Singapore’s economy grows more than 5 percent amid AI boom

City-state’s GDP expands 5.4 percent in July-September quarter, according to advance government estimates.

People are dwarfed against the financial skyline as they take photos of the Merlion statue along the Marina Bay area in Singapore on June 30, 2020 [Yong Teck Lim/AP]

Singapore’s economy grew more than 5 percent in the most recent quarter, continuing an AI-fuelled boom that has made the city-state one of the fastest-growing advanced economies.

Gross domestic product (GDP) grew 5.4 percent year-on-year between July and September, down from a 6.2 percent expansion in the second quarter, according to advance government estimates released on Wednesday.

list 1 of 4 UN Human Rights Council elects 15 members in uncontested vote

list 2 of 4 Ukrainian ex-officer goes on trial in Germany over Nord Stream blasts

list 3 of 4 Houthi missiles intercepted over Saudi Arabia as battles intensify

list 4 of 4 Israel returns 22 stolen ancient artefacts to Greece

Manufacturing, which is dominated by the city-state’s semiconductor industry, grew 7.5 percent, according to the estimates from the Ministry of Trade and Industry.

Increased output in “electronics, precision engineering, transport engineering and general manufacturing clusters” drove growth, the ministry said, offsetting declines in the chemicals and biomedical sectors.

Construction, including AI-related investments such as data centres, expanded 8.8 per cent, according to the figures.

Despite the heady expansion, Singapore’s central bank left its monetary policy settings untouched in its latest announcement on Wednesday, citing expectations that AI demand will cool in 2027.

The Monetary Authority of Singapore, which manages monetary policy through currency exchange rates rather than interest rates, said it expected core inflation to average 1.5–2.0 percent in 2026.

“Global AI-driven growth is expected to ease in the latter half of next year from its current exceptional pace, while higher interest rates, amid elevated inflation in the advanced economies, would weigh on final demand growth,” the central bank said in a statement.

Singapore is a major global player in the booming chip sector, a position that has helped it weather choppy economic conditions, including the energy shock prompted by the US-Israel war on Iran.

The Southeast Asian city-state accounts for roughly 10 percent of global semiconductor output and 20 percent of semiconductor equipment production, according to government figures.

Yeow Hwee Chua, an assistant professor of economics at Nanyang Technological University, described Singapore’s economic performance as “impressive for a high-income economy, especially given the uncertain global environment”.

“The global technology investment boom has been an important driver,” Chua told Al Jazeera.

“Strong demand for electronics has supported manufacturing and related wholesale trade, illustrating how Singapore benefits from its position in global supply chains,” he said.

Singapore’s economy is expected to grow 5 percent in 2026, according to the IMF’s latest economic forecast, faster than any other advanced economy except Taiwan.

The city-state’s GDP grew 5 percent in 2025, its second straight year of growth above 5 percent – the first such streak since 2010 and 2011.

根据政府初步估计，该城邦7月至9月季度的GDP增长了5.4%。

2020年6月30日，在新加坡滨海湾地区，人们在林立的金融城天际线前拍照，与鱼尾狮雕像形成鲜明对比。[Yong Teck Lim/AP]

新加坡经济在最近一个季度增长超过 5%，延续了人工智能驱动的繁荣，使这个城市国家成为增长最快的发达经济体之一。

根据周三公布的政府初步估计数据，7月至9月国内生产总值（GDP）同比增长5.4%，低于第二季度6.2%的增幅。

联合国人权理事会以无争议投票方式选举产生15名成员（共4个名单，此为第1个）。

名单2/4：乌克兰前军官因北溪天然气管道爆炸事件在德国受审

胡塞武装在沙特阿拉伯上空拦截了4枚导弹中的3枚，战斗愈演愈烈

以色列向希腊归还22件被盗古代文物（共4件，此为第4件）

据贸易和工业部估计，以该城邦半导体产业为主导的制造业增长了7.5%。

该部表示，“电子、精密工程、交通工程和一般制造业集群”产量的增加推动了经济增长，抵消了化工和生物医药行业的下滑。

数据显示，包括数据中心等人工智能相关投资在内的建筑业增长了 8.8%。

尽管经济增速强劲，但新加坡央行在周三的最新声明中仍维持货币政策不变，理由是预计人工智能需求将在 2027 年降温。

新加坡金融管理局通过汇率而非利率来管理货币政策，该局表示预计2026年核心通胀率平均为1.5%至2.0%。

该央行在一份声明中表示：“预计明年下半年全球人工智能驱动的增长速度将从目前的异常高速放缓，而发达经济体通胀高企导致的利率上升将对最终需求增长构成压力。”

新加坡是蓬勃发展的芯片行业的主要全球参与者，这一地位帮助它度过了动荡的经济环境，包括美国和以色列对伊朗发动战争引发的能源冲击。

根据政府数据，这个东南亚城邦约占全球半导体产量的 10% 和半导体设备产量的 20%。

南洋理工大学经济学助理教授蔡耀辉（Yeow Hwee Chua）表示，新加坡的经济表现“对于一个高收入经济体来说令人印象深刻，尤其是在当前不确定的全球环境下”。

蔡先生告诉半岛电视台：“全球科技投资热潮是一个重要的驱动因素。”

他说：“对电子产品的强劲需求支撑了制造业和相关批发贸易，这表明新加坡如何从其在全球供应链中的地位中受益。”

根据国际货币基金组织最新的经济预测，新加坡经济预计在 2026 年增长 5%，增速将超过除台湾以外的任何其他发达经济体。

2025年，该城邦的GDP增长了5%，这是连续第二年增长超过5%，也是自2010年和2011年以来的首次连续增长。