GDP reading: GDP growth moderated to 2.5% in seasonally adjusted annualized rate terms (SAAR) in the final quarter of 2024...
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 2024.
Source: Macrobond.
Singapore GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | -3.8 | 9.8 | 4.1 | 1.8 | 4.4 |
| GDP (USD bn) | 349 | 436 | 509 | 505 | 547 |
| GDP (SGD bn) | 482 | 587 | 702 | 679 | 731 |
| Economic Growth (Nominal GDP, ann. var. %) | -6.1 | 21.8 | 19.6 | -3.3 | 7.8 |
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.
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