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.

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) per capita in Singapore amounted to 90,670 U.S. dollars in 2024. Between 1980 and 2024, the GDP per capita rose by 85,670 U.S. dollars, though the increase followed an uneven trajectory rather than a consistent upward trend. The GDP per capita will steadily rise by 19,890 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).

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.

According to this statistic, the ratio of national debt to gross domestic product (GDP) of Singapore amounts to approximately 174.94 percent in 2025.Fluctuating rise between 1990 and 2025Compared to the earliest depicted observation from 1990 there is a total increase by approximately 101.43 percentage points. Looking at the trajectory between 1990 and 2025, one can observe that this increase however did not happen continuously.Continuous rise between 2025 and 2030The ratio will lie at roughly 178 percent in 2030, according to forecasts. This indicates an overall increase by approximately 3.06 percentage points since 2025. This growth reflects a steady upward trend.The general government gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future. Here it is depicted in relation to the country's GDP, which refers to the total value of goods and services produced during a year.

The ratio of national debt to gross domestic product (GDP) of Singapore amounted to about 174.30 percent in 2024. Between 1990 and 2024, the ratio rose by approximately 100.79 percentage points, though the increase followed an uneven trajectory rather than a consistent upward trend. The ratio will steadily rise by around 3.70 percentage points over the period from 2024 to 2030, reflecting a clear upward trend.The general government gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future. Here it is depicted in relation to the country's GDP, which refers to the total value of goods and services produced during a year.

The budget balance in relation to the GDP in Singapore is approximately 3.05 percent in 2025.Fluctuating rise between 1990 and 2025A comparison to the earliest shown observation from 1990 reveals a total increase by approximately 1.08 percentage points. The trajectory from 1990 to 2025 shows however that this increase did not happen continuously.Fluctuating decline between 2025 and 2030In 2030 the budget balance will be about 2.31 percent, according to forecasts. From 2025 onwards, there is an overall decrease by approximately 0.74 percentage points.The indicator describes the general government net lending/borrowing which is calculated as revenue minus total expenditure. The International Monetary Fund defines the general government expenditure as consisting of total expense and the net acquisition of nonfinancial assets. The general government revenue consists of the revenue from taxes, social contributions, grants receivable, and other revenue.

In 2025, the share in the global GDP adjusted for PPP in Singapore lies at approximately 0.46 percent.Fluctuating rise between 1980 and 2025Compared to the earliest depicted observation from 1980 there is a total increase by approximately 0.30 percentage points. From the pattern between 1980 and 2025 it becomes clear that this increase however did not happen continuously.Fluctuating decline between 2025 and 2030In 2030 the share will be around 0.44 percent, according to forecasts. There is an overall decrease by approximately 0.02 percentage points since 2025.This indicator describes the share of a country's gross domestic product in the global gross domestic product. To this end the GDP (indicating the total value of final goods and services produced during a year) has been adjusted for purchasing power parity and set in relation to the purchasing power adjusted global GDP value.

Singapore: Current account balance forecast, percent of GDP: The latest value from 2030 is 15.73 percent, a decline from 16.11 percent in 2029. In comparison, the world average is -0.96 percent, based on data from 181 countries. Historically, the average for Singapore from 1980 to 2030 is 13.4 percent. The minimum value, -13.35 percent, was reached in 1980 while the maximum of 27.14 percent was recorded in 2007.

Singapore: Budget balance forecast, percent of GDP: The latest value from 2030 is -0.35 percent, an increase from -0.39 percent in 2029. In comparison, the world average is -2.33 percent, based on data from 81 countries. Historically, the average for Singapore from 1997 to 2030 is 0.43 percent. The minimum value, -7.95 percent, was reached in 2020 while the maximum of 3.12 percent was recorded in 1997.

In 2024, the ratio of government expenditure to GDP in Singapore amounted to about 14.51 percent. Between 1990 and 2024, the figure dropped by approximately 0.55 percentage points, though the decline followed an uneven course rather than a steady trajectory. From 2024 to 2030, the ratio will rise by around 3.04 percentage points, showing an overall upward trend with periodic ups and downs.Shown here is the general government expenditure as a share of the national gross domestic product. As defined by the International Monetary Fund, the general government expenditure consists of total expense and the net acquisition of nonfinancial assets. The gross domestic product represents the total value of final goods and services produced during a year.

