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 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 Singapore expanded 4.30 percent in the second 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.

In the second quarter of 2023, Singapore's gross domestic product (GDP) stood at around *** billion Singapore dollars. Singapore is one of Asia-Pacific's most advanced free-market economies and its main economic sectors include manufacturing, wholesale trade, and banking and financial services.

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.

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.

GDP (current US$) in Singapore was reported at 547386645892 USD in 2024, 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 July of 2025.

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.

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.

In 2023, the wholesale trade sector contributed 22.3 percent to Singapore's nominal gross value added (GVA). Singapore's economy posted growth across as sectors, indicating a recovery from the impact of the COVID-19 pandemic.

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 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.

Key information about Singapore Public Consumption: % of GDP

• Singapore Public Consumption accounted for 10.6 % of its Nominal GDP in Dec 2024, compared with a share of 10.0 % in the previous year.
• Singapore Public Consumption share of Nominal GDP ratio is updated yearly, available from Dec 1960 to Dec 2024, with an average number of 10.2 %.
• The data reached an all-time high of 13.4 % in Dec 1985 and a record low of 7.5 % in Dec 1960.

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


Related information about Singapore Public Consumption: % of GDP

• In the latest reports, Singapore GDP expanded 0.4 % YoY in Mar 2023.
• Singapore Nominal GDP reached 120.6 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) fell 0.0 % in Mar 2023.
• Singapore GDP Per Capita reached 84,714.0 USD in Dec 2023.
• Its Gross Savings Rate was measured at 48.6 % in Dec 2023.
• For Nominal GDP contributions, Investment accounted for 21.0 % in Dec 2023.
• Private Consumption accounted for 31.3 % in Dec 2023.

Singapore: Economic growth: the rate of change of real GDP: The latest value from 2024 is 4.39 percent, an increase from 1.82 percent in 2023. In comparison, the world average is 3.20 percent, based on data from 177 countries. Historically, the average for Singapore from 1961 to 2024 is 6.92 percent. The minimum value, -3.81 percent, was reached in 2020 while the maximum of 14.52 percent was recorded in 2010.

Key information about Singapore Nominal GDP

• Singapore Nominal GDP reached 120.6 USD bn in Mar 2023, compared with 113.0 USD bn in the previous quarter.
• Nominal GDP in Singapore is updated quarterly, available from Mar 1975 to Mar 2023, with an average number of 23.0 USD bn.
• The data reached an all-time high of 120.6 USD bn in Mar 2023 and a record low of 1.4 USD bn in Sep 1975.

CEIC converts quarterly Nominal GDP into USD. The Singapore Department of Statistics provides Nominal GDP in local currency. Federal Reserve Board average market exchange rate is used for currency conversions.


Related information about Singapore Nominal GDP

• In the latest reports, Singapore GDP expanded 0.4 % YoY in Mar 2023.
• Its GDP deflator (implicit price deflator) fell 0.0 % in Mar 2023.
• Singapore GDP Per Capita 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: Percent of world GDP: The latest value from 2023 is 0.48 percent, a decline from 0.5 percent in 2022. In comparison, the world average is 0.53 percent, based on data from 188 countries. Historically, the average for Singapore from 1980 to 2023 is 0.29 percent. The minimum value, 0.11 percent, was reached in 1980 while the maximum of 0.5 percent was recorded in 2022.

GDP per capita growth (annual %) in Singapore was reported at 2.3266 % in 2024, according to the World Bank collection of development indicators, compiled from officially recognized sources. Singapore - GDP per capita growth (annual %) - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.

Key information about Singapore Investment: % of GDP

• Singapore Investment accounted for 22.2 % of its Nominal GDP in Dec 2024, compared with a ratio of 21.2 % in the previous year.
• Singapore investment share of Nominal GDP data is updated yearly, available from Dec 1960 to Dec 2024, with an average ratio of 30.0 %.
• The data reached an all-time high of 46.9 % in Dec 1984 and a record low of 11.3 % in Dec 1960.

CEIC calculates Investment as % of Nominal GDP from annual Nominal Gross Capital Formation and annual Nominal GDP. Gross Capital Formation is calculated as the sum of Gross Fixed Capital Formation and Changes in Inventories. The Singapore Department of Statistics provides Nominal Gross Capital Formation in local currency and Nominal GDP in local currency.


Related information about Singapore Investment: % of GDP

• In the latest reports, Singapore GDP expanded 0.4 % YoY in Mar 2023.
• Singapore Nominal GDP reached 120.6 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) fell 0.0 % 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.

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.

The external trade in goods and services as a share of gross domestic product in Singapore decreased by 21.7 percentage points (-6.52 percent) compared to the previous year. Trade refers to the sum of exports and imports measured as a share of gross domestic product (GDP). It indicates the importance of international trade in the country's economy.Find more statistics on other topics about Singapore with key insights such as annual growth of gross capital formation, total reserves, and gross savings.