Singapore's economy demonstrated stronger-than-expected growth in the second quarter of 2025, with GDP rising 4.4% year-on-year, slightly surpassing the earlier estimate of 4.3%. On a quarter-on-quarter basis, GDP increased by 1.4%. This robust performance in the first half of the year prompted the Ministry of Trade and Industry to raise the city-state's full-year GDP growth forecast for 2025 to a range of 1.5% to 2.5%, up from the previous estimate of 0% to 2%. The upgrade reflects factors such as front-loading activities ahead of U.S. tariffs and easing trade tensions. Following the forecast revision, the Singapore dollar remained steady. In the broader regional context, Malaysia's GDP growth held steady at 4.4% in Q2 2025, maintaining the pace from Q1 despite global trade headwinds, while Hong Kong's Q2 GDP expanded by 3.1% year-on-year with its full-year growth forecast unchanged. Taiwan also raised its 2025 GDP growth forecast but expressed caution regarding the 2026 outlook amid ongoing U.S. tariff concerns.