In 2019, the average inflation rate in Singapore amounted to about 0.57 percent compared to the previous year, and it seemed to recover from sliding into the red throughout 2015 and 2016. For 2030, Singapore’s inflation is expected to level off at around 1.97 percent. Singapore’s economy in shortSingapore is a prospering, highly developed economy, relying heavily on its role as an intermediary port for transport and storage of goods and merchandise. The lion’s share of its GDP is generated by the services sector, mainly by financial services, oil-refining, and manufacturing. Tourism is also an important contributor. It is one of the leading economies in Asia with one of the highest GDPs in the ASEAN region. The great slump of 2015 to 2016As dramatic as it looks, there was no definite reason for Singapore’s inflation rate to drop below zero in 2015 and 2016. A slump in economic growth and oil prices, as well as a low consumer price index were most likely responsible for inflation taking a hit in those years. Singapore has since recovered and continues its success story as one of the leading economies in the East.

The statistic shows gross domestic product (GDP) per capita in the ASEAN countries from 2020 to 2023, with projections up until 2030. GDP is the total value of all goods and services produced in a country in a year. It is considered to be a very important indicator of the economic strength of a country and a positive change is an indicator of economic growth. The ASEAN (Association of Southeast Asian Nations) region in Asia comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. In 2023, GDP per capita in Brunei amounted to around 33,507.41 U.S. dollars.

The budget balance in relation to the gross domestic product (GDP) in Singapore was approximately 4.43 percent in 2024. Between 1990 and 2024, the budget balance rose by around 2.46 percentage points, though the increase followed an uneven trajectory rather than a consistent upward trend. The budget balance is forecast to decline by about 2.12 percentage points from 2024 to 2030, fluctuating as it trends downward.The indicator describes the general government net lending / borrowing, which is calculated as revenue minus total expenditure. The International Monetary Fund defines the general government expenditure as consisting of total expenses and the net acquisition of nonfinancial assets. The general government revenue consists of the revenue from taxes, social contributions, grants receivable, and other revenue.

In 2023, the estimated total GDP of all ASEAN states amounted to approximately 3.8 trillion U.S. dollars, a significant increase from the previous years. In fact, the GDP of the ASEAN region has been skyrocketing for a few years now, reflecting the region’s thriving economy. Power in the EastThe Association of Southeast Asian Nations (ASEAN) comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. It was established in 1967 among five of these countries (Indonesia, Malaysia, Thailand, Singapore, and the Philippines) to facilitate trade and economic growth, as well as promote cultural development and social structures in the region. To date, they have been joined by another five nations. The ASEAN marketThe founding of the ASEAN organization provides the collaborating nations with more autonomy and influence on the global economy than they would have had by themselves. Additionally, struggling participating countries, such as Laos, are given an opportunity to grow on an ASEAN single market.

The share of the global gross domestic product (GDP) adjusted for purchasing power parity (PPP) in Singapore was approximately 0.46 percent in 2024. Between 1980 and 2024, the share rose by around 0.30 percentage points, though the increase followed an uneven trajectory rather than a consistent upward trend. The share is forecast to decline by about 0.02 percentage points from 2024 to 2030, fluctuating as it trends downward.This indicator describes the share of a country's gross domestic product in the global gross domestic product. To this end the GDP (indicating the total value of final goods and services produced during a year) has been adjusted for purchasing power parity and set in relation to the purchasing power adjusted global GDP value.

The Singapore Sea Freight Transport Market Report Segments the Industry Into by Cargo Type (Containerized Cargo, Dry Bulk Cargo and More), by End User Industry (Electronics & Semiconductors, Chemicals & Petrochemicals, Food & Beverage and More), by Trade Lane (Intra-Asia, North America, Europe and More) and by Region/Port Cluster(West Region, Central Region and More). The Market Forecasts are Provided in Terms of Value (USD).

The real gross domestic product (GDP) growth of Samoa was around **** percent in 2024, which was the highest growth rate across all countries and territories in the Asia-Pacific region in that year. In comparison, China's real GDP was reported to grow at about five percent in 2024 and projected to grow by **** percent by 2030.

