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Singapore Economy Shows Resilience in the Second Quarter of 2026
Singapore's economy continued to expand in the second quarter of 2026, despite global uncertainty stemming from US tariff policies.
The economy grew by 4.3 per cent year-on-year in the second quarter, up from 4.1 per cent in the first quarter of 2026, according to advance estimates from the Ministry of Trade and Industry (MTI) on Monday (July 14).
On a quarter-on-quarter seasonally-adjusted basis, the economy expanded by 1.4 per cent, a turnaround from the 0.5 per cent contraction in the first quarter of 2026, said MTI.
For the first half of 2026, GDP growth averaged at 4.2 per cent year-on-year, though MTI warned of "significant uncertainty and downside risks" in the second half of the year citing heightened uncertainty surrounding US tariff policies.
On a sectoral basis, the manufacturing sector grew by 5.5 per cent year-on-year in the second quarter of 2026, showing a significant uptick from 4.4 per cent in the previous quarter.
According to MTI, the growth was driven by output expansions across all clusters, except for the chemicals and general manufacturing clusters.
Motor vehicle sales up
All sectors on the services front expanded in the second quarter of 2026.
The wholesale & retail trade and transportation & storage sectors collectively grew by 4.8 per cent year-on-year in the second quarter, up from 4.6 per cent growth in the previous quarter.
Growth in the transportation & storage sector was mainly driven by the water transport segment, while that in the wholesale trade sector was led by the machinery, equipment & supplies segment, said MTI, adding that growth was partially boosted by front-loading activities in the region amid the 90-day pause on US tariffs.
Additionally, the retail trade sector expanded on account of higher sales volumes in both the motor vehicle and non-motor vehicle segments.
Trade within the information & communications, finance & insurance and professional services sectors expanded by 3.8 per cent year-on-year in the second quarter, following the 3.7 per cent growth in the previous quarter.
Growth in the information & communications sector was supported by persistent strong demand for IT and digital solutions, while growth in the finance & insurance sector was largely driven by banking activities, as well as activities auxiliary to financial activities.
Growth in the remaining services sectors, comprising accommodation & food services, real estate, administrative & support services and other services sectors, came in at 3.4 per cent year-on-year in the second quarter, faster than the 2.3 per cent growth in the preceding quarter.
All sectors within the group grew during the quarter. The accommodation sector was particularly boosted by increased levels of tourism in Singapore.
According to MTI, preliminary GDP estimates for the second quarter of 2026 will be released in the Economic Survey of Singapore in August.
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