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.

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.

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 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.

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 was forecast to continuously increase between 2024 and 2029 by in total 140.2 billion U.S. dollars (+26.42 percent). After the ninth consecutive increasing year, the GDP is estimated to reach 670.94 billion U.S. dollars and therefore a new peak in 2029. 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.Find more key insights for the gross domestic product (GDP) in current prices in countries like Thailand, Vietnam, and Myanmar (Burma).

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.

Singapore GDP Composition by Sector, 2016 Discover more data with ReportLinker!

Singapore SG: General Government: Expenditure: % of GDP data was reported at 20.072 % in 2023. This records an increase from the previous number of 19.929 % for 2022. Singapore SG: General Government: Expenditure: % of GDP data is updated yearly, averaging 17.649 % from Dec 1990 (Median) to 2023, with 34 observations. The data reached an all-time high of 21.579 % in 2001 and a record low of 13.593 % in 1994. Singapore SG: General Government: Expenditure: % of GDP data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Singapore – Table SG.IMF.FM: Government Finance Statistics.

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/M015961

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.

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.

GDP Deflator in Singapore increased to 128.30 points in the fourth quarter of 2024 from 128 points in the third quarter of 2024. This dataset provides - Singapore GDP Deflator - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about Singapore GDP Deflator Growth

• Singapore GDP deflator (implicit price deflator) increased 4.3 % in Dec 2022, compared with an increase of 8.3 % in the previous quarter.
• Singapore GDP Deflator Growth data is updated quarterly, available from Mar 1976 to Dec 2022, with an average rate of 1.9 %.
• The data reached an all-time high of 13.2 % in Mar 1980 and a record low of -7.9 % in Mar 1999.

CEIC calculates GDP Deflator Growth from quarterly Nominal and Real GDP. The Singapore Department of Statistics provides Nominal GDP in local currency and Real GDP in local currency, at chain linked 2015 prices.


Related information about Singapore GDP Deflator Growth

• In the latest reports, Singapore GDP expanded 2.1 % YoY in Dec 2022.
• Its Nominal GDP reached 113.0 USD bn in Dec 2022.
• Singapore GDP Per Capita reached 82,794.0 USD in Dec 2022.
• Its Gross Savings Rate was measured at 49.2 % in Dec 2022.

Graph and download economic data for Real GDP per Capita in Singapore (DISCONTINUED) (SGPRGDPC) from 1960 to 2011 about Singapore, per capita, real, and GDP.

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.

Key information about Singapore Current Account Balance: % of GDP

• Singapore Current Account surplus accounted for 15.3 % of the country's Nominal GDP in Dec 2024, compared with a 18.6 % surplus in the previous quarter.
• Singapore Current Account Balance: % of Nominal GDP data is updated quarterly, available from Mar 1986 to Dec 2024, with an average value of 16.4 %.
• The data reached an all-time high of 33.3 % in Mar 2007 and a record low of -6.3 % in Mar 1987.

CEIC calculates Current Account Balance as % of Nominal GDP from quarterly Current Account Balance and quarterly Nominal GDP. The Singapore Department of Statistics provides Current Account Balance in local currency and Nominal GDP in local currency.


Key information about Singapore Current Account Balance: % of GDP

• In the latest reports of Singapore, Current Account recorded a surplus of 21.6 USD bn in Dec 2024.
• Foreign Direct Investment (FDI) increased by 45.6 USD bn in Dec 2024.
• Singapore Direct Investment Abroad expanded by 12.8 USD bn in Sep 2024.
• Its Foreign Portfolio Investment increased by 7.7 USD bn in Dec 2024.
• The country's Nominal GDP was reported at 120.6 USD bn in Mar 2023.

Singapore SG: Domestic General Government Health Expenditure: % of GDP data was reported at 2.206 % in 2015. This records an increase from the previous number of 2.001 % for 2014. Singapore SG: Domestic General Government Health Expenditure: % of GDP data is updated yearly, averaging 1.282 % from Dec 2000 (Median) to 2015, with 16 observations. The data reached an all-time high of 2.206 % in 2015 and a record low of 0.887 % in 2001. Singapore SG: Domestic General Government Health Expenditure: % of GDP 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: Health Statistics. Public expenditure on health from domestic sources as a share of the economy as measured by GDP.; ; World Health Organization Global Health Expenditure database (http://apps.who.int/nha/database).; Weighted average;

Key information about Singapore Private Debt: % of Nominal GDP

• Singapore Private Debt accounted for 128.28 % of its Nominal GDP in Dec 2024, compared with a ratio of 126.48 % in the previous quarter
• Singapore Private Debt contribution to Nominal GDP ratio is updated quarterly, available from Mar 2004 to Dec 2024, with an average share of 141.92 %
• The data reached an all-time high of 175.47 % in Mar 2021 and a record low of 108.72 % in Mar 2006

CEIC calculates quarterly Private Debt as % of Nominal GDP from monthly Private Debt and quarterly Nominal GDP. The Monetary Authority of Singapore provides Private Debt in local currency. The Singapore Department of Statistics provides Nominal GDP in local currency. Private Debt includes Financial Sector. Private Debt prior to Q3 2021 covers transactions from Domestic Banking Units and Asian Currency Units.

Singapore SG: Government Expenditure per Student: Secondary: % of(GDP) Gross Domestic Productper Capita data was reported at 16.685 % in 2010. This records an increase from the previous number of 15.750 % for 2009. Singapore SG: Government Expenditure per Student: Secondary: % of(GDP) Gross Domestic Productper Capita data is updated yearly, averaging 15.750 % from Dec 2008 (Median) to 2010, with 3 observations. The data reached an all-time high of 16.685 % in 2010 and a record low of 14.067 % in 2008. Singapore SG: Government Expenditure per Student: Secondary: % of(GDP) Gross Domestic Productper Capita 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: Education Statistics. Government expenditure per student is the average general government expenditure (current, capital, and transfers) per student in the given level of education, expressed as a percentage of GDP per capita.; ; United Nations Educational, Scientific, and Cultural Organization (UNESCO) Institute for Statistics.; Median;