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%.