DBS Group Research expects a GDP upgrade to 4.0–5.0% for 2026 after stronger-than-expected first-half growth.
Singapore’s second-quarter GDP growth is expected to be revised upward to 5.9% year-on-year and 1.3% quarter-on-quarter, driven by stronger manufacturing and services performance. The advance estimates had shown 5.7% yoy and 1.1% qoq growth.
First-half growth has exceeded trend levels, prompting expectations that the government will raise its 2026 GDP forecast to 4.0–5.0% from the current 2.0-4.0%. Despite the upgrade, downside risks and uncertainty remain.
The upward revision reflects a firmer manufacturing outturn and robust expansion in trade-related services, supported by a pickup in re-exports in June.