Singapore’s economy grows 6.9% in Q4 2025, exceeding estimates

Singapore’s economy expanded 6.9% year-on-year in the fourth quarter of 2025, surpassing the official advance estimate of 5.7%, according to government data released Tuesday.

On a quarter-on-quarter basis, gross domestic product grew 2.1%, also higher than the previously estimated 1.9% growth.

The full-year economic growth for 2025 reached 5.0%, above the preliminary reading of 4.8% and slightly below the revised 2024 growth of 5.3%.

In response to the stronger performance, Singapore’s trade ministry raised its 2026 GDP growth forecast to between 2.0% and 4.0%, up from the previous projection of 1.0% to 3.0%. The ministry cited stronger-than-expected momentum in the global economy during the fourth quarter, which is expected to continue into 2026.

Separately, Enterprise Singapore also upgraded its forecast for non-oil domestic exports growth to between 2.0% and 4.0%, from the previous estimate of 0 to 2.0%.

The agency noted that robust AI-related demand and high gold prices would continue to underpin Singapore’s key non-oil exports, while warning of potential downside risks including “an escalation in trade tensions or a correction in AI-related investment demand.”

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