In 2024, the gross domestic product (GDP) of food and beverage services in Singapore amounted to approximately 5.47 billion Singapore dollars, indicating an increase from the previous year. The food and beverages service sector has improved since the outbreak of the COVID-19 pandemic, and has reached around pre-pandemic levels. Food and beverages services in Singapore The COVID-19 pandemic impacted the food and beverage services sector, which saw a decline in sales due to coronavirus pandemic restrictions. Although the retail sales index value of food and alcohol had significantly plummeted during the financial year 2020 and 2021, by 2022, the food and beverage industry sales had increased from pandemic lows. In 2022, all food and beverage services saw a significant year-on-year change in the sales index nationwide. Sales for food caterers increased by 133 percent compared to the previous year. Restaurants also experienced more than 76 percent sales in June 2022. Dining out as a Singaporean past time As Singaporeans frequently dine out, food and beverage services had been integral to Singapore’s economy and lifestyle. A survey of December 2022 revealed that 48 percent of Singaporeans preferred to dine out several times a week. Out of all mealtimes eaten out-of-home, 77 percent of Singaporeans chose to dine out for dinner.

In 2023, the U.S. GDP increased from the previous year to about 27.36 trillion U.S. dollars. This increase in GDP can be attributed to a continued rebound from the impact of the coronavirus pandemic. Gross domestic product (GDP) refers to the market value of all goods and services produced within a country. In 2023, the United States has the largest economy in the world. See, for example, the Russian GDP for comparison.

What is GDP? Gross domestic product is one of the most important indicators used to analyze the health of an economy. GDP is defined by the BEA as the market value of goods and services produced by labor and property in the United States, regardless of nationality. It is the primary measure of U.S. production. The OECD defines GDP as an aggregate measure of production equal to the sum of the gross values added of all resident, institutional units engaged in production (plus any taxes, and minus any subsidies, on products not included in the value of their outputs).

GDP and national debt

Although the United States had the highest Gross Domestic Product (GDP) in the world in 2022, this does not tell us much about the quality of life in any given country. GDP per capita at purchasing power parity (PPP) is an economic measurement that is thought to be a better method for comparing living standards across countries because it accounts for domestic inflation and variations in the cost of living.

While the United States might have the largest economy, the country that ranked highest in terms of GDP at PPP was Luxembourg, amounting to around 141,333 international dollars per capita. Singapore, Ireland, and Qatar also ranked highly on the GDP PPP list, and the United States ranked 9th in 2022.