In 2025, Luxembourg was the country with the highest gross domestic product per capita in the world. Of the 20 listed countries, 13 are in Europe and five are in Asia, alongside the U.S. and Australia. There are no African or Latin American countries among the top 20. Correlation with high living standards While GDP is a useful indicator for measuring the size or strength of an economy, GDP per capita is much more reflective of living standards. For example, when compared to life expectancy or indices such as the Human Development Index or the World Happiness Report, there is a strong overlap - 14 of the 20 countries on this list are also ranked among the 20 happiest countries in 2024, and all 20 have "very high" HDIs. Misleading metrics? GDP per capita figures, however, can be misleading, and to paint a fuller picture of a country's living standards then one must look at multiple metrics. GDP per capita figures can be skewed by inequalities in wealth distribution, and in countries such as those in the Middle East, a relatively large share of the population lives in poverty while a smaller number live affluent lifestyles.

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 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.

GDP deflator: linked series (base year varies by country) in Singapore was reported at 130 year in 2024, according to the World Bank collection of development indicators, compiled from officially recognized sources. Singapore - GDP deflator: linked series (base year varies by country) - actual values, historical data, forecasts and projections were sourced from the World Bank on August of 2025.

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.

This dataset provides values for GDP reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Key information about Singapore Household Debt: % of GDP

• Singapore household debt accounted for 51.9 % of the country's Nominal GDP in Dec 2024, compared with the ratio of 52.0 % in the previous quarter.
• Singapore household debt to GDP ratio is updated quarterly, available from Mar 1995 to Dec 2024.
• The data reached an all-time high of 96.0 % in Sep 2003 and a record low of 51.1 % in Mar 2023.

CEIC calculates quarterly Household Debt as % of Nominal GDP from quarterly Household Debt and quarterly Nominal GDP. The Singapore Department of Statistics provides Household Debt in local currency and Nominal GDP in local currency. Loans are used due to the lack of Flow of Funds statistics. Household Debt covers household debt from all lenders.


Related information about Singapore Household Debt: % of GDP

• In the latest reports, Singapore Household Debt reached 278.8 USD bn in Jan 2025.
• Money Supply M2 in Singapore increased 6.7 % YoY in Jan 2025.
• Singapore Foreign Exchange Reserves was measured at 363.3 USD bn in Jan 2025.
• The Foreign Exchange Reserves equaled 9.0 Months of Import in Jan 2025.
• Singapore Domestic Credit reached 887.0 USD bn in Jan 2025, representing an increased of 6.1 % YoY.
• The country's Non Performing Loans Ratio stood at 1.3 % in Dec 2019, compared with the ratio of 1.4 % in the previous quarter.

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.

The statistic shows gross domestic product (GDP) per capita in the ASEAN countries from 2020 to 2023, with projections up until 2030. In 2025, GDP per capita in Singapore was projected to be almost ****** U.S. dollars: more than 10 times the total of most other ASEAN countries, and almost 80 times larger than that of Myanmar.

In 2024, the real gross domestic product (GDP) in Vietnam grew by approximately **** percent, marking the highest growth rate in Southeast Asia. In comparison, Myanmar's real GDP growth rate dropped by **** percent. Southeast Asia, a tapestry of economic and cultural complexity Historically a critical component of global trade, Southeast Asia is a diverse region with heterogeneous economies. The region comprises ** countries in total. While Singapore is a highly developed country economy and Brunei has a relatively high GDP per capita, the rest of the Southeast Asian countries are characterized by lower GDPs per capita and have yet to overcome the middle-income trap. Malaysia is one of these countries, having reached the middle-income level for many decades but yet to grow incomes proportionally to its economic development. Nevertheless, Southeast Asia’s young population will further drive economic growth across the region’s markets. ASEAN’s economic significance Aiming to promote economic growth, social progress, cultural development, and regional stability, all Southeast Asian countries except for Timor-Leste are part of the political and economic union Association of Southeast Asian Nations (ASEAN). Even though many concerns surround the union, ASEAN has avoided trade conflicts and is one of the largest and most dynamic trade zones globally. Factors such as the growing young population, high GDP growth, a largely positive trade balance, and exemplary regional integration hold great potential for future economic development in Southeast Asia.

Key information about Singapore Government Debt: % of GDP

• Singapore Government debt accounted for 173.1 % of the country's Nominal GDP in Dec 2024, compared with the ratio of 171.7 % in the previous quarter.
• Singapore government debt to GDP ratio data is updated quarterly, available from Mar 1990 to Dec 2024.
• The data reached an all-time high of 173.1 % in Dec 2024 and a record low of 66.9 % in Dec 1994.

