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SINGAPORE: Singapore's economy grew 4.3 per cent in the second quarter of 2025, faster than the 4.1 per cent growth in the first quarter of the year, according to advance estimates from the Ministry of Trade and Industry (MTI) on Monday (Jul 14).
But the ministry flagged "significant uncertainty and downside risks" remain in the global economy in the second half of the year, given the "lack of clarity" over the United States' tariff policies.
In April, MTI lowered Singapore's GDP growth forecast for 2025 to 0 per cent to 2 per cent, pointing to the effect of US President Donald Trump's tariffs. The ministry previously had a forecast of 1 per cent to 3 per cent growth for the year.
Last week, the Trump administration started sending out letters on tariffs to several countries. The higher tariffs will kick in from Aug 1, and affects Singapore's neighbours such as Malaysia and Indonesia.
Singapore's economic task force, which was set up to help businesses and workers navigate the impact of the US tariffs, announced that it would launch grants for companies by October this year.
Advance gross domestic product estimates are mainly computed from data gathered in the first two months of the quarter. They are intended as an early indicator for the three-month period, and may be revised when more data is available.
On a quarter-on-quarter seasonally-adjusted basis, Singapore's gross domestic product (GDP) expanded by 1.4 per cent in the second quarter, compared with a 0.5 per cent contraction in the first three months of the year.
Source: CNA/an(mi)
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FAST
SINGAPORE: Singapore's economy grew 4.3 per cent in the second quarter of 2025, faster than the 4.1 per cent growth in the first quarter of the year, according to advance estimates from the Ministry of Trade and Industry (MTI) on Monday (Jul 14).
But the ministry flagged "significant uncertainty and downside risks" remain in the global economy in the second half of the year, given the "lack of clarity" over the United States' tariff policies.
In April, MTI lowered Singapore's GDP growth forecast for 2025 to 0 per cent to 2 per cent, pointing to the effect of US President Donald Trump's tariffs. The ministry previously had a forecast of 1 per cent to 3 per cent growth for the year.
Last week, the Trump administration started sending out letters on tariffs to several countries. The higher tariffs will kick in from Aug 1, and affects Singapore's neighbours such as Malaysia and Indonesia.
Singapore's economic task force, which was set up to help businesses and workers navigate the impact of the US tariffs, announced that it would launch grants for companies by October this year.
Advance gross domestic product estimates are mainly computed from data gathered in the first two months of the quarter. They are intended as an early indicator for the three-month period, and may be revised when more data is available.
On a quarter-on-quarter seasonally-adjusted basis, Singapore's gross domestic product (GDP) expanded by 1.4 per cent in the second quarter, compared with a 0.5 per cent contraction in the first three months of the year.
Source: CNA/an(mi)
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Week in Review
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Our chief editor shares analysis and picks of the week's biggest news every Saturday.
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