In 2024, the gross domestic product (GDP) of Hong Kong amounted to around 407 billion U.S. dollars at current prices, equivalent to around 3.18 trillion Hong Kong dollars. The city’s GDP grew by 2.5 percent that year. Hong Kong’s GDP in comparison The GDP measures the total value of all goods and services produced in an economy over a certain period. Together with unemployment and inflation, it is one of the most observed economic indicators. While GDP figures in the local currency are sometimes more useful for analyzing internal economic developments, values in international currencies are important for regional comparison.Among economies in Asia-Pacific, Hong Kong’s nominal GDP is comparatively small. However, as an advanced economy and a global financial hub, the city’s per capita GDP is one of the highest in the region, only second to Singapore and Australia. Hong Kong’s economic development As an important international hub for finance and trade, Hong Kong’s economy is dominated by the service sector. Financial services contributed more than 20 percent to the city’s GDP and displayed one of the highest sectoral growth rates over the last decade. Hong Kong’s economic growth suffered severely during the COVID-19 pandemic but returned to sustained growth in 2023.

As per Cognitive Market Research's latest published report, The Southeast Asia Corporate Secretarial Services market size will be $313.78 Million by 2028. The Southeast Asia Corporate Secretarial Services Industry's Compound Annual Growth Rate will be 5.68% from 2023 to 2030. Factors Impacting Southeast Asia Corporate Secretarial Services Market Growth

Rising economy of Southeast Asia due to rising SME's

Southeast Asia has become one of the major players in today’s global economy. With a combined GDP of US$2.7 billion (3.5% of the world GDP) in 2017, the ASEAN economy is projected to grow over 5% per year and become the fourth largest economy in the world by 2030. However, SMEs has played major role in developing economy. These SMEs contribute to each AMS’ GDP between 30% and 53%, with export contribution between 10% and 30%. Thus, it makes real contribution to income and employment generation, gender and youth empowerment through their diverse business participation, and their widespread presence in non-urban and rural areas.

However, with the increasing number of players and businesses, competitive approach has also increased drastically. Every small and medium business along with large enterprises ensures their digital presence and are efficiently utilizing digital technology to sustain in the market.

There are various significant issues on inconsistent and arbitrary definitions of SMEs within and between countries, across regulatory bodies, government departments, and professional institutions. Differences in existing laws, rules and regulatory frameworks, and the nature of Southeast Asia as a politically, socially, and economically diverse region, contribute to difficulties in negotiating and adopting a common and coherent regional definition. Thus, to sustain in the changing market dynamics, quality of thinking and delivery are more important than ever. This can be done by leveraging upon the expertise of the personnel.

Hence, growing SMEs in Southeast Asia region drives the growth of corporate secretarial services market.

Market Dynamics of

Southeast Asia Corporate Secretarial Services Market

Key Drivers of

Southeast Asia Corporate Secretarial Services Market

Increasing Regulatory Complexity in Southeast Asia : As countries in Southeast Asia enhance their corporate governance standards, the demand for professional secretarial services is on the rise. Regular updates to regulations, compliance requirements, and cross-border reporting obligations drive businesses to seek expert assistance. Corporate secretarial firms play a crucial role in navigating these changing frameworks and avoiding legal repercussions, making them vital partners for both domestic and international operations. This shift in regulation is fostering ongoing demand among public, private, and foreign-owned companies.

Growth of Foreign Direct Investment (FDI) in the Region : With a surge in foreign investments into nations such as Singapore, Malaysia, Indonesia, and Vietnam, there is a notable increase in the need for secretarial services that assist with company registration, legal structuring, and compliance documentation. These services facilitate entry for foreign enterprises that may be unfamiliar with local regulations. Corporate secretarial providers deliver comprehensive support, ensuring a seamless setup and operation, thus playing an essential role in promoting the growth of international businesses in the region.

Emergence of Startups and SMEs : The vibrant startup landscape and the increasing number of small- and medium-sized enterprises (SMEs) in Southeast Asia are driving the demand for affordable secretarial support. Startups often choose to outsource their administrative, legal, and compliance responsibilities to concentrate on their core business activities. Corporate secretarial service providers present flexible packages designed for small businesses, allowing them to maintain compliance without the need for in-house teams. This adaptability bolsters the entrepreneurial surge across countries like Thailand, the Philippines, and Vietnam.

Key Restraints in

Southeast Asia Corporate Secretarial Services Market

Lack of Standardization Across Jurisdictions : Each country in Southeast Asia possesses its unique regulatory framework, featuring varying rules regarding company formation, filing deadlines, and complian...