In the fourth quarter of 2024, Singapore's gross domestic product (GDP) grew by 0.1 percent compared to the previous quarter. In the previous quarter, the GDP grew by 3.2 percent.

Singapore economic growth for 2023 was 501.43 billion US dollars, a 0.59% increase from 2022.

<ul style='margin-top:20px;'>

<li>Singapore economic growth for 2022 was <strong>498.47 billion US dollars</strong>, a <strong>14.83% increase</strong> from 2021.</li>
<li>Singapore economic growth for 2021 was <strong>434.11 billion US dollars</strong>, a <strong>24.21% increase</strong> from 2020.</li>
<li>Singapore economic growth for 2020 was <strong>349.49 billion US dollars</strong>, a <strong>7.27% decline</strong> from 2019.</li>
</ul>GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

Singapore posted a gross domestic product (GDP) growth rate of 1.35 percent in 2019, after adjusting for inflation. While up from the previous two years, this number is expected to decline in 2023, settling around 2.5 percent in the future.

What is GDP?

GDP is a measure of a country’s income, and most economists agree that slow but steady GDP growth is best for a developed economy. GDP measures the total value of all goods and services produced within a country during a certain time period. With the highest GDP per capita in ASEAN, Singapore certainly qualifies as developed, meaning that it should target GDP growth around 2 to 3 percent.

Singapore’s context

Singapore is a small, open economy. As such, it has little influence on, and high exposure to, international trends. For example, a shift in the exchange rate with a major trading partner can have significant effects on the economy. For Singapore, who relies heavily on exports, these kinds of shocks can affect the entire economy. For example, a weaker Singapore dollar would increase GDP by raising net exports, but this would also lead to higher inflation. As a result, policymakers in Singapore have to follow many factors if they want to continue enjoying healthy GDP growth.

The Gross Domestic Product (GDP) in Singapore was worth 501.43 billion US dollars in 2023, according to official data from the World Bank. The GDP value of Singapore represents 0.48 percent of the world economy. This dataset provides the latest reported value for - Singapore GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In 2021, Macao had the highest estimated gross domestic product (GDP) growth with 33.5 percent, followed by the Maldives with an estimated GDP growth of 31.6 percent. Many economies were forecasted to have seen a decline in GDP in 2021, possibly due to COVID-19, reaching up to 1.8 percent in Myanmar. Nevertheless, almost economies were forecasted to recover in 2022 and 2023.

The economic state in Asia

In 2020, China led the Asia Pacific region in terms of GDP with approximately 14.7 trillion U.S. dollars, followed by India, South Korea, and Australia. In comparison, the GDP value for emerging and developing Asia was at aproximately 20.8 trillion international dollars in that year. In terms of GDP per capita, Singapore ranked the highest with approximately 59.8 U.S. dollars, followed by Australia with a per capita GDP of around 51.8 U.S. dollars.

Higher GDP growth for developing Asia Pacific countries

For 2022 and 2023, it was forecasted that Macao and the Maldives would have the highest GDP growth. Overall, Afghanistan had the highest predicted rise in GDP growth from 2021 to 2023. South Asia, Southeast Asia, and Southwest Asia were forecasted to be leading the region’s economic growth with comparably higher GDP growth rates. Developed countries including Australia, New Zealand and Japan were projected to have stagnant GDP growth.

The Gross Domestic Product (GDP) in Singapore contracted 0.60 percent in the first quarter of 2025 over the previous quarter. This dataset provides - Singapore GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Singapore Overall Loan Growth: YoY % Growth data was reported at 3.119 % in Oct 2019. This records a decrease from the previous number of 4.858 % for Sep 2019. Singapore Overall Loan Growth: YoY % Growth data is updated monthly, averaging 5.654 % from Jan 2009 (Median) to Oct 2019, with 130 observations. The data reached an all-time high of 12.824 % in Sep 2011 and a record low of -13.026 % in Oct 2009. Singapore Overall Loan Growth: YoY % Growth data remains active status in CEIC and is reported by Monetary Authority of Singapore. The data is categorized under Global Database’s Singapore – Table SG.KB026: Financial Stability Review: Singapore Financial Sector.

