Singapore skyline

Singapore Economy

Singapore's economy in numbers:

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

Economic structure:

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

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.
After slightly losing traction in Q2 due to softer public spending growth and a deterioration in net trade, the economy is forecast to have lost further momentum on an annual basis in Q3. However, available data is upbeat. Easing inflation and a lower unemployment rate in July–August likely bolstered private consumption, as retail sales gained momentum from Q2 in the same two-month period. Moreover, industrial output rebounded and goods exports expanded at a faster clip in July–August compared to Q2, buoyed by the electronics upcycle. That said, tourist arrivals grew at a slightly milder pace compared to Q3. In other news, in early October, Singapore and South Korea inked a memorandum of understanding to collaborate in such areas as LNG supplies and tech, boding well for energy security and trade.
Projections out to 2034.

50 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 30 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 30 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 Data

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

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