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2026-05-25 08:15:28
[Singapore maintains 2026 growth forecast, Q1 exceeds expectations but Middle East conflict risks intensify] (1) Singapore maintains its 2026 economic growth forecast (2.0%-4.0%). Q1 GDP growth reached 6.0% year-on-year, significantly higher than the initial estimate of 4.6%; seasonally adjusted Q1 growth was 1.0%, better than the initial estimate (contracted by 0.3%). (2) Q1 growth was mainly due to strong performance in wholesale trade, manufacturing, and the financial and insurance sectors. (3) The Ministry of Trade and Industry warned that the global economic outlook has deteriorated since the outbreak of the US-Israel-Iran conflict. The blockade of the Strait of Hormuz has disrupted the supply of energy and key inputs (such as fertilizers and aluminum), pushing up global costs and bringing increasing risks.
