Singapore reported a 6 percent year-on-year GDP increase for the first quarter of 2026, while core inflation decreased to 1.4 percent in April.

新加坡報告指出，2026年第一季 GDP 同比增長 6%，而核心通貨膨脹率在 4 月下降至 1.4%。

The acceleration of the gross domestic product to 6 percent, surpassing the initial 4.6 percent estimate, is primarily attributable to the proliferation of artificial intelligence (AI) infrastructure. This demand has catalyzed growth within the electronics and precision engineering clusters of the manufacturing sector, as well as the machinery and equipment segments of wholesale trade. Given that Singapore accounts for approximately 10 percent of global semiconductor production and 20 percent of semiconductor equipment production, the state has functioned as a critical node in the global AI rollout. Concurrently, the finance and insurance sectors exhibited broad-based stability across banking and fund management.

國內生產總值（GDP）加速成長至 6%，超過最初預估的 4.6%，主因是人工智慧（AI）基礎設施的普及。這一需求催化了製造業中電子與精密工程集群，以及批發貿易中機械與設備部門的成長。鑑於新加坡約佔全球半導體產量 10% 及半導體設備產量 20%，該國在全球 AI 部署中扮演了關鍵節點的角色。同時，金融與保險業在銀行與基金管理方面表現出廣泛的穩定性。

Notwithstanding this growth, the geopolitical instability in the Middle East, specifically the conflict involving Iran and the subsequent blockade of the Strait of Hormuz, has introduced significant systemic risks. These disruptions have precipitated a contraction in the fuels and chemicals segments and contributed to an increase in private transport inflation, which rose to 8.1 percent due to elevated petrol and vehicle costs. While overall inflation remained static at 1.8 percent in April, the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) have indicated that imported cost pressures are expected to intensify as energy and input costs permeate global supply chains.

儘管有此成長，中東的地緣政治不穩定，特別是涉及伊朗的衝突以及隨後對霍爾木茲海峽的封鎖，帶來了顯著的系統性風險。這些干擾導致燃料與化學品部門收縮，並導致私人交通通膨上升，由於汽油與車輛成本提高，通膨率升至 8.1%。雖然 4 月整體通膨維持在 1.8% 不變，但新加坡金融管理局（MAS）與貿易工業部（MTI）指出，隨著能源與投入成本滲透至全球供應鏈，預計進口成本壓力將會加劇。

To mitigate these inflationary pressures, the MAS implemented a monetary policy tightening in April, utilizing the management of the Singapore dollar against a trade-weighted basket of currencies. Despite the aforementioned volatility, the MTI has maintained its 2026 growth projection of 2 to 4 percent and an inflation forecast of 1.5 to 2.5 percent. The current economic trajectory suggests a precarious equilibrium where AI-driven industrial expansion offsets the deleterious effects of energy supply disruptions and potential curtailments in global financial conditions.

為了緩解這些通膨壓力，新加坡金管局在 4 月實施了貨幣政策緊縮，利用新加坡元對一籃子貿易加權貨幣的管理來調節。儘管有前述波動，貿易工業部仍維持 2026 年 2% 至 4% 的成長預測及 1.5% 至 2.5% 的通膨預測。目前的經濟軌跡顯示出一種脆弱的平衡，即 AI 驅動的工業擴張抵消了能源供應中斷及全球金融條件潛在收縮的負面影響。

Singapore's economy remains resilient due to AI demand, although geopolitical tensions continue to pose upside risks to inflation and downside risks to overall growth.

由於 AI 需求，新加坡經濟保持韌性，儘管地緣政治緊張局勢持續對通膨構成上行風險，並對整體成長構成下行風險。