The Gross Domestic Product (GDP) in Singapore expanded 5 percent in the fourth quarter of 2024 over the same quarter of the previous year. This dataset provides - Singapore GDP Annual 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 expanded 0.50 percent in the fourth quarter of 2024 over the previous quarter. This dataset provides - Singapore GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In the first quarter of 2024, the Singapore GDP grew by three percent compared to the same quarter the previous year. The GDP was forecast to grow by 2.9 percent in the second quarter of 2024, compared to the corresponding quarter the previous year.

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 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.

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.

The Singapore Department of Statistics provides Real GDP Growth at chain linked 2015 prices.


Related information about Singapore Real GDP Growth

• 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.

Full Year GDP Growth in Singapore decreased to 1.10 percent in 2023 from 3.80 percent in 2022. This dataset includes a chart with historical data for Singapore Full Year GDP Growth.

Contains data from the World Bank's data portal. There is also a consolidated country dataset on HDX.

Economic growth is central to economic development. When national income grows, real people benefit. While there is no known formula for stimulating economic growth, data can help policy-makers better understand their countries' economic situations and guide any work toward improvement. Data here covers measures of economic growth, such as gross domestic product (GDP) and gross national income (GNI). It also includes indicators representing factors known to be relevant to economic growth, such as capital stock, employment, investment, savings, consumption, government spending, imports, and exports.

The gross domestic product (GDP) per capita in Singapore was forecast to continuously increase between 2024 and 2029 by in total 19,688.6 U.S. dollars (+22.03 percent). After the sixth consecutive increasing year, the GDP per capita is estimated to reach 109,058.28 U.S. dollars and therefore a new peak in 2029. This indicator describes the gross domestic product per capita at current prices. Thereby the gross domestic product was first converted from national currency to U.S. dollars at current exchange prices and then divided by the total population. The gross domestic products is a measure of a country's productivity. It refers to the total value of goods and service produced during a given time period (here a year).Find more key insights for the gross domestic product (GDP) per capita in countries like Thailand, Myanmar (Burma), and Indonesia.

Singapore SG: GDP: Growth data was reported at 3.619 % in 2017. This records an increase from the previous number of 2.397 % for 2016. Singapore SG: GDP: Growth data is updated yearly, averaging 7.597 % from Dec 1961 (Median) to 2017, with 57 observations. The data reached an all-time high of 15.240 % in 2010 and a record low of -3.680 % in 1964. Singapore SG: GDP: Growth data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Singapore – Table SG.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2010 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.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

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.

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.

CEIC calculates quarterly Nominal GDP Growth from quarterly Nominal GDP. The Singapore Department of Statistics provides Nominal GDP in local currency.

Source: SINGAPORE DEPARTMENT OF STATISTICS

Data Last Updated: 14/02/2025

Update Frequency: Quarterly

Footnotes: For more information on national accounts methodologies, please visit Singstat website (www.singstat.gov.sg/find-data/search-by-theme/economy/national-accounts/publications-and-methodology) to view and download related publications.

Adapted from: https://tablebuilder.singstat.gov.sg/table/TS/M015631

Singapore SG: GDP: Growth: Gross Value Added: Industry data was reported at 5.744 % in 2017. This records an increase from the previous number of 3.224 % for 2016. Singapore SG: GDP: Growth: Gross Value Added: Industry data is updated yearly, averaging 8.059 % from Dec 1961 (Median) to 2017, with 57 observations. The data reached an all-time high of 23.910 % in 2010 and a record low of -9.969 % in 1985. Singapore SG: GDP: Growth: Gross Value Added: Industry data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Singapore – Table SG.World Bank: Gross Domestic Product: Annual Growth Rate. Annual growth rate for industrial value added based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. Industry corresponds to ISIC divisions 10-45 and includes manufacturing (ISIC divisions 15-37). It comprises value added in mining, manufacturing (also reported as a separate subgroup), construction, electricity, water, and gas. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted Average; Note: Data for OECD countries are based on ISIC, revision 4.

GDP from Services in Singapore increased to 21149.90 SGD Million in the fourth quarter of 2024 from 20977.40 SGD Million in the third quarter of 2024. This dataset provides - Singapore Gdp From Services- actual values, historical data, forecast, chart, statistics, economic calendar and news.

This statistic shows the distribution of the gross domestic product (GDP) across economic sectors in Singapore from 2013 to 2023. In 2023, agriculture contributed around 0.03 percent to the GDP of Singapore, 22.4 percent came from the industry and 72.45 percent from the services sector.

GDP from Transport in Singapore decreased to 8956.30 SGD Million in the fourth quarter of 2024 from 9063.40 SGD Million in the third quarter of 2024. This dataset provides - Singapore Gdp From Transport- actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2023, the real gross domestic product (GDP) in the Philippines grew by approximately 5.55 percent, marking the highest growth rate in Southeast Asia. In comparison, Singapore's real GDP growth rate dropped to less than 1.1 percent. Most Southeast Asian economies are projected to see an increase in their real GDP growth rates in 2025 compared to 2023, except for Laos and Myanmar. 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 11 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.

Singapore gdp growth rate for 2023 was 1.08%, a 2.76% decline from 2022.

• Singapore gdp growth rate for 2022 was 3.84%, a 5.85% decline from 2021.
• Singapore gdp growth rate for 2021 was 9.69%, a 13.56% increase from 2020.
• Singapore gdp growth rate for 2020 was -3.87%, a 5.21% decline from 2019.

Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2010 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.