Singapore's economy grew by 2.9% year-over-year in the third quarter of 2025, marking a deceleration from the previous quarter's upwardly revised growth of 4.5%. This slowdown is largely attributed to challenges within the manufacturing sector, impacting overall economic performance. Despite being the slowest growth pace in two years, this figure surpassed the forecasted 2% increase. The manufacturing sector remained largely unchanged from the prior year, a significant decline from the 5% growth experienced in Q2. Meanwhile, the construction sector's growth moderated to 3.1% in Q3, down from 6.2% in the previous quarter, as projects in both the public and private sectors progressed more gradually. In the services industries, the combined wholesale & retail trade and transportation & storage sectors experienced a 2.5% growth, down from the 4.9% increase in Q2. These results highlight the challenges faced by Singapore's open economy, particularly as it deals with increased U.S. tariffs on exports and trade restrictions, which have severely impacted external demand, especially in pharmaceuticals and electronics.
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