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 *** percent compared to the previous quarter. In the previous quarter, the GDP grew by *** percent.

In 2023, Singapore’s construction sector contributed around ***** billion Singapore dollars to the country’s gross domestic product (GDP). This was a noticeable increase after the construction sector had been especially affected by the COVID-19 pandemic. Robust private and public sector demand in 2019 The construction sector in Singapore experienced three consecutive years of negative growth until 2019. This increase was fueled in part by the unexpected higher demand from the private sector, especially by the construction of new petrochemical facilities by global giants Linde and ExxonMobil. Public construction demand, meanwhile, has been growing steadily since 2015, supported by major civil engineering projects such as the expansion of the MRT lines and housing development. In that year, the value of contracts awarded for both private and public sector construction amounted to around ** billion Singapore dollars. Impact of COVID-19 on the construction sector However, the COVID-19 pandemic has already negatively impacted the construction industry. Singapore experienced its worst recession since independence, and in Q1 2020, the construction sector contracted by **** percent. Social distancing measures and the stopping of non-essential work meant that many construction projects were put on hold. Furthermore, Singapore’s construction sector is facing a two-fold labor crisis. This industry is heavily reliant on migrant workers from foreign countries. The global restrictions in travel meant that hardly any new labor was available. Adding to this challenge, the migrant workers in Singapore had been badly hit by COVID-19, making up the largest share of COVID-19 infections in the country.

In 2024, the median monthly household income in Singapore increased by 1.4 percent, factored for inflation. The change in real household income has reverted to the normal range before the pandemic-led recession.

Prior to the Coronavirus (COVID-19) outbreak, GlobalData expected Singapore’s construction industry to grow by 2.9% in 2020. However, with the emergence of the pandemic and the stringent measures taken by the government to contain the spread of the virus, the construction industry is now set to contract by 17.8% in 2020. The country’s construction industry recorded an unprecedented contraction in the second quarter of 2020, a period during which there was a complete halt of all construction activity, except for work on some essential projects during the “circuit breaker” period of 7th April to 1st June 2020. Construction value-add shrank by 54.7% on a year-on-year (y-o-y) basis in the second quarter, and by a whopping 95.6% on a quarter-on-quarter (q-o-q) seasonally-adjusted annualized basis, according to the advanced estimates released by the Ministry of Trade and Industry (MTI). The effects of the circuit breaker measures were also reflected in the overall economic data, with the economy officially entering into a recession during the second quarter of 2020. The economy shrank by 12.6% on a y-o-y basis, and 41.2% on a q-o-q seasonally-adjusted annualized basis in Q2 2020. Read More

IntroductionWith the economic recession and pandemic fatigue, milder viral variants and higher vaccine coverage along the time lay the basis for lifting anti-COVID policies to restore COVID-19 normalcy. However, when and how to adjust the anti-COVID policies remain under debate in many countries.MethodsIn this study, four countries (Singapore, South Korea, Australia, and New Zealand) and one region (Hong Kong SAR), that have shifted from the zero-COVID (ZC) policy to or close to the living-with-COVID (LWC) during or after the Omicron outbreak, were selected as research objects. All-cause mortality data were collected for these objects from 2009 to 2019. The expected mortality was estimated by a simple linear regression method. Excess mortality over time was calculated as the difference between the expected mortality and the observed mortality. Finally, percent excess mortality (PEM) was calculated as the excess mortality divided by the expected mortality.ResultsIn the examined four countries, PEM fluctuated around 0% and was lower than 10% most of the time under the ZC policy before 2022. After shifting to the LWC policy, all the examined countries increased the PEM. Briefly, countries with high population density (Singapore and South Korea) experienced an average PEM of 20–40% during the first half of 2022, and followed by a lower average PEM of 15–18% during the second half of 2022. For countries with low population density under the LWC policy, Australia experienced an average PEM of 39.85% during the first half of 2022, while New Zealand was the only country in our analysis that achieved no more than 10% in average PEM all the time. On the contrary, Hong Kong SAR under their ZC policy attained an average PEM of 71.14% during the first half of 2022, while its average PEM decreased to 9.19% in the second half of 2022 with LWC-like policy.ConclusionPEM under different policies within each country/region overtime demonstrated that the mortality burden caused by COVID-19 had been reduced overtime. Moreover, anti-COVID policies are suggested to control the excess mortality to achieve as low as 10% in PEM.

In 2022, the rate of re-entry into workforce by retrenched workers in Singapore was **** percent, an increase compared to the previous year. Singapore had the lowest rate of re-entry into workforce in 2020. This was likely due to the economic recession caused by the COVID-19 pandemic.

In a survey conducted in ten Southeast Asian countries in 2025, a huge share of respondents across all countries saw unemployment and economic recession as the biggest challenge faced by the region in 2025. Around **** percent of residents in the Vietnam perceived climate change challenges to be a bigger threat in 2025.

Preliminary figures for 2024 show that ****** workers were retrenched in Singapore. This was a decrease from the previous year, and within the normal value during non-recession times.

As of April 7, 2022, the total number of COVID-19 cases in Singapore amounted to around 1.1 million. There has been a decrease in daily cases in Singapore this week, though the number is still expected to rise largely due to the highly-contagious Omicron variant.

Overcoming the COVID-19 pandemic Singapore was one of the few countries worldwide that had managed to successfully control the spread of COVID-19. This was done through imposing a strict lockdown period during the beginning of the pandemic in 2020, introducing and enforcing hygiene and social-distancing rules, and effective contact tracing, among others. The measures in place had the intended impact, as the number of daily recorded cases have decreased to manageable levels. Furthermore, community transmission has been reduced to just several cases a week; the majority of the daily new cases of COVID-19 recorded were from overseas arrivals.

Recovering from the economic impact of COVID-19 The closure of businesses, compounded by the global restrictions on movement, had had an adverse effect on its economy. Singapore went through its worse recession on record, while the resident unemployment rate increased. However, with restrictions in the country easing, economists have raised their forecasts for economic growth in Singapore for 2021.

Singapore is currently one out of more than 200 countries and territories battling the novel coronavirus. For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Facts and Figures page.

The Americas are Apple’s largest regional market, bringing in net sales of ***** billion U.S. dollars in the first quarter of the company’s 2025 fiscal year. Europe and Greater China are two other major markets for Apple. U.S.: Apple’s biggest market The high revenue generated from the Americas is largely due to Apple’s strong performance in their home market, the United States. Apple has the largest market share among smartphone vendors in the U.S. by a large margin. Although international sales have a growing share of Apple’s total revenue, the U.S. still counts for around ** percent of Apple’s net sales. The U.S. also has the highest concentration of Apple stores, which is Apple’s own chain of retail stores that showcase and sell Apple’s various products including the iPhone, iPad, Apple Watch, among others. iPhone: Apple’s most profitable product The iPhone, initially released in 2007, became Apple’s most successful product: The share of iPhone sales consistently amount to more than ** percent of Apple’s overall share of sales. The early generations of iPhone revolutionized the mobile phone industry and popularized the use of smartphones. Now in the **** generation, the new iPhone ** Pro and ** Pro Max continue to contribute to the success of Apple’s signature product, helping push for year-on-year iPhone sales growth despite the economic recession we are experiencing.