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.

The Gross Domestic Product (GDP) in Singapore expanded 3.90 percent in the first quarter of 2025 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.

The gross domestic product (GDP) in current prices in Singapore stood at about 547.39 billion U.S. dollars in 2024. Between 1980 and 2024, the GDP rose by approximately 535.31 billion U.S. dollars, though the increase followed an uneven trajectory rather than a consistent upward trend. The GDP will steadily rise by around 150.68 billion U.S. dollars over the period from 2024 to 2030, reflecting a clear 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.

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.

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.

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.

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.

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

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

<li>Singapore GDP for 2022 was <strong>498.47 billion US dollars</strong>, a <strong>14.83% increase</strong> from 2021.</li>
<li>Singapore GDP for 2021 was <strong>434.11 billion US dollars</strong>, a <strong>24.21% increase</strong> from 2020.</li>
<li>Singapore GDP 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.

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 GDP Per Capita

• Singapore Gross Domestic Product (GDP) per Capita reached 90,689.000 USD in Dec 2024, compared with 85,392.000 USD in Dec 2023.
• Singapore GDP Per Capita data is updated yearly, available from Dec 1960 to Dec 2024, with an average number of 16,136.000 USD.
• The data reached an all-time high of 90,689.000 USD in Dec 2024 and a record low of 428.000 in Dec 1960.
• Mid-Year Population is used in the calculation of GDP per Capita.

Related information about Singapore GDP Per Capita data

• In the latest reports, Singapore GDP expanded 0.400 % YoY in Mar 2023.
• Singapore Nominal GDP reached 120.607 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) fell 0.011 % in Mar 2023.
• Gross Savings Rate of Singapore was measured at 47.456 % in Dec 2024.

Singapore Gross Domestic Product (GDP): Market Price data was reported at 187,868.100 SGD mn in Dec 2024. This records an increase from the previous number of 182,225.600 SGD mn for Sep 2024. Singapore Gross Domestic Product (GDP): Market Price data is updated quarterly, averaging 38,729.700 SGD mn from Mar 1975 (Median) to Dec 2024, with 200 observations. The data reached an all-time high of 187,868.100 SGD mn in Dec 2024 and a record low of 3,209.400 SGD mn in Mar 1975. Singapore Gross Domestic Product (GDP): Market Price 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.A007: GDP by Expenditure: Current Price .

GDP, billion currency units in Singapore, March, 2025 The most recent value is 186.95 billion Singapore Dollar as of Q1 2025, a decline compared to the previous value of 187.87 billion Singapore Dollar. Historically, the average for Singapore from Q1 1975 to Q1 2025 is 56.38 billion Singapore Dollar. The minimum of 3.21 billion Singapore Dollar was recorded in Q1 1975, while the maximum of 187.87 billion Singapore Dollar was reached in Q4 2024. | TheGlobalEconomy.com

The gross domestic product (GDP) per capita in Singapore was about 90.67 thousand U.S. dollars in 2024. Between 1980 and 2024, the GDP per capita rose by approximately 85.67 thousand U.S. dollars, though the increase followed an uneven trajectory rather than a consistent upward trend. The GDP per capita will steadily rise by around 19.89 thousand U.S. dollars over the period from 2024 to 2030, reflecting a clear upward trend.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 rates and then divided by the total population. The gross domestic product 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).

GDP (current US$) in Singapore was reported at 501427500080 USD in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Singapore - GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

The Gross Domestic Product per capita in Singapore was last recorded at 65422.46 US dollars in 2023. The GDP per Capita in Singapore is equivalent to 518 percent of the world's average. This dataset provides - Singapore GDP per capita - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about Singapore Private Consumption: % of GDP

• Singapore Private Consumption accounted for 31.5 % of its Nominal GDP in Dec 2024, compared with a ratio of 31.6 % in the previous year.
• Singapore Private Consumption contribution to Nominal GDP ratio is updated yearly, available from Dec 1960 to Dec 2024, with an average share of 43.7 %.
• The data reached an all-time high of 90.4 % in Dec 1961 and a record low of 28.0 % in Dec 2022.

CEIC calculates Private Consumption as % of Nominal GDP from annual Private Consumption Expenditure and annual Nominal GDP. The Singapore Department of Statistics provides Private Consumption Expenditure in local currency and Nominal GDP in local currency.


Related information about Singapore Private Consumption: % of GDP

• In the latest reports, Singapore GDP expanded 0.4 % YoY in Mar 2023.
• Its Nominal GDP reached 120.6 USD bn in Mar 2023.
• Singapore GDP Per Capita reached 90,689.0 USD in Dec 2024.
• Its Gross Savings Rate was measured at 48.6 % in Dec 2023.

In 2024, the gross domestic product (GDP) of food and beverage services in Singapore amounted to approximately **** 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 *** percent compared to the previous year. Restaurants also experienced more than ** 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 ** percent of Singaporeans preferred to dine out several times a week. Out of all mealtimes eaten out-of-home, ** percent of Singaporeans chose to dine out for dinner.

Forecast: Contribution to GDP of Manufacturing in Singapore 2024 - 2028 Discover more data with ReportLinker!

Key information about Singapore Market Capitalization: % of GDP

• Singapore Market Capitalization accounted for 118.4 % of its Nominal GDP in Dec 2024, compared with a percentage of 118.2 % in the previous year
• Singapore Market Capitalization: % Nominal GDP is updated yearly, available from Dec 1979 to Dec 2024
• The data reached an all-time high of 322.0 % in Dec 1999 and a record low of 57.8 % in Dec 1985

CEIC calculates annual Market Capitalization as % of Nominal GDP from monthly Market Capitalization and annual Nominal GDP. The Monetary Authority of Singapore provides Market Capitalization in local currency. The Ministry of Trade and Industry provides Nominal GDP in local currency. Market Capitalization as % of Nominal GDP prior to 1999 is sourced from the World Bank.


Further information about Singapore Market Capitalization: % of GDP

• In the latest reports, FTSE All Share recorded a monthly P/E ratio of 13.2 in Jun 2022
• FTSE Strait Times closed at 3,855.8 points in Jan 2025