The Gross Domestic Product (GDP) in Singapore expanded 1.40 percent in the second 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 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 547.39 billion US dollars in 2024, according to official data from the World Bank. The GDP value of Singapore represents 0.52 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 the fourth quarter of 2024, Singapore's gross domestic product (GDP) grew by *** percent compared to the previous quarter. In the previous quarter, the GDP grew by *** percent.

Economic growth, quarterly in Singapore, June, 2025 The most recent value is 1.4 percent as of Q2 2025, an increase compared to the previous value of -0.5 percent. Historically, the average for Singapore from Q2 1975 to Q2 2025 is 1.5 percent. The minimum of -12.1 percent was recorded in Q2 2020, while the maximum of 9.1 percent was reached in Q3 2020. | TheGlobalEconomy.com

In 2023, the finance and insurance sector in Singapore posted the largest growth rate out of all economic sectors in the country, at 5.4 percent. Overall, Singapore's GDP grew by 2.2 percent in that year.

Full Year GDP Growth in Singapore increased to 4.40 percent in 2024 from 1.80 percent in 2023. This dataset includes a chart with historical data for Singapore Full Year GDP Growth.

Key information about Singapore Real GDP Growth

• The Gross Domestic Product (GDP) in Singapore expanded 0.4 % YoY in Mar 2023, following a growth of 2.1 % in the previous quarter.
• Real GDP Growth YoY data in Singapore is updated quarterly, available from Mar 1976 to Mar 2023, with an average rate of 6.6 %.
• The data reached an all-time high of 18.6 % in Jun 2010 and a record low of -11.9 % in Jun 2020.

• In the latest reports, Nominal GDP of Singapore reached 120.6 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) fell 0.0 % in Mar 2023.
• GDP Per Capita in Singapore reached 82,794.0 USD in Dec 2022.
• Its Gross Savings Rate was measured at 49.2 % in Dec 2022.
• For Nominal GDP contributions, Investment accounted for 21.9 % in Dec 2022.
• Public Consumption accounted for 10.0 % in Dec 2022.
• Private Consumption accounted for 29.8 % in Dec 2022.

Singapore: Economic growth: the rate of change of real GDP: The latest value from 2024 is 4.39 percent, an increase from 1.82 percent in 2023. In comparison, the world average is 3.20 percent, based on data from 177 countries. Historically, the average for Singapore from 1961 to 2024 is 6.92 percent. The minimum value, -3.81 percent, was reached in 2020 while the maximum of 14.52 percent was recorded in 2010.

Historical dataset showing Singapore economic growth by year from 1960 to 2023.

In the first quarter of 2024, the Singapore GDP grew by ***** percent compared to the same quarter the previous year. The GDP was forecast to grow by *** percent in the second quarter of 2024, compared to the corresponding quarter the previous year.

Key information about Singapore Nominal GDP Growth

• Singapore Nominal GDP Growth was reported at 6.963 % in Dec 2024.
• This records a decrease from the previous number of 8.453 % for Sep 2024.
• Singapore Nominal GDP Growth data is updated quarterly, averaging 9.226 % from Mar 1976 to Dec 2024, with 196 observations.
• The data reached an all-time high of 31.843 % in Jun 2021 and a record low of -15.149 % in Jun 2020.
• Singapore Nominal GDP Growth data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Nominal GDP: Y-o-Y Growth: Quarterly: Seasonally Adjusted.

The Gross Domestic Product per capita in Singapore was last recorded at 67706.83 US dollars in 2024. The GDP per Capita in Singapore is equivalent to 536 percent of the world's average. This dataset provides - Singapore GDP per capita - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Dataset from Singapore Department of Statistics. For more information, visit https://data.gov.sg/datasets/d_a5ff719648a0e6d4b4c623ee383ab686/view

GDP from Services in Singapore increased to 21631.40 SGD Million in the second quarter of 2025 from 21147.80 SGD Million in the first quarter of 2025. This dataset provides - Singapore Gdp From Services- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about Singapore GDP Deflator Growth

• Singapore GDP deflator (implicit price deflator) increased 4.3 % in Dec 2022, compared with an increase of 8.3 % in the previous quarter.
• Singapore GDP Deflator Growth data is updated quarterly, available from Mar 1976 to Dec 2022, with an average rate of 1.9 %.
• The data reached an all-time high of 13.2 % in Mar 1980 and a record low of -7.9 % in Mar 1999.

• In the latest reports, Singapore GDP expanded 2.1 % YoY in Dec 2022.
• Its Nominal GDP reached 113.0 USD bn in Dec 2022.
• Singapore GDP Per Capita reached 82,794.0 USD in Dec 2022.
• Its Gross Savings Rate was measured at 49.2 % in Dec 2022.

GDP growth of Singapore rocketed by 140.91% from 1.8 % in 2023 to 4.4 % in 2024. Since the 57.90% drop in 2022, GDP growth surged by 6.82% in 2024. Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant U.S. dollars. GDP 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.

GDP from Transport in Singapore increased to 9369.60 SGD Million in the second quarter of 2025 from 9301.40 SGD Million in the first quarter of 2025. This dataset provides - Singapore Gdp From Transport- actual values, historical data, forecast, chart, statistics, economic calendar and news.

View yearly updates and historical trends for Singapore GDP per Capita Growth. Source: World Bank. Track economic data with YCharts analytics.

Singapore Contributions to Real(GDP) Gross Domestic ProductGrowth: Labour Input data was reported at -0.100 % in 2017. This records a decrease from the previous number of 0.500 % for 2016. Singapore Contributions to Real(GDP) Gross Domestic ProductGrowth: Labour Input data is updated yearly, averaging 1.600 % from Dec 1974 (Median) to 2017, with 44 observations. The data reached an all-time high of 4.000 % in 2008 and a record low of -2.500 % in 1985. Singapore Contributions to Real(GDP) Gross Domestic ProductGrowth: Labour Input data remains active status in CEIC and is reported by Department of Statistics. The data is categorized under Global Database’s Singapore – Table SG.G051: Multifactor Productivity: Contributions to Growth in Real GDP.