Singapore: GDP revision and forecast upgrade – DBS
DBS Group Research expects Singapore’s final 2Q26 GDP to be revised up to 5.9% year-on-year and 1.3% quarter-on-quarter seasonally adjusted, driven by stronger manufacturing and services.
DBS Group Research anticipates Singapore's final GDP for the second quarter of 2026 will be revised upwards to 5.9% year-on-year and 1.3% quarter-on-quarter seasonally adjusted. This upward revision is primarily attributed to stronger performance in manufacturing and services sectors. DBS analysts foresee a high likelihood of the government raising its 2026 GDP forecast to a range of 4.0-5.0%, despite acknowledging significant uncertainty and downside risks.
DBS notes that the revised GDP figures were driven by a stronger manufacturing outturn and a potential upward revision to services growth driven by robust trade-related services expansion, indicated by the uptick in re-exports in June.
The analyst team emphasizes that while first-half growth has outpaced expectations, there remains a considerable level of uncertainty surrounding the economic outlook. The revised GDP numbers will likely prompt the government to upgrade its official 2026 GDP growth forecast to 4.0-5.0% from the current range of 2.0-4.0%, as per DBS research.
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