Singapore skyline

Singapore Economic Data & Projections

Singapore's Macroeconomic Analysis:

Nominal GDP of USD 467 billion in 2022.

Nominal GDP of USD 501 billion in 2023.

GDP per capita of USD 84,663 compared to the global average of USD 10,589.

GDP per capita of USD 82,867 compared to the global average of USD 10,589.

Average real GDP growth of 3.1% over the last decade.

Average real GDP growth of 3.2% over the last decade.

Share of the region's population
Share of the region's GDP

Sector Analysis

In 2021, services accounted for 75% of overall GDP, manufacturing 21%, other industrial activity 4%, and agriculture 0%. Looking at GDP by expenditure, private consumption accounted for 31% of GDP in 2021, government consumption 12%, fixed investment 24%, and net exports 33%.

GDP by economic sector
GDP by type of expenditure

International trade

In 2020, manufactured products made up 77% of total merchandise exports, mineral fuels 8%, food 3%, ores and metals 1% and agricultural raw materials 0%, with other categories accounting for 11% of the total. In the same period, manufactured products made up 73% of total merchandise imports, mineral fuels 15%, food 4%, ores and metals 1% and agricultural raw materials 0%, with other goods accounting for 7% of the total. Total exports were worth USD 579 billion in 2022, while total imports were USD 443 billion.

Key exports
Key imports
Key export partners
Key import partners

Main Economic Indicators

Economic growth

The economy recorded average annual growth of 3.4% in the decade to 2022. To read more about GDP growth in Singapore, go to our dedicated page.

Fiscal policy

Singapore's fiscal deficit averaged 0.3% of GDP in the decade to 2021. Find out more on our dedicated page.

Unemployment

The unemployment rate averaged 2.2% in the decade to 2022. For more information on Singapore's unemployment click here.

Inflation

Inflation averaged 1.5% in the decade to 2022. Go to our Singapore inflation page for extra insight.

Exchange Rate

From end-2012 to end-2022 the Singapore dollar weakened by 7.7% vs the U.S. dollar. For more info on the Singapore dollar, click here.

Economic situation in Singapore

According to a preliminary estimate, GDP growth surged to a two-year high of 4.1% year on year in Q3 (Q2: +2.9% yoy), surpassing market expectations. The goods-producing sector was the chief driver of the acceleration: Manufacturing production rebounded and posted its sharpest increase since Q4 2021, likely boosted by the electronics sector upcycle. That said, the services sector expanded at a softer clip, as activity in the wholesale and retail trade plus information and communication subsectors lost steam compared to Q2. Meanwhile, growth in the hospitality and real estate sectors remained subdued amid softer momentum in tourist arrivals. Shifting to Q4, our panel expects the economy to have lost traction. In other news, in mid-October, Singapore approved a multi-billion dollar project to import solar energy from Australia, boding well for investment and energy security.

Singapore Economic Forecasts

Projections out to 2034.

50 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 31 expert analysts.

Want to get insight on the economic outlook for Singapore in the coming years? FocusEconomics collects projections out to 2034 on 50 economic indicators for Singapore from a panel of 31 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Singapore economy. To download a sample report on the Singapore's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

Singapore Economic Indicators

2019 2020 2021 2022 2023
Population (million) 5.7 5.7 5.5 5.6 5.9
GDP (USD bn) 377 350 434 498 501
GDP per capita (USD) 66,107 61,486 79,504 88,429 84,663
GDP (SGD bn) 514 482 583 687 673
Economic Growth (Nominal GDP, ann. var. %) 1.1 -6.2 20.9 17.8 -2.0
Economic Growth (GDP, ann. var. %) 1.3 -3.9 9.7 3.8 1.1
Domestic Demand (ann. var. %) 2.0 -9.5 12.1 4.6 -2.0
Private Consumption (ann. var. %) 2.7 -13.3 8.1 8.2 3.8
Government Consumption (ann. var. %) 3.4 13.2 3.9 -1.9 2.6
Fixed Investment (ann. var. %) 2.5 -14.2 23.6 2.5 -0.2
Exports (G&S, ann. var. %) 0.0 -0.2 9.2 3.0 2.4
Imports (G&S, ann. var. %) -0.1 -1.7 9.6 3.3 1.0
Industrial Production (ann. var. %) -1.6 7.5 13.5 2.8 -4.3
Manufacturing Production (ann. var. %) -1.6 7.5 13.5 2.8 -4.3
Retail Sales (ann. var. %) -2.8 -15.3 11.1 10.7 2.3
Wages (ann. var. %) 2.6 1.4 3.6 6.8 5.3
Unemployment (% of active population, aop) 2.3 3.2 2.8 2.1 1.9
Fiscal Balance (% of GDP) 0.2 -10.7 0.2 -0.1 -1.0
Public Debt (% of GDP) 125 146 133 157 171
Money (ann. var. of M2 %) 5.0 13.2 2.4 1.8 4.6
Inflation (CPI, ann. var. %, eop) 0.8 0.0 4.0 6.5 3.7
Inflation (CPI, ann. var. %, aop) 0.6 -0.2 2.3 6.1 4.8
Inflation (Core, ann. var. %, eop) 0.6 -0.3 2.1 5.1 3.3
Inflation (DSPI, ann. var. %, aop) -3.3 -8.7 15.2 18.6 -6.7
3-Month ABS SIBOR (%, eop) 1.77 0.41 0.44 4.25 4.06
10-Year Bond Yield (%, eop) 1.74 0.84 1.67 3.09 2.71
Stock Market (ann. var. of FTSE STI %) 5.0 -11.8 9.8 4.1 -0.3
Exchange Rate (SGD per USD, eop) 1.34 1.32 1.35 1.34 1.32
Exchange Rate (SGD per USD, aop) 1.36 1.38 1.34 1.38 1.34
Current Account Balance (USD bn) 60.5 58.0 86.1 89.7 99.1
Current Account Balance (% of GDP) 16.0 16.6 19.9 18.0 19.8
Merchandise Trade Balance (USD bn) 96.3 103.7 121.7 150.5 154.8
Merchandise Exports (USD bn) 441 418 512 589 546
Merchandise Imports (USD bn) 344 314 390 439 391
Merchandise Exports (ann. var. %) -4.2 -5.1 22.4 15.2 -7.4
Merchandise Imports (ann. var. %) -3.3 -8.7 24.1 12.5 -10.9
Foreign Direct Investment (USD bn) 97.5 74.9 126.7 141.1 159.7
International Reserves (USD bn) 275 347 419 282 345
International Reserves (months of imports) 9.6 13.3 12.9 7.7 10.6
External Debt (USD bn) 1,603 1,708 1,878 1,891 1,961
External Debt (% of GDP) 425 488 433 379 391
Free Sample Report

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