Overview
- On Tuesday, Aug. 11, the Ministry of Trade and Industry raised its 2026 GDP forecast to 4.5%–5.5% after second‑quarter growth of 5.9% left first‑half expansion at 6.1%.
- Enterprise Singapore reported non‑oil domestic exports jumped 27.4% in Q2 and upgraded its full‑year NODX forecast to 14%–16% driven by electronics shipments.
- Electronics led the trade surge with integrated circuits up about 92% and disk media up about 182%, reflecting strong global demand for hardware used in AI systems.
- The recovery is uneven: manufacturing, wholesale trade and finance have been the main growth engines while food and beverage and some trade‑linked clusters lag.
- Policymakers have tightened policy and rolled out energy support, and they warn that an AI investment pullback, higher US tariffs, Middle East disruptions or high‑base effects could quickly slow growth.