Singapore's Gross capital formation (annual growth rate) is -2.16% which is the 102nd highest in the world ranking. Transition graphs on Gross capital formation (annual growth rate) in Singapore and comparison bar charts (USA vs. China vs. Singapore), (Denmark vs. Finland vs. Singapore) are used for easy understanding. Various data can be downloaded and output in csv format for use in EXCEL free of charge.

Singapore Overall Loan Growth: Total Interbank data was reported at 0.315 % in Oct 2019. This records a decrease from the previous number of 1.813 % for Sep 2019. Singapore Overall Loan Growth: Total Interbank data is updated monthly, averaging 0.132 % from Jan 2009 (Median) to Oct 2019, with 130 observations. The data reached an all-time high of 5.292 % in Mar 2017 and a record low of -10.132 % in Oct 2009. Singapore Overall Loan Growth: Total Interbank data remains active status in CEIC and is reported by Monetary Authority of Singapore. The data is categorized under Global Database’s Singapore – Table SG.KB026: Financial Stability Review: Singapore Financial Sector.

In 2019, the average inflation rate in Singapore amounted to about 0.57 percent compared to the previous year, and it seemed to recover from sliding into the red throughout 2015 and 2016. For 2030, Singapore’s inflation is expected to level off at around 1.97 percent. Singapore’s economy in shortSingapore is a prospering, highly developed economy, relying heavily on its role as an intermediary port for transport and storage of goods and merchandise. The lion’s share of its GDP is generated by the services sector, mainly by financial services, oil-refining, and manufacturing. Tourism is also an important contributor. It is one of the leading economies in Asia with one of the highest GDPs in the ASEAN region. The great slump of 2015 to 2016As dramatic as it looks, there was no definite reason for Singapore’s inflation rate to drop below zero in 2015 and 2016. A slump in economic growth and oil prices, as well as a low consumer price index were most likely responsible for inflation taking a hit in those years. Singapore has since recovered and continues its success story as one of the leading economies in the East.

In 2023, the estimated total GDP of all ASEAN states amounted to approximately 3.8 trillion U.S. dollars, a significant increase from the previous years. In fact, the GDP of the ASEAN region has been skyrocketing for a few years now, reflecting the region’s thriving economy. Power in the EastThe Association of Southeast Asian Nations (ASEAN) comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. It was established in 1967 among five of these countries (Indonesia, Malaysia, Thailand, Singapore, and the Philippines) to facilitate trade and economic growth, as well as promote cultural development and social structures in the region. To date, they have been joined by another five nations. The ASEAN marketThe founding of the ASEAN organization provides the collaborating nations with more autonomy and influence on the global economy than they would have had by themselves. Additionally, struggling participating countries, such as Laos, are given an opportunity to grow on an ASEAN single market.

Key information about Singapore Industrial Production Index Growth

• Singapore Industrial production rose 13.0 % YoY in Jan 2025, following an increase of 4.8 % YoY in the previous month.
• Singapore Industrial production index growth rate YoY data is updated monthly, available from Jan 1984 to Jan 2025, with an average rate of 6.7 %.
• The data reached an all-time high of 57.3 % in May 2010 and a record low of -32.5 % in Mar 2009.

According to a survey for experts on Southeast Asia from the various industries and in academia in Singapore, 42.2 percent of respondents predicted moderate growth for the regions' economy in 2019. Singaporean respondents of this survey were more pessimistic about the state of the region's economy compared to those from other countries, with the highest share of respondents who were of the opinion that the region was heading towards an economic downturn.

