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.

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.

Singapore: Economic growth forecast: The latest value from 2030 is 2.51 percent, an increase from 2.46 percent in 2029. In comparison, the world average is 3.25 percent, based on data from 182 countries. Historically, the average for Singapore from 1980 to 2030 is 5.57 percent. The minimum value, -3.82 percent, was reached in 2020 while the maximum of 14.52 percent was recorded in 2010.

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.

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

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.

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

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

<li>Singapore gdp growth rate for 2022 was <strong>3.84%</strong>, a <strong>5.85% decline</strong> from 2021.</li>
<li>Singapore gdp growth rate for 2021 was <strong>9.69%</strong>, a <strong>13.56% increase</strong> from 2020.</li>
<li>Singapore gdp growth rate for 2020 was <strong>-3.87%</strong>, a <strong>5.21% decline</strong> from 2019.</li>
</ul>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.

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.

Economic growth, quarterly in Singapore, March, 2025 The most recent value is -0.6 percent as of Q1 2025, a decline compared to the previous value of 0.5 percent. Historically, the average for Singapore from Q2 1975 to Q1 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

Singapore SG: GDP: Growth: Gross Capital Formation data was reported at 8.697 % in 2017. This records an increase from the previous number of 4.822 % for 2016. Singapore SG: GDP: Growth: Gross Capital Formation data is updated yearly, averaging 8.208 % from Dec 1961 (Median) to 2017, with 57 observations. The data reached an all-time high of 46.436 % in 2004 and a record low of -28.598 % in 2003. Singapore SG: GDP: Growth: Gross Capital Formation 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 growth rate of gross capital formation based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. Gross capital formation (formerly gross domestic investment) consists of outlays on additions to the fixed assets of the economy plus net changes in the level of inventories. Fixed assets include land improvements (fences, ditches, drains, and so on); plant, machinery, and equipment purchases; and the construction of roads, railways, and the like, including schools, offices, hospitals, private residential dwellings, and commercial and industrial buildings. Inventories are stocks of goods held by firms to meet temporary or unexpected fluctuations in production or sales, and 'work in progress.' According to the 1993 SNA, net acquisitions of valuables are also considered capital formation.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

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.

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.

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.

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

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.

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.

According to a survey conducted in April 2024, 68 percent of Generation X respondents were optimistic about Singapore's economic outlook. In comparison, only 27 percent of respondents from the Boomers generation expressed the same opinion.

Future Outlook and Projections for Singapore Executive Education Market on the Basis of Revenues in USD Billion, 2024-2029 The Singapore executive education market is projected to grow steadily by 2029, demonstrating a robust CAGR during the forecast period. This growth is expected to be driven by the increasing need for professional upskilling, globalization, and advancements in digital learning platforms. What Lies Ahead for Singapore Executive Education Market?

GDP from Transport in Singapore increased to 9206.10 SGD Million in the first quarter of 2025 from 8956.30 SGD Million in the fourth quarter of 2024. This dataset provides - Singapore Gdp From Transport- actual values, historical data, forecast, chart, statistics, economic calendar and news.