Singapore Lifts 2025 Growth Outlook as Q2 GDP Hits 4.4%

Singapore’s economy expanded 4.4% year-on-year in the April-to-June quarter, a final reading that edged above the previous 4.3% estimate and marked a rebound from 2.7% growth in the first quarter. On a seasonally adjusted basis, output rose 1.4% from the prior quarter, reversing a 0.5% contraction. Citing the stronger-than-expected first-half performance, the Ministry of Trade and Industry lifted its 2025 growth projection to a range of 1.5% to 2.5%, up from 0% to 2%. Officials said activity was bolstered by firms front-loading orders ahead of U.S. tariffs and by signs of easing global trade tensions, although they cautioned that risks remain tilted to the downside in the second half. The ministry left its forecast for non-oil domestic exports unchanged at 1% to 3% growth. The Singapore dollar was little moved after the data release, reflecting investor expectations that monetary policy is likely to stay on hold for now.