Singapore

Advance estimates put Q3 2026 growth at 5.4% year on year, and MAS held policy in October with a 2026 core inflation forecast of 1.5–2.0%; Q3 2026 retrenchments were a preliminary 4,800, with resident unemployment at 3.0% in September.

Last updated: 13 Nov 2026
Latest data as of: 30 Sep 2026
Articles: 24 articles →

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Real GDP growth, Q3 2026 advance estimate (year on year)

Advance estimate based mainly on July–August data; subject to revision with the full Q3 release in November.

5.4%down from 6.2% in Q2 202630 Sep 2026 · MTI: Singapore's GDP Grew by 5.4 Per Cent in the Third Quarter of 2026 (2026-10-14)

Official foreign reservesSGD 550.7bnSGD 549.3bn in July31 Aug 2026 · SingStat Table M700031 (data source: MAS)

Household debt to disposable income

MAS publishes a debt-to-income ratio rather than debt to GDP.

1.08x1.04x in Q2 202530 Jun 2026 · MAS Financial Stability Review 2026 (September 2026)

Credit card rollover balanceSGD 9.64bnSGD 8.82bn in Q2 202530 Jun 2026 · data.gov.sg, Credit and Charge Cards, Quarterly (SingStat, from MAS)

Singapore retrenchments (quarterly) (people)

Singapore retrenchments (quarterly) (people)
2024Q3	3050
2024Q4	3680
2025Q1	3590
2025Q2	3540
2025Q3	3670
2025Q4	3690
2026Q1	3830
2026Q2	4620

Total retrenchments per quarter, rounded to the nearest ten (MOM Retrenchment Summary Table) · Source: MOM: Retrenchment Summary Table

Household credit to GDP (BIS) (%)

Household credit to GDP (BIS) (%)
2024Q2	43.9
2024Q3	43
2024Q4	42.4
2025Q1	42.2
2025Q2	42.6
2025Q3	43.4
2025Q4	44
2026Q1	44.1

Credit to households and non-profits from all sectors at market value / GDP, BIS total credit statistics, adjusted for breaks (Q.SG.H.A.M.770.A) · Source: BIS total credit statistics, series Q.SG.H.A.M.770.A

Retail sales, year on year (current prices) (%)

Retail sales, year on year (current prices) (%)
2026-06	4
2026-07	1.3
2026-08	0.8
2026-09	1.7

Year-on-year change in SingStat's retail sales index at current prices; each month as given in the latest release that reports it · Source: SingStat: Monthly Retail Sales Index and Food & Beverage Services Index (monthly releases) (2026-06, 2026-07, 2026-08, 2026-09) Recent months may be revised in later releases.

Key indicators and definitions

Compilers differ; compare like with like.

Compilers differ; compare like with like.
Indicator	Value	Definition and scope	Basis date	Source	Definition and source
Real GDP growth, Q3 2026 advance estimate (year on year)	5.4% Advance estimate based mainly on July–August data; subject to revision with the full Q3 release in November. down from 6.2% in Q2 2026	Year-on-year real GDP growth, advance estimate (MTI)Singapore, whole economy	30 Sep 2026	MTI: Singapore's GDP Grew by 5.4 Per Cent in the Third Quarter of 2026 (2026-10-14)	Definition and source Year-on-year real GDP growth, advance estimate (MTI) Scope: Singapore, whole economy Source: MTI: Singapore's GDP Grew by 5.4 Per Cent in the Third Quarter of 2026 (2026-10-14)
Official foreign reserves	SGD 550.7bnSGD 549.3bn in July	Gold and foreign exchange, SDRs and IMF reserve position, end of monthMonetary Authority of Singapore	31 Aug 2026	SingStat Table M700031 (data source: MAS)	Definition and source Gold and foreign exchange, SDRs and IMF reserve position, end of month Scope: Monetary Authority of Singapore Source: SingStat Table M700031 (data source: MAS)
Household debt to disposable income	1.08x MAS publishes a debt-to-income ratio rather than debt to GDP. 1.04x in Q2 2025	Household debt / personal disposable incomeHouseholds	30 Jun 2026	MAS Financial Stability Review 2026 (September 2026)	Definition and source Household debt / personal disposable income Scope: Households Source: MAS Financial Stability Review 2026 (September 2026)
Credit card rollover balance	SGD 9.64bnSGD 8.82bn in Q2 2025	Card balances that incur interest chargesCredit and charge cards issued by MAS reporting institutions	30 Jun 2026	data.gov.sg, Credit and Charge Cards, Quarterly (SingStat, from MAS)	Definition and source Card balances that incur interest charges Scope: Credit and charge cards issued by MAS reporting institutions Source: data.gov.sg, Credit and Charge Cards, Quarterly (SingStat, from MAS)
Retrenchments	4,800 Preliminary figure from MOM's advance release; the full Labour Market Report (expected mid-December 2026) may revise it. up 180 from 4,620 in Q2 2026	Total retrenchments in the quarter, rounded to the nearest tenSingapore labour market (MOM)	30 Sep 2026	NTUC, citing MOM Labour Market Advance Release 3Q 2026 (30 Oct 2026)	Definition and source Total retrenchments in the quarter, rounded to the nearest ten Scope: Singapore labour market (MOM) Source: NTUC, citing MOM Labour Market Advance Release 3Q 2026 (30 Oct 2026)
Six-month re-entry rate of retrenched residents	54.9%down 5.8 pp from 60.7% in the previous quarter	Share of retrenched residents re-employed within six monthsSingapore labour market (MOM)	30 Jun 2026	MOM: Labour Market Report 2Q 2026	Definition and source Share of retrenched residents re-employed within six months Scope: Singapore labour market (MOM) Source: MOM: Labour Market Report 2Q 2026
Unemployment rate, overall	2.0% Preliminary figure from MOM's Labour Market Advance Release; the full Labour Market Report (expected mid-December 2026) may revise it. unchanged from August 2026	Seasonally adjusted unemployment rate, overall, September 2026 (MOM, preliminary)Singapore labour market (MOM)	30 Sep 2026	NTUC, citing MOM Labour Market Advance Release 3Q 2026 (30 Oct 2026)	Definition and source Seasonally adjusted unemployment rate, overall, September 2026 (MOM, preliminary) Scope: Singapore labour market (MOM) Source: NTUC, citing MOM Labour Market Advance Release 3Q 2026 (30 Oct 2026)
MAS core inflation	2.0% Excluding accommodation and private transport. down from 2.2% in August	Year-on-year change in MAS core CPISingapore, national	30 Sep 2026	AsiaOne: Singapore core inflation dips to 2% in September (reporting MTI/MAS release of 2026-10-23)	Definition and source Year-on-year change in MAS core CPI Scope: Singapore, national Source: AsiaOne: Singapore core inflation dips to 2% in September (reporting MTI/MAS release of 2026-10-23)
MAS core inflation	2.2% Excluding accommodation and private transport. up from 2.0% in July	Year-on-year change in MAS core CPISingapore, national	31 Aug 2026	MTI: Consumer Price Developments in August 2026 (2026-09-23)	Definition and source Year-on-year change in MAS core CPI Scope: Singapore, national Source: MTI: Consumer Price Developments in August 2026 (2026-09-23)

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