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]

Core Insights - Azerbaijan's GDP reached 830.4 billion manats (approximately 488.5 billion USD) in the first eight months of 2025, reflecting a year-on-year growth of 1% [1] - The oil and gas sector experienced a decline in output by 2.1%, while the non-oil sector saw an increase in output by 2.6% [1] Sector Contributions to GDP - The industrial sector accounted for 34.9% of GDP [1] - Trade and automotive repair contributed 10.3% to GDP [1] - Transportation and storage represented 7.1% of GDP [1] - Agriculture, forestry, and fishing made up 6.3% of GDP [1] - Construction also accounted for 6.3% of GDP [1] - The tourism, accommodation, and catering sector contributed 2.8% to GDP [1] - Information and communication sector represented 1.8% of GDP [1] - Other industries collectively accounted for 20.7% of GDP [1]

Core Insights - Ghana's economy experienced a growth rate of 6.3% in the second quarter, primarily driven by the service sector [1] Economic Performance - The service sector recorded a growth rate of 9.9%, making it the largest contributor to the national economy [1] - The fastest-growing sub-sectors within services included: - Information and Communication: 21.3% - Education: 16.6% - Health and Social Work: 14.6% - Other Personal Services: 11.3% - Financial and Insurance: 9.7% [1] Agricultural and Industrial Performance - In agriculture, livestock showed the highest growth at 5.9%, while fishing grew the slowest at 0.9% [1] - Within the industrial sector, the electricity industry performed best with a growth rate of 6.7%, whereas mining and quarrying experienced a contraction of -1.8% [1]

Group 1 - Germany's President Steinmeier signed a constitutional amendment to relax the "debt brake" restrictions, allowing the federal government to establish a special fund of €500 billion for infrastructure projects without being constrained by debt limits [1] - The reform is viewed as a fiscal cornerstone for the new German government, with expectations that large-scale fiscal spending will stimulate economic growth and create more jobs, enhancing Germany's economic competitiveness [1] - Goldman Sachs and Nomura Securities predict that this move will boost Germany's economic growth, positively impacting other European countries as well [1] Group 2 - Germany's economy has faced challenges, with GDP contracting by 0.2% in Q4 2024 and a year-on-year decline of 0.2%, marking the second consecutive year of negative growth [2] - Key sectors such as manufacturing saw a 3% decline in output, particularly in machinery and automotive industries, while service sectors experienced a modest growth of 0.8% [2] - Domestic household consumption increased slightly by 0.3%, with notable growth in health and transportation sectors, rising by 2.8% and 2.1% respectively [2] Group 3 - Forecasts indicate a gradual recovery for the German economy starting this year, with the Munich Institute for Economic Research reporting an increase in the business climate index from 85.3 to 86.7 in March [3] - The IMF predicts a 0.3% growth in Germany's GDP for 2025, while the European Commission expects domestic demand to rebound, projecting GDP growth of 0.7% in 2025 and 1.3% in 2026 [3] - Germany's inflation rate has been declining, dropping from a peak of 11.6% in October 2022 to 2.4% in October 2024, contributing to positive economic outlooks [3] Group 4 - The German central bank's president, Nagel, expressed concerns about increased uncertainty for the German economy due to U.S. tariffs on EU steel and aluminum imports, suggesting a potential for recession in 2025 [4]