Singapore skyline

Singapore Economy

Singapore's economy in numbers:

Nominal GDP of USD 467 billion in 2022.

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.

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.
An advance release showed the economy rose at a tangibly quicker pace year on year in Q4 versus Q3. The improvement was broad-based: Industrial activity rebounded on recovering manufacturing production and stronger construction activity, and the services sector saw a similar acceleration due to the wholesale and retail trade, finance and insurance, and professional services clusters. The external sector likely boosted the reading, with goods exports bouncing back in Q4. Meanwhile, recently released data showed home sales fell to the lowest levels since 2008 in 2023 as a whole, as high housing costs and interest rates bit into housing demand. In other news, Malaysia and Singapore agreed in January to develop a special economic zone, supporting trade and business activity via a rail link between Johor and Singapore, passport-free travel and digitized cargo clearance processes.
Projections out to 2033.

48 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 29 expert analysts.

Want to get insight on the economic outlook for Singapore in the coming years? FocusEconomics collects projections out to 2033 on 48 economic indicators for Singapore from a panel of 29 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

2018 2019 2020 2021 2022
Population (million) 5.6 5.7 5.7 5.5 5.6
GDP (USD bn) 376 377 350 434 498
GDP per capita (USD) 66,750 66,107 61,486 79,504 88,429
GDP (SGD bn) 508 514 482 583 687
Economic Growth (Nominal GDP, ann. var. %) 7.2 1.1 -6.2 20.9 17.8
Economic Growth (GDP, ann. var. %) 3.5 1.3 -3.9 9.7 3.8
Domestic Demand (ann. var. %) 1.2 2.0 -9.5 12.1 4.6
Private Consumption (ann. var. %) 4.3 2.7 -13.3 8.1 8.2
Government Consumption (ann. var. %) 2.9 3.4 13.2 3.9 -1.9
Fixed Investment (ann. var. %) -5.0 2.5 -14.2 23.6 2.5
Exports (G&S, ann. var. %) 8.3 0.0 -0.2 9.2 3.0
Imports (G&S, ann. var. %) 7.8 -0.1 -1.7 9.6 3.3
Industrial Production (ann. var. %) 6.9 -1.6 7.5 13.5 2.8
Manufacturing Production (ann. var. %) 7.0 -1.5 7.5 13.3 2.7
Retail Sales (ann. var. %) -0.8 -2.8 -15.3 11.1 10.7
Wages (ann. var. %) 3.5 2.6 1.4 3.6 6.8
Unemployment (% of active population, aop) 2.1 2.3 3.2 2.8 2.1
Fiscal Balance (% of GDP) 0.7 0.2 -10.7 0.2 -0.1
Public Debt (% of GDP) 108 125 146 133 157
Money (ann. var. of M2 %) 3.9 5.0 13.2 2.4 1.8
Inflation (CPI, ann. var. %, eop) 0.5 0.8 0.0 4.0 6.5
Inflation (CPI, ann. var. %, aop) 0.4 0.6 -0.2 2.3 6.1
Inflation (Core, ann. var. %, eop) 1.9 0.6 -0.3 2.1 5.1
Inflation (DSPI, ann. var. %, aop) 6.4 -3.3 -8.7 15.2 18.6
3-Month ABS SIBOR (%, eop) 1.89 1.77 0.41 0.44 4.25
10-Year Bond Yield (%, eop) 2.04 1.74 0.84 1.67 3.09
Stock Market (ann. var. of FTSE STI %) -9.8 5.0 -11.8 9.8 4.1
Exchange Rate (SGD per USD, eop) 1.36 1.34 1.32 1.35 1.34
Exchange Rate (SGD per USD, aop) 1.35 1.36 1.38 1.34 1.38
Current Account Balance (USD bn) 60.2 60.5 58.0 86.1 89.7
Current Account Balance (% of GDP) 16.0 16.0 16.6 19.9 18.0
Merchandise Trade Balance (USD bn) 104.0 96.3 103.7 121.7 150.5
Merchandise Exports (USD bn) 460 441 418 512 589
Merchandise Imports (USD bn) 356 344 314 390 439
Merchandise Exports (ann. var. %) 10.5 -4.2 -5.1 22.4 15.2
Merchandise Imports (ann. var. %) 12.7 -3.3 -8.7 24.1 12.5
Foreign Direct Investment (USD bn) 73.6 97.5 72.9 131.2 141.2
International Reserves (USD bn) 291 275 347 419 282
International Reserves (months of imports) 9.8 9.6 13.3 12.9 7.7
External Debt (USD bn) 1,543 1,594 1,690 1,834 1,800
External Debt (% of GDP) 410 423 483 423 361

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