Singapore skyline

Singapore Economic Data & Projections

Singapore Economic Outlook

A global financial and trade hub:

Singapore is one of the world’s most developed economies, benefiting from a strategic location, strong governance, and a highly skilled workforce. The city-state has built an economic model based on trade, finance, and advanced manufacturing. With an open economy and a low-tax, business-friendly environment, Singapore consistently ranks among the most competitive and innovative economies globally.

Financial services and trade dominance:

Singapore is Asia’s top financial hub, home to leading banks, asset managers, and a thriving fintech sector. Its deep capital markets, coupled with strong regulatory frameworks, make it a preferred destination for multinational firms. Additionally, Singapore's port is one of the world’s busiest, serving as a key transit point for global trade. The country has benefited from its strong links to China, the U.S., and ASEAN, but global trade slowdowns and supply chain shifts pose risks.

High-value manufacturing and technology leadership:

Singapore has successfully transitioned to a knowledge-based economy, focusing on high-tech industries such as pharmaceuticals, semiconductors, and biotechnology. The government has also aggressively invested in artificial intelligence, digitalization, and green technologies to ensure long-term competitiveness. However, rising costs and competition from regional economies could impact its manufacturing base.

Singapore economic prospects:

Singapore’s economic growth is expected to remain stable but moderate due to global headwinds. The country’s tight labor market, high cost of living, and external trade risks are key challenges. However, continued investments in innovation, infrastructure, and digital transformation should keep the economy resilient. Singapore’s ability to navigate geopolitical shifts, particularly U.S.-China tensions, will be crucial for maintaining its status as a global business hub.

Singapore's Macroeconomic Analysis:

Nominal GDP of USD 547 billion in 2024.

GDP per capita of USD 92,153 compared to the global average of USD 10,589.

Average real GDP growth of 3.3% 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 3.3% in the decade to 2024. To read more about GDP growth in Singapore, go to our dedicated page.

Fiscal policy

Singapore's fiscal deficit averaged 0.6% of GDP in the decade to 2023. Find out more on our dedicated page.

Unemployment

The unemployment rate averaged 2.2% in the decade to 2024. For more information on Singapore's unemployment click here.

Inflation

Inflation averaged 1.5% in the decade to 2024. Go to our Singapore inflation page for extra insight.

Exchange Rate

From end-2014 to end-2024 the Singapore dollar weakened by 7.1% vs the U.S. dollar. For more info on the Singapore dollar, click here.

Economic situation in Singapore

An advance estimate revealed that yearly GDP growth lost steam in Q4, falling to 4.3% (Q3: +5.4 yoy). The goods-producing sector grew at a milder pace, as growth in manufacturing activity softened. That said, the services sector gained momentum from Q3, led by stronger impetus in the hospitality plus wholesale and retail trade subsectors. Our panelists expect GDP growth to be easing further in Q1 2025 as higher base of comparison weighs on momentum. That said, the front-loading of exports ahead of an expected increase in U.S. tariffs should provide a tailwind. In other news, Singapore and Malaysia formalized the Johor-Singapore Special Economic Zone (JS-SEZ) agreement in January. The area will offer reduced corporate and personal income taxes and should boost Singapore's position as a financial and investment hub, boding well for employment and fixed investment.

Singapore Economic Forecasts

Projections out to 2029.

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 2029 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 Indicators

2019 2020 2021 2022 2023
Inflation (CPI, ann. var. %, eop) 0.8 0.0 4.0 6.5 3.7
Inflation (Core, ann. var. %, eop) 0.6 -0.3 2.1 5.1 3.3
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
Unemployment (% of active population, aop) 2.3 3.2 2.8 2.1 1.9
Current Account Balance (USD bn) 57.9 61.1 86.4 93.8 89.4
Government Consumption (ann. var. %) 3.6 13.2 3.9 -2.3 1.8
Inflation (CPI, ann. var. %, aop) 0.6 -0.2 2.3 6.1 4.8
Current Account Balance (% of GDP) 15.4 17.5 19.8 18.4 17.7
Private Consumption (ann. var. %) 3.3 -13.6 7.2 9.7 4.9
External Debt (USD bn) 1,603 1,708 1,878 1,891 1,961
External Debt (% of GDP) 426 489 430 372 388
Merchandise Exports (ann. var. %) -4.1 -5.2 22.9 18.5 -8.0
GDP per capita (USD) 65,981 61,431 79,978 90,287 85,381
Money (ann. var. of M2 %) 5.0 13.2 2.4 1.8 4.6
Fiscal Balance (% of GDP) 0.2 -10.7 0.2 -0.1 -1.0
10-Year Bond Yield (%, eop) 1.74 0.84 1.67 3.09 2.71
Domestic Demand (ann. var. %) 2.1 -9.6 12.0 5.5 -1.6
GDP (USD bn) 376 349 436 509 505
Wages (ann. var. %) 2.6 1.4 3.6 6.8 5.3
Merchandise Exports (USD bn) 440 417 513 608 559
Economic Growth (GDP, ann. var. %) 1.3 -3.8 9.8 4.1 1.8
Imports (G&S, ann. var. %) 0.2 -2.0 8.9 5.8 5.3
GDP (SGD bn) 513 482 587 702 679
Economic Growth (Nominal GDP, ann. var. %) 0.9 -6.1 21.8 19.6 -3.3
Exports (G&S, ann. var. %) 0.1 -0.4 8.8 4.9 5.7
International Reserves (months of imports) 9.6 13.2 12.8 7.5 10.3
Fixed Investment (ann. var. %) 2.5 -14.0 23.2 4.7 -0.9
Merchandise Imports (ann. var. %) -3.0 -9.0 24.5 14.3 -10.2
Merchandise Imports (USD bn) 345 315 392 448 402
International Reserves (USD bn) 275 347 419 282 345
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
Population (million) 5.7 5.7 5.5 5.6 5.9
Inflation (DSPI, ann. var. %, aop) -3.3 -8.7 15.2 18.6 -6.7
Public Debt (% of GDP) 125 146 133 154 169
3-Month ABS SIBOR (%, eop) 1.27 0.13 0.19 3.03 3.71
Stock Market (ann. var. of FTSE STI %) 5.0 -11.8 9.8 4.1 -0.3
Merchandise Trade Balance (USD bn) 94.7 102.9 121.1 160.1 157.2
Foreign Direct Investment (USD bn) 97.5 74.9 126.7 141.1 159.7
Free Sample Report

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