Overview
- Final data show 2025 GDP grew 5.0%, with Q4 up 6.9% year on year and 2.1% quarter on quarter on a seasonally adjusted basis.
- The Ministry of Trade and Industry lifted the 2026 GDP forecast to 2%–4%, from 1%–3%, pointing to late-2025 global momentum carrying into this year.
- Enterprise Singapore raised its 2026 non-oil domestic exports outlook to 2%–4%, citing robust AI-linked demand and high gold prices.
- Growth in 2025 was led by manufacturing, wholesale trade, and finance and insurance, with the electronics cluster buoyed by AI-related demand.
- MAS said inflation is trending toward its 1%–2% forecast range, while authorities flagged risks from trade tensions, US tariffs, and a potential cooling in AI investment, with analysts also noting near-term sector volatility.