Singapore skyline

Singapore GDP

Singapore GDP

Economic Growth in Singapore

Over the past decade until 2022, Singapore's economy recorded an average growth rate of 3.3%, which is below the 4.4% average for the Asia-Pacific region. In 2022, the real GDP growth was 3.6%. For more GDP information, visit our dedicated page.

Singapore GDP Chart

Note: This chart displays Economic Growth (GDP, annual variation in %) for Singapore from 2014 to 2023.
Source: Macrobond.

Singapore GDP Data

2019 2020 2021 2022 2023
Economic Growth (GDP, ann. var. %) 1.3 -3.9 9.7 3.8 1.1
GDP (USD bn) 377 350 434 498 501
GDP (SGD bn) 514 482 583 687 673
Economic Growth (Nominal GDP, ann. var. %) 1.1 -6.2 20.9 17.8 -2.0

GDP growth records best result in two years in the third quarter

GDP reading: According to a preliminary estimate, GDP growth accelerated to 4.1% year on year in the third quarter from 2.9% in the second quarter, marking a two-year high and overshooting market expectations. On a seasonally adjusted quarter-on-quarter basis, economic growth rose to 2.1% in Q3, from the previous quarter's 0.4% expansion, logging the fastest increase since Q1 2021.

Drivers: Looking at the details of the release, stronger momentum in the goods-producing sector drove the expansion: This sector’s growth came in at 6.6% year on year in Q3, accelerating from Q2’s flat result. The acceleration was chiefly due to a sharp rebound in manufacturing production, likely boosted by the electronics sector upcycle. That said, the services sector expanded at a slower pace, logging a 3.3% increase in Q3, down from Q2’s 3.6% increase. The moderation was broad-based, with most subsectors growing at a weaker pace compared to Q2.

Panelist insight: Commenting on the release, United Overseas Bank analyst Jester Koh stated: “Factoring in the strong 3Q24 GDP performance, we raise our 2024 full-year real GDP growth forecast to 3.3% (from 2.9% prev), exceeding the upper end of MTI’s official forecast range of 2.0-3.0%. In addition, we lower our 2025 GDP growth forecast to 2.9% (from 3.2% prev).”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Singapore GDP projections for the next ten years 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. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Singapore GDP.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Singapore GDP projections.

Want to get access to the full dataset of Singapore GDP forecasts? Send an email to info@focus-economics.com.

Latest Global GDP News

Free sample report

Interested in economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest X Download Fullscreen