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China’s November Economic Data Signals Slowing Industrial Output and Weak Consumer Demand 
Singapore’s economy grew faster than expected in the third quarter of 2025, driven by strong service and construction activity, even as manufacturing output remained flat. According to advance estimates released by the Ministry of Trade and Industry (MTI) on Tuesday, gross domestic product (GDP) expanded 2.9% year-on-year, surpassing forecasts of a 2.0% rise but slowing from 4.5% growth in the previous quarter.
On a quarter-on-quarter basis, Singapore’s GDP surged 5.4%, more than double the anticipated 2.0% growth and up from 1.5% in Q2. However, analysts note that the year-on-year slowdown highlights challenges in the export-driven manufacturing sector, which has struggled with uneven global demand.
Manufacturing activity was largely stagnant as declines in biomedical and general manufacturing offset modest gains in electronics and transport engineering. The sector’s flat performance reflects continued headwinds from weaker global trade and shifting supply chain patterns in Asia.
In contrast, construction remained a bright spot, supported by major public infrastructure developments and strong private sector demand. Growth in the industry, however, moderated compared to earlier surges, signaling that the post-pandemic recovery in building activity may be plateauing.
The services sector continued to anchor economic expansion, buoyed by resilient performance in finance, professional services, and information technology. These industries have benefitted from Singapore’s position as a regional hub for business, innovation, and digital transformation.
Meanwhile, the Monetary Authority of Singapore (MAS) kept its monetary policy unchanged, maintaining the current rate of appreciation for the Singapore dollar nominal effective exchange rate (S$NEER) band in line with market expectations. MTI noted that these preliminary figures are based on July and August data and will be updated with more detailed statistics in November.
