Singapore Maintains 2026 GDP Forecast at 2%-4%; Q1 GDP Rises Faster Than Expected

MT Newswires10:39

Singapore's Ministry of Trade and Industry maintained its 2026 GDP forecast between 2% and 4%, while highlighting downside risks amid the US-Iran conflict, according to a release on Monday.

The city-state's economy rose 6% year over year during the first quarter of the year, extending a 5.7% expansion in the previous quarter.

The latest expansion beat the 5.2% forecast by economists polled by Bloomberg and the 4.6% estimate in a separate poll by Reuters.

On a seasonally-adjusted quarter-over-quarter basis, the economy expanded by 1%, following the 1.3% growth in the previous quarter. Reuters-polled analysts predicted a 0.3% contraction.

The year-over-year GDP growth was driven by improved performance from wholesale trade, manufacturing and finance & insurance sectors, with AI-related demand further contributing to growth.

The ministry had upgraded its growth forecast in February from 1% to 3%.

However, the global economic growth outlook has been impacted since the US-Israel-Iran conflict, with energy supply disruptions and the blockade of the Strait of Hormuz creating global supply chain disruptions, the ministry said.

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