Overview

• Gross domestic product rose 2.9% year on year in the third quarter and 1.3% on a seasonally adjusted quarter, easing from Q2’s 4.5% and 1.5% respectively.
• The outturn exceeded economist forecasts that had pointed to roughly 1.9% to 2.0% growth.
• The Monetary Authority of Singapore left its policy stance unchanged and signaled that 2026 growth will slow toward a near-trend pace with the output gap near zero.
• Manufacturing was flat year on year but rebounded 6.1% quarter on quarter, while construction grew 3.1% year on year and contracted 1.2% on a quarterly basis.
• Non-oil domestic exports fell 11.3% in August, the sharpest decline since March 2024, highlighting softer external demand.