise (4.9% vs 5.1%), mainly led by an increase in public sector output. On a quarterly basis, GDP grew 1.4%, rebounding from a marginally revised 0.5% fall in Q1 and marking the fastest growth rate in three quarters. For H1 of the year, GDP growth averaged 4.2% yoy. Looking ahead, mounting uncertainty and downside risks persist for the global economy in H2, largely due to ambiguity surrounding U.S. tariff policies. .
Published on 2025-07-14

Singapore Q2 GDP Growth Beats Estimates
Singapore’s economy expanded 4.3% yoy in Q2 2025, following an upwardly revised 4.1% increase in Q1 and surpassing market forecasts of 3.5%, flash estimates showed. The manufacturing sector quickened (5.5% vs 4.4% in Q1), driven by gains across all clusters, except for chemicals and general manufacturing. Also, services activity rose at a stronger rate (4.1% vs 3.7%), amid widespread growth within the sector, notably wholesale and retail trade, information & communications, and accommodation & food services. Construction output went up further (4.9% vs 5.1%), mainly led by an increase in public sector output. Quarterly, GDP grew 1.4%, rebounding from a marginally revised 0.5% fall in Q1 and marking the fastest growth rate in three quarters. It was also above consensus of a 0.7% rise. For H1 of the year, GDP growth averaged 4.2% yoy. Looking ahead, mounting uncertainty and downside risks persist for the global economy in H2, largely due to ambiguity surrounding U.S. tariff policies. .
Published on 2025-07-14

Singapore Flags Recession Risk This Year
Singapore may slip into a technical recession this year, a government official warned after final GDP data confirmed the economy contracted in Q1 2025—even before U.S. tariffs took effect. The trade-reliant economy grew 3.9% yoy but shrank 0.6% qoq. Permanent Secretary Beh Swan Gin said a technical recession—two straight quarters of contraction—was possible, though “that doesn't necessarily equate to full-blown economic recession.” The Ministry of Trade kept unchanged its 2025 growth forecast at 0.0% to 2.0%, citing a still-challenging global environment despite modest improvements in external demand. Despite having a free-trade agreement and trade deficit with the U.S., Singapore faces a 10% baseline tariff imposed by Washington. Several companies in the city have reportedly delayed expansion plans or redirected funds to cope with rising costs.
Published on 2025-05-22