In 2023, annual wages in Singapore increased by *** percent overall. The manufacturing industry saw an increase of **** percent compared to the previous year. In comparison, the construction industry saw a wage change of *** percent.

Wages in Singapore increased to 