Summary

• While the impact of higher oil prices has so far been manageable, cost pressures are beginning to surface and are likely to weigh more visibly on activity in coming quarters.
• That said, resilient services growth, strong public capex, and targeted policy support should keep the overall growth slowdown modest.
• Overall, we maintain our relatively strong GDP growth target of 3.3% for 2026.

By Deepali Bhargava, Regional Head of Research, Asia-Pacific

Singapore industrial output came in higher than expected

Industrial production recorded a strong upside surprise in March, expanding by 10.1% year-on-year, well above market expectations of around 6%. The

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