新加坡三季度增速回落复苏态势延续

Economic Overview - Singapore's economy grew by 2.9% year-on-year in Q3 2025, a decrease from the revised 4.4% growth in Q2, but still above market expectations of 2% [1] - The quarterly seasonally adjusted growth was 1.3%, slightly lower than Q2's 1.5%, indicating a continued recovery trend [1] Sector Performance - Manufacturing sector growth was nearly stagnant in Q3, significantly down from 5.5% in Q2, primarily due to declines in biomedical manufacturing and general manufacturing output [1] - However, the manufacturing sector showed a positive change with a 6.1% quarter-on-quarter growth in Q3, indicating adaptation to market changes [1] Construction Industry - The construction industry experienced a 3.1% year-on-year growth in Q3, a significant slowdown compared to Q2 [2] - Despite growth from public and private sector construction, the industry faced short-term pressure with a 1.2% quarter-on-quarter contraction in Q3 [2] Services Sector - The services sector showed mixed performance, with wholesale and retail trade, and transportation and warehousing growing by 2.5% year-on-year, down from 4.9% in Q2 [2] - Core service sectors such as information and communication, finance and insurance, and professional services maintained robust growth at 4.4%, consistent with Q2's performance [2] Other Services - Other service sectors, including accommodation and food services, real estate, and administrative support, grew by 4.1% year-on-year, stable compared to Q2 [3] - The recovery of international tourist numbers significantly boosted the accommodation sector, supported by stable domestic consumption [3] Economic Outlook - Despite the resilience shown in Q3, global economic uncertainties remain a significant risk factor [3] - The Monetary Authority of Singapore decided to maintain the nominal effective exchange rate policy to balance potential inflation risks with economic growth uncertainties [3] - Long-term economic growth in Singapore will continue to be influenced by global economic conditions, trade tensions, and policy adjustments in major economies [3]