Singapore skyline

Singapore GDP

Singapore GDP

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 2023.
Source: Statistics Singapore.

Singapore GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 3.5 1.3 -3.9 9.7 3.8
GDP (USD bn) 376 377 350 434 498
GDP (SGD bn) 508 514 482 583 687
Economic Growth (Nominal GDP, ann. var. %) 7.2 1.1 -6.2 20.9 17.8

GDP growth records quickest expansion since Q4 2022 in Q4 2023

A downwardly revised second release showed that GDP growth rose to 2.2% year on year in the fourth quarter, from 1.0% in the third quarter. Q4's reading marked the strongest growth since Q4 2022 but was weaker than the 2.8% expansion reported in the first estimate. On a seasonally adjusted quarter-on-quarter basis, economic growth picked up to 1.2% in Q4, from the previous period's 1.0% expansion.

Revised data showed that the goods-producing sector was the chief driver of Q4’s improvement: The industrial sector grew 1.9% year on year in the fourth quarter, contrasting the third quarter's 3.5% decrease and marking the best reading since Q2 2022. Moreover, goods exports bounced back in Q4, pointing to less downbeat external demand, while services exports fell less than in Q3. On the flipside, the services sector lost steam, growing 2.0% in Q4 (Q3: +2.3% yoy).

United Overseas Bank analysts Jester Koh and Alvin Liew commented on the outlook: “External demand from the advanced economies is likely to soften in 1H24 on tight financial conditions before recovering gradually in line with an expected easing of monetary policy as inflationary pressures recedes. Singapore’s manufacturing and trade-related sectors are expected to see a gradual pickup in growth in tandem with the turnaround in global electronics demand while continued recovery in air travel and tourism demand will support consumer-facing sectors although the pace of growth is projected to soften from that seen in 2023.”

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

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