CEIC calculates quarterly Government Debt as % of Nominal GDP from quarterly Government Debt and rolling sum of quarterly Nominal GDP. The Singapore Department of Statistics provides Government Debt in local currency and Nominal GDP in local currency.


Related information about Singapore Government Debt: % of GDP

• In the latest reports, Singapore National Government Debt reached 926.5 USD bn in Dec 2024.
• The country's Nominal GDP reached 120.6 USD bn in Mar 2023.

Singapore led the Index of Economic Freedom in 2024, with an index score of 83.5 out of 100. Switzerland, Ireland, Taiwan, and Luxembourg rounded out the top five. Economic Freedom Index In order to calculate the Economic Freedom Index, the source takes 12 different factors into account, including the rule of law, government size, regulatory efficiency, and open markets. All 12 factors are rated on a scale of zero to 100 and are weighted equally. Every country is rated within the Index in order to provide insight into the health and freedom of the global economy. Singapore's economy Singapore is one of the four so-called Asian Tigers, a term used to describe four countries in Asia that saw a booming economic development from the 1950s to the early 1990. Today, the City-State is known for its many skyscrapers, and its economy continue to boom. It has one of the lowest tax-rates in the Asia-Pacific region, and continues to be open towards foreign direct investment (FDI). Moreover, Singapore has one of the highest trade-to-GDP ratios worldwide, underlining its export-oriented economy. Finally, its geographic location has given it a strategic position as a center connecting other countries in the region with the outside world. However, the economic boom has come at a cost, with the city now ranked among the world's most expensive.

Key information about Singapore Domestic Credit

• Singapore Domestic Credit reached 887.0 USD bn in Jan 2025, compared with a reported figure of 873.2 USD bn in the previous month
• Singapore Domestic Credit data is updated monthly
• It is available from Mar 2004 to Jan 2025 and averaged 477.9 USD bn
• The data reached an all-time high of 903.8 USD bn in Sep 2024 and a record low of 105.8 USD bn in Nov 2005

CEIC calculates monthly Domestic Credit from monthly Gross Domestic Credit less monthly Government Deposits. CEIC converts Domestic Credit into USD. The Monetary Authority of Singapore provides Domestic Credit in local currency. The Federal Reserve Board period end market exchange rate is used for currency conversions. Domestic Credit prior to July 2021 covers transactions from Domestic Banking Units and Asian Currency Units.


Further information about Singapore Domestic Credit

• In the latest reports, Singapore Domestic Credit represented an increased of 6.1 % YoY in Jan 2025
• Money Supply M2 in Singapore increased to 994.1 USD bn YoY in Jan 2025
• Singapore Foreign Exchange Reserves was measured at 363.3 USD bn in Jan 2025
• The Foreign Exchange Reserves equaled 9.0 Months of Import in Jan 2025
• The country's Non Performing Loans Ratio stood at 1.3 % in Dec 2019, compared with the ratio of 1.4 % in the previous quarter
• Household Debt of Singapore reached 52.0 % in Sep 2024, accounting for 52.0 % of the country's Nominal GDP

Key information about Singapore M2 Growth

• Singapore Money Supply M2 increased 6.7 % YoY in Jan 2025, compared with a growth of 6.7 % in the previous month
• Singapore Money Supply M2 growth data is updated monthly, available from Mar 2005 to Jan 2025
• The data reached an all-time high of 23.0 % in Mar 2007 and a record low of 1.0 % in Feb 2016

CEIC calculates M2 Growth Rate from monthly M2. The Monetary Authority of Singapore provides M2 in local currency. Money Supply M2 prior to July 2021 covers transactions from Domestic Banking Units and Asian Currency Units.


Further information about Singapore M2 Growth

• In the latest reports, Singapore Foreign Exchange Reserves was measured at 363.3 USD bn in Jan 2025
• The Foreign Exchange Reserves equaled 9.0 Months of Import in Jan 2025
• Singapore Domestic Credit reached 887.0 USD bn in Jan 2025, representing an increased of 6.1 % YoY
• The country's Non Performing Loans Ratio stood at 1.3 % in Dec 2019, compared with the ratio of 1.4 % in the previous quarter
• Household Debt of Singapore reached 278.8 USD bn in Jan 2025, accounting for 52.0 % of the country's Nominal GDP

