MTI Upgrades GDP Growth Forecast for 2025 to “Around 4.0 Per Cent” and Forecasts GDP Growth of “1.0 to 3.0 Per Cent” for 2026

21 November 2025. The Ministry of Trade and Industry (MTI) announced today that Singapore’s GDP growth forecast for 2025 has been upgraded from “1.5 to 2.5 per cent” to “around 4.0 per cent”. This largely reflects the better-than-expected performance of the Singapore economy in the third quarter of 2025. For 2026, Singapore’s GDP growth is projected to come in at “1.0 to 3.0 per cent”.

Economic Performance in Third Quarter 2025

In the third quarter of 2025, the Singapore economy expanded by 4.2 per cent on a year-on-year basis, extending the 4.7 per cent growth in the previous quarter. On a quarter-on-quarter seasonally-adjusted basis, the economy grew by 2.4 per cent, faster than the 1.7 per cent expansion in the second quarter. For the first three quarters of 2025, Singapore’s GDP growth averaged 4.3 per cent year-on-year.

Download the full press release [PDF, 276 KB].

Economic Survey of Singapore Third Quarter 2025

MINISTRY OF TRADE AND INDUSTRY

21 November 2025