Singapore Q2 GDP Growth Revised Higher

2026-08-11 00:17 By Joshua Ferrer 1 min. read

Singapore’s economy grew by 5.9% year-on-year in the second quarter of 2026, slowing from a 6.3% expansion in Q1, which was the strongest annual growth since Q3 2024, but exceeded advance estimates of 5.7%.

Growth was driven by manufacturing, wholesale trade and finance & insurance, with robust global AI-related demand boosting electronics and precision engineering, as well as machinery, equipment and supplies in wholesale trade.

Goods-producing industries expanded 10.5% (vs 7.9% in Q1), as manufacturing growth accelerated to 12.5% from 7.3%.

Construction growth, however, slowed to 5.8% from 12.9%, as well as services-producing industries (4.9% vs 6.3%), despite stronger finance & insurance activity.

On a seasonally adjusted quarterly basis, GDP grew 1.4%, up from 1.2% in Q1, bringing first-half growth to 6.1%.

Reflecting stronger-than-expected H1 performance and an improved outlook for AI-related capital spending, MTI upgraded its 2026 GDP growth forecast to 4.5%-5.5% from 2%-4%.



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Singapore Q2 GDP Growth Revised Higher
Singapore’s economy grew by 5.9% year-on-year in the second quarter of 2026, slowing from a 6.3% expansion in Q1, which was the strongest annual growth since Q3 2024, but exceeded advance estimates of 5.7%. Growth was driven by manufacturing, wholesale trade and finance & insurance, with robust global AI-related demand boosting electronics and precision engineering, as well as machinery, equipment and supplies in wholesale trade. Goods-producing industries expanded 10.5% (vs 7.9% in Q1), as manufacturing growth accelerated to 12.5% from 7.3%. Construction growth, however, slowed to 5.8% from 12.9%, as well as services-producing industries (4.9% vs 6.3%), despite stronger finance & insurance activity. On a seasonally adjusted quarterly basis, GDP grew 1.4%, up from 1.2% in Q1, bringing first-half growth to 6.1%. Reflecting stronger-than-expected H1 performance and an improved outlook for AI-related capital spending, MTI upgraded its 2026 GDP growth forecast to 4.5%-5.5% from 2%-4%.
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