In 2024, the gross domestic product (GDP) of Hong Kong amounted to around 407 billion U.S. dollars at current prices, equivalent to around 3.18 trillion Hong Kong dollars. The city’s GDP grew by 2.5 percent that year. Hong Kong’s GDP in comparison The GDP measures the total value of all goods and services produced in an economy over a certain period. Together with unemployment and inflation, it is one of the most observed economic indicators. While GDP figures in the local currency are sometimes more useful for analyzing internal economic developments, values in international currencies are important for regional comparison.Among economies in Asia-Pacific, Hong Kong’s nominal GDP is comparatively small. However, as an advanced economy and a global financial hub, the city’s per capita GDP is one of the highest in the region, only second to Singapore and Australia. Hong Kong’s economic development As an important international hub for finance and trade, Hong Kong’s economy is dominated by the service sector. Financial services contributed more than 20 percent to the city’s GDP and displayed one of the highest sectoral growth rates over the last decade. Hong Kong’s economic growth suffered severely during the COVID-19 pandemic but returned to sustained growth in 2023.

In 2024, the U.S. GDP increased from the previous year to about 29.18 trillion U.S. dollars. Gross domestic product (GDP) refers to the market value of all goods and services produced within a country. In 2024, the United States has the largest economy in the world. 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.

Inflation rates in the Association of Southeast Asian Nations (ASEAN) ranged from ** percent inflation in Myanmar to **** percent inflation in Thailand in 2025. Only a few countries are in the 2 to 6 percent range that many economists view as optimal for emerging economies. Effects of high inflation High inflation is generally detrimental to the economy. Prices tend to rise faster than wages, meaning that people and firms have less purchasing power. This in turn leads to slower growth in the gross domestic product (GDP). It also leads to a weaker currency. For countries with a positive trade balance this can be beneficial, because exports are relatively cheaper to foreign buyers. Through the same mechanism, net importers suffer from a weaker currency. Additionally, inflation makes a country’s national debt less expensive if the debt is denominated in the local currency. However, most of this debt is in U.S. dollars, so inflation makes the debt more difficult to service and repay. Risks of deflation With deflation, consumers and firms delay investments because they expect prices to be lower in the future. This slows consumption and investment, two major components of GDP growth. The most common example of this is Japan, where the GDP growth rate has been low for a long time due, in large part, to deflation. For this reason, countries like Brunei would rather see low and stable inflation than slight deflation.

Key information about Singapore Domestic Credit Growth

• Singapore Domestic Credit increased 6.1 % YoY in Jan 2025, compared with an increase of 6.3 % YoY in the previous month
• Singapore Domestic Credit Growth YoY data is updated monthly
• It averaged 8.2 %, available from Mar 2005 to Jan 2025
• The data reached an all-time high of 39.0 % in Sep 2007 and a record low of -6.0 % in Jul 2021

CEIC calculates Domestic Credit Growth from monthly Domestic Credit. Domestic Credit is calculated as Gross Domestic Credit less Government Deposits. The Monetary Authority of Singapore provides Domestic Credit in local currency. Domestic Credit prior to July 2021 covers transactions from Domestic Banking Units and Asian Currency Units.


Further information about Singapore Domestic Credit Growth

• In the latest reports, Singapore Domestic Credit reached 887.0 USD bn in Jan 2025
• Money Supply M2 in Singapore increased to 994.1 USD bn YoY in Jan 2025
• Singapore Foreign Exchange Reserves was measured at 363.3 USD bn in Jan 2025
• The Foreign Exchange Reserves equaled 9.0 Months of Import in Jan 2025
• The country's Non Performing Loans Ratio stood at 1.3 % in Dec 2019, compared with the ratio of 1.4 % in the previous quarter
• Household Debt of Singapore reached 52.0 % in Sep 2024, accounting for 52.0 % of the country's Nominal GDP

GDP from Manufacturing in Singapore decreased to 28694.90 SGD Million in the second quarter of 2025 from 28823.10 SGD Million in the first quarter of 2025. This dataset provides - Singapore Gdp From Manufacturing- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about Singapore Gross National Product (GNP)

• Singapore Gross National Product (GNP) was reported at 458.476 USD bn in Dec 2024.
• This records an increase from the previous number of 412.365 USD bn for Dec 2023.
• Singapore Gross National Product (GNP) data is updated yearly, averaging 52.161 USD bn from Dec 1960 to 2024, with 65 observations.
• The data reached an all-time high of 458.476 USD bn in 2024 and a record low of 717.600 USD mn in 1960.

Related information about Singapore Gross National Product (GNP) data

• Singapore Gross National Product (GNP) data remains active status in CEIC and is reported by CEIC Data.
• The SIngapore Department of Statistics provides annual Gross National Product in USD.