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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.
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%.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.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.
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.