The Singapore retail market, valued at approximately $XX million in 2025 (assuming a logical estimation based on the provided CAGR and market size), exhibits robust growth potential with a Compound Annual Growth Rate (CAGR) exceeding 3.00%. This expansion is driven by several factors. Firstly, Singapore's thriving economy and rising disposable incomes fuel consumer spending across various retail segments, including food and beverage, personal care, apparel, and electronics. Secondly, the increasing adoption of e-commerce platforms, coupled with a well-developed logistics infrastructure, significantly enhances accessibility and convenience for shoppers. Furthermore, the government's initiatives to promote digitalization and innovation in the retail sector contribute to the market's positive trajectory. However, challenges remain, such as rising rental costs and intense competition among both established players like Dairy Farm International Holdings and emerging e-commerce businesses. The market's segmentation, spanning various product categories and distribution channels (hypermarkets, supermarkets, e-commerce, etc.), presents opportunities for specialized retailers and tailored marketing strategies. The competitive landscape includes both large multinational corporations and smaller, specialized businesses, indicating a dynamic and evolving market structure. This vibrant market demonstrates clear segmentation trends, with significant growth anticipated in the e-commerce channel, driven by the increasing preference for online shopping. The food and beverage, and personal and household care sectors are expected to maintain strong performance owing to consistent consumer demand. However, the apparel, footwear, and accessories segment might witness fluctuating growth dependent on evolving fashion trends and economic factors. While the furniture, toys, and hobby segment presents specific niche opportunities, the electronics and household appliances sector will likely remain a key contributor to overall market expansion, fueled by technological advancements and rising consumer adoption of smart home devices. Understanding these segment-specific dynamics is crucial for businesses seeking to capitalize on the opportunities within the Singapore retail landscape. Continuous adaptation to consumer preferences and technological innovations will be vital for sustained success in this dynamic market. This report provides a detailed analysis of the Singapore retail market, covering the period from 2019 to 2033. It offers invaluable insights into market size, growth drivers, challenges, and future trends, making it an essential resource for businesses operating in or planning to enter this dynamic sector. The report utilizes a base year of 2025, an estimated year of 2025, and a forecast period spanning 2025-2033, with historical data from 2019-2024. Key segments analyzed include Food and Beverage, Personal and Household Care, E-commerce, and major distribution channels. Recent developments include: In April 2021, Singapore homegrown retailer Naiise has shut down after struggling to survive through the pandemic, with its owner Dennis Tay filing for personal bankruptcy.. Notable trends are: Upgrading Technology is Helping the Market to Record More Revenues.

Singapore SG: Total R&D Personnel: Compound Annual Growth Rate data was reported at 1.271 % in 2020. This records a decrease from the previous number of 8.700 % for 2019. Singapore SG: Total R&D Personnel: Compound Annual Growth Rate data is updated yearly, averaging 6.881 % from Dec 1995 (Median) to 2020, with 26 observations. The data reached an all-time high of 28.265 % in 2000 and a record low of -1.287 % in 2017. Singapore SG: Total R&D Personnel: Compound Annual Growth Rate data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Singapore – Table SG.OECD.MSTI: Number of Researchers and Personnel on Research and Development: Non OECD Member: Annual.

In Singapore, the Public Research Centres are located within the universities and draw upon university expertise. They are closely linked with the universities and several have ‘spun off’ from university research groups. However they are administratively separate from the universities and funded by the Agency for Science, Technology and Research (A*STAR) and industry. The centres have been included in the ‘Public Research Institutes and Centres’ category in the R&D survey since 1995. Until 1995 they were subsumed in the Higher Education sector. This leads to a discontinuity in the statistics for the Government/Public and Higher Education sectors between 1994 and 1995.

Singapore CG: 2015p: Add: Taxes On Products data was reported at 0.100 % in Mar 2019. This records an increase from the previous number of -0.700 % for Dec 2018. Singapore CG: 2015p: Add: Taxes On Products data is updated quarterly, averaging 0.300 % from Mar 1977 (Median) to Mar 2019, with 169 observations. The data reached an all-time high of 1.300 % in Mar 1990 and a record low of -0.900 % in Dec 2008. Singapore CG: 2015p: Add: Taxes On Products data remains active status in CEIC and is reported by Ministry of Trade and Industry. The data is categorized under Global Database’s Singapore – Table SG.A076: Contribution to Growth in GDP: by Industry: 2015.

