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.