Singapore's Ministry of Trade and Industry recently released data showing that the country's Gross Domestic Product (GDP) growth rate for 2025 reached 4.8%, 0.4 percentage points higher than the 4.4% recorded in 2024; the economy expanded by 5.7% year-on-year in the fourth quarter of 2025, driving the full-year GDP growth to its strongest level since 2021. This economic performance significantly surpassed the Ministry's November 2025 forecast of "around 4.0%" and the earlier estimated range of 1.5% to 2.5%, highlighting the robust resilience of the Singaporean economy amidst a complex global environment. The manufacturing sector emerged as the core engine of Singapore's economic growth in 2025, with annual output expanding by 7.6%, including a striking 15% year-on-year increase in the fourth quarter. Biomedical manufacturing and the electronics industry formed a dual pillar of support: the former benefited from the concentrated delivery of orders for oncology drugs and vaccine bulk substances, while the latter capitalized on the artificial intelligence (AI) development wave, achieving explosive growth in areas such as AI servers, high-bandwidth memory chips, and advanced packaging. Specific data revealed that Singapore's integrated circuit exports surged 32.1% year-on-year in 2025, disk media products skyrocketed by 53.5%, and communications equipment saw a massive 81.4% increase, directly reflecting the strong global demand for Singapore's high-end manufacturing driven by investment热潮 in AI infrastructure. Although the manufacturing sector accounts for only about 20% of Singapore's GDP, its high value-added nature gives it a significant leveraging effect on overall economic growth. Singapore's services sector grew by 4.1% in 2025, slightly lower than the 4.3% growth in 2024, with internal structure showing clear divergence. Information & Communications, Finance & Insurance, and Professional Services collectively grew by 4.2%, becoming crucial supports for new demand areas such as business travel, data center operations, and green finance. Within this, emerging businesses like digital trusts and cross-border carbon credit custodianship contributed over SGD 300 million (approximately 1.65 billion RMB) in incremental revenue, further solidifying Singapore's leading position in the ASEAN Sustainable Finance Centre Index. However, traditional consumer services performed weakly, with accommodation and food services growing by only 3.2% for the full year, significantly lower than the 4.6% growth in 2024. The services sector overall grew by 3.8% in the fourth quarter of 2025, slowing from the 4.1% growth in the third quarter, but driven by AI-related service demand, Information & Communications growth accelerated sequentially to 5.6%, indicating an ongoing profound restructuring of the sector's value chain. Singapore's construction sector output grew by 4.2% in 2025, a significant decline from the high growth rate of 9.2% in 2024, yet it still managed positive growth despite the triple pressures of a high base, high interest rates, and labor shortages, outperforming most regional markets. Public sector projects, including public housing construction and the Cross Island MRT line, with a combined contract value of nearly SGD 18 billion, provided a stable order base for the industry; in the private sector, accelerated work on high-end commercial and residential integrated projects drove demand for prefabricated components and modular finishing, partially offsetting the impact of declining new office space commencements. Notably, the Singapore government launched the "Construction Industry Transformation Map 4.0" in September 2025, mandating the use of Building Information Modeling and digital twin technologies for all government projects with a contract value exceeding SGD 50 million, pushing the construction industry to undergo technological iteration during a period of slowing growth and laying the groundwork for a potential order recovery in 2026. Nevertheless, an aging construction workforce and a shortage of young laborers remain structural challenges constraining the industry's long-term development. Goods trade was another crucial pillar supporting Singapore's better-than-expected economic growth in 2025, with non-oil domestic exports growing by 4.8% for the full year, keeping pace with GDP growth and far exceeding the 0.2% growth rate in 2024. Electronics exports maintained double-digit growth for four consecutive months, effectively offsetting declines in exports of petrochemicals, ships, and processed precious metals. Among non-electronic exports, non-monetary gold surged by 73.3% in December 2025, becoming a significant indicator for hedging against rising global risk aversion. Some analysts believe that the strong performance of Singapore's exports in 2025 was partly due to "front-loading" effects, and the negative impact of the high base will become apparent in 2026. In other words, the high trade growth in 2025 represents both structural demand dividends and隐含 cyclical透支 risks, and its sustainability needs to be viewed cautiously. Looking ahead to 2026, Singapore's Ministry of Trade and Industry forecasts an economic growth range of 1% to 3%, which is not only lower than the 2025 figure but also below the average level of the past decade, highlighting the government's prudent stance in the face of external headwinds and internal transformation pains. To address the challenges of 2026, the Singapore government has initiated a new round of economic strategy review, with the first batch of recommendations expected to be announced in the February 2026 budget statement, focusing on three key areas: strengthening supply chain resilience, deepening the integration of AI and advanced manufacturing, and expanding the regional services trade network. At the industry level, Singapore's National Research Foundation plans to invest SGD 18 billion between 2026 and 2030, focusing on cutting-edge fields such as quantum computing, synthetic biology, and green hydrogen, attempting to replicate the success path of the biomedical industry; on trade policy, Singapore is accelerating free trade agreement negotiations with regional organizations like the Gulf Cooperation Council and the Pacific Alliance, and is promoting the upgrade of digital trade rules under the Regional Comprehensive Economic Partnership (RCEP) framework to hedge against the impact of US tariff hikes; regarding manpower policy, the Singapore government will launch "SkillsFuture 3.0" in 2026, increasing the lifelong learning account subsidy from SGD 500 to SGD 2,000 to attract global talent in AI and fintech. If this combination of policies is implemented precisely, it could potentially push Singapore's 2026 economic growth towards the upper limit of the official forecast range. In summary, Singapore's 4.8% GDP growth in 2025 demonstrates strong resilience. Amid a fragmented global trade environment, Singapore achieved structural acceleration through high-value-added expansion in manufacturing, digital transformation in services, and the re-strengthening of its trade hub functions. The manufacturing sector's 15% quarterly growth rate and the leading effects of biomedical and AI semiconductors were key reasons for the full-year economic outperformance; although services growth marginally slowed, new businesses like digital trusts and green finance laid the foundation for future upgrades; the construction sector and goods trade, through public orders and regional re-export networks respectively, played counter-cyclical stabilizing roles. Entering 2026, as the effects of front-loaded tariffs fade, AI demand normalizes, and geopolitical issues become protracted, the Singaporean economy may have to shift from "high speed" to "medium-high speed," but the 2025 outperformance has proven that Singapore's value and resilience within the global supply chain still hold significant advantages.