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

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. 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.