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.
Nominal GDP of USD 547 billion in 2024.
GDP per capita of USD 92,153 compared to the global average of USD 10,589.
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.
Average real GDP growth of 3.3% over the last decade.
Sector Analysis
In 2022, services accounted for 72.4% of overall GDP, manufacturing 17.6%, other industrial activity 10.0%, and agriculture 0.0%. Looking at GDP by expenditure, private consumption accounted for 31.3% of GDP in 2023, government consumption 10.2%, fixed investment 21.0%, and net exports 37.5%.International trade
In 2023, manufactured products made up 74.0% of total merchandise exports, mineral fuels 12.4%, food 2.9%, ores and metals 0.8% and agricultural raw materials 0.4%, with other categories accounting for 9.5% of the total. In the same period, manufactured products made up 69.8% of total merchandise imports, mineral fuels 20.7%, food 4.0%, ores and metals 1.3% and agricultural raw materials 0.2%, with other goods accounting for 4.0% of the total. Total exports were worth USD 583 billion in 2024, while total imports were USD 434.80 billion.Main Economic Indicators
Economic growthThe 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
The economy lost some momentum in Q4 compared to Q3 as private spending and exports decelerated. In Q1 2025, our panel sees economic growth slowing to a three-quarter low. Looking at available data, merchandise exports lost slight momentum in January–February compared to Q4, dragged on by a notable slowdown in electronics exports. Moreover, the manufacturing PMI came in below Q4’s average in the same two-month period, likely capped by rising international trade tensions. On the flipside, retail sales and tourist arrivals posted stronger readings in January, bolstered by the New Lunar Year holidays. In other news, in March, the Electoral Boundaries Review Committee released its report on constituency changes for the upcoming parliamentary election; the government has accepted the committee’s suggestions and has asked the president to dissolve Parliament, setting the stage for elections by November.Singapore Economic Forecasts
Projections out to 2034.50 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 28 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 28 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.