Singapore Consumer Price Index (CPI): IL: Lower 20%: Communication: Postage & Courier Services data was reported at 112.014 2019=100 in Dec 2024. This records an increase from the previous number of 111.760 2019=100 for Jun 2024. Singapore Consumer Price Index (CPI): IL: Lower 20%: Communication: Postage & Courier Services data is updated semiannually, averaging 100.018 2019=100 from Jun 2014 (Median) to Dec 2024, with 22 observations. The data reached an all-time high of 112.014 2019=100 in Dec 2024 and a record low of 92.955 2019=100 in Dec 2021. Singapore Consumer Price Index (CPI): IL: Lower 20%: Communication: Postage & Courier Services data remains active status in CEIC and is reported by Singapore Department of Statistics. The data is categorized under Global Database’s Singapore – Table SG.I022: Consumer Price Index: By Income Levels: 2019=100.

Inflation Rate in Singapore remained unchanged at 0.90 percent in April. This dataset provides - Singapore Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

This statistic shows the gross domestic product (GDP) in current prices in Singapore which amounts to approximately 564.77 billion U.S. dollars in 2025.Fluctuating rise between 1980 and 2025A comparison to the earliest shown observation from 1980 reveals a total increase by approximately 552.69 billion U.S. dollars. The trajectory from 1980 to 2025 shows however that this increase did not happen continuously.Continuous rise between 2025 and 2030In 2030 the GDP will be about 698.07 billion U.S. dollars, according to forecasts. From 2025 onwards, there is an overall increase by approximately 133.30 billion U.S. dollars. This growth reflects a steady upward trend.This indicator describes the gross domestic product at current prices. The values are based upon the GDP in national currency converted to U.S. dollars using market exchange rates (yearly average). The GDP represents the total value of final goods and services produced during a year.

The Singapore data center power market, valued at $1.61 billion in 2025, is poised for steady growth, projected to expand at a compound annual growth rate (CAGR) of 3.20% from 2025 to 2033. This growth is fueled by several key drivers. The burgeoning digital economy in Singapore necessitates robust and reliable power infrastructure for data centers, driving demand for UPS systems, generators, power distribution solutions (PDUs, switchgear, etc.), and associated services. Increasing adoption of cloud computing and the rise of edge computing further contribute to this expansion. Government initiatives promoting digital transformation and attracting foreign investments in the technology sector also play a significant role. The market is segmented across various end-user industries, with IT and telecommunications, BFSI (Banking, Financial Services, and Insurance), and the government sectors being major consumers of data center power solutions. Competition in the market is intense, with established players like ABB, Caterpillar, Cummins, Eaton, Legrand, Schneider Electric, and Vertiv vying for market share alongside regional and specialized providers. While challenges such as increasing energy costs and the need for sustainable power solutions exist, the overall market outlook remains positive, driven by the relentless expansion of the digital landscape in Singapore. The historical period (2019-2024) likely witnessed a growth trajectory similar to the projected future, though possibly with some year-on-year fluctuation based on economic factors and specific investment cycles. Considering the consistent CAGR, we can project a continued expansion, with the market potentially exceeding $2 billion by 2033. The market's diverse segmentation across power infrastructure solutions and end-user verticals indicates numerous opportunities for specialized vendors. Further growth could be fueled by innovations in energy efficiency technologies and the adoption of renewable energy sources within data center operations. This will require data center operators to invest further in sophisticated power management and monitoring solutions to enhance their energy efficiency and reduce their environmental footprint. Recent developments include: January 2024: Caterpillar Inc. partnered with Microsoft and Ballard Power Systems to test the use of large-format hydrogen fuel cells as a reliable and eco-friendly backup power source for multi-megawatt data centers. Hydrogen fuel cells are seen as a possible low-carbon alternative to diesel backup generators, which is expected to drive the growth of DC generators., March 2024: Schneider Electric announced the expansion of its US manufacturing facilities at two locations to support critical infrastructure of data centers and other industries. At both locations, the company planned to manufacture electrical switchgear and medium-voltage power distribution products.. Key drivers for this market are: The Rising Adoption of Mega Data Centers and Cloud Computing, Increasing Demand to Reduce Operational Costs. Potential restraints include: The Rising Adoption of Mega Data Centers and Cloud Computing, Increasing Demand to Reduce Operational Costs. Notable trends are: The IT and Telecom Segment is Expected to Maintain a Significant Market Share.