Singapore’s economy expanded 4.3% year-on-year in the second quarter of 2025, beating the 3.5% growth forecast by economists, according to preliminary data released by the Ministry of Trade and Industry on Monday.
On a quarter-on-quarter seasonally adjusted basis, GDP grew 1.4% from April to June, rebounding from a revised 0.5% contraction in Q1, thus avoiding a technical recession.
Maybank economist Chua Hak Bin noted that “the economy is holding up despite tariff and geopolitical shocks,” attributing resilience to the de-escalation of the U.S.-China tariff war and front-loading of exports during the 90-day reprieve.
Trade Minister Gan Kim Yong said last week that Singapore’s economy likely held up well in the first half of 2025 due to businesses taking advantage of the pause in tariffs, but warned that growth could slow over the next 6 to 12 months.
The Ministry had in April downgraded Singapore’s full-year 2025 GDP forecast from 1%-3% to a more cautious 0%-2% range due to global economic uncertainties.
