Singapore’s advance Q3 GDP grew 5.4% year on year, above the 5.1% Bloomberg consensus, and eased from an upwardly revised 6.2% in Q2 (previously 5.9%). Growth was described as broad-based, with full-year expansion tracking near the upper end of the government’s 4.5–5.5% forecast and the possibility of another upward revision in November. The outlook points to solid momentum over the next few quarters on AI-related demand and capacity expansion, before moderating in H2 2027.
Monetary Policy Update
On policy, the Monetary Authority of Singapore left settings unchanged, contrary to expectations for a modest tightening. The decision keeps the Singapore dollar nominal effective exchange rate appreciation path unchanged, and was framed as a pause rather than a shift towards easing.
Market Reaction
In markets, USD/SGD was little changed after the GDP and policy updates, hovering around 1.2800.
Start trading now — click here to create your real VT Markets account.