Economic Survey of Singapore 2025

Singapore’s economy grew by 5.0 per cent in 2025, easing slightly from 2024 but remaining resilient amid strong external demand. Growth was driven mainly by manufacturing, wholesale trade and finance & insurance, with manufacturing expanding robustly. Total demand strengthened on the back of higher goods and services exports, while domestic demand rose at a more moderate pace. Employment increased across sectors, unemployment stayed low at 2.0 per cent, and real incomes improved. Inflation moderated to 0.9 per cent, and investment commitments remained healthy. Looking ahead to 2026, unit labour costs are projected to pick up amid moderating productivity growth, even as energy-related costs may ease with lower global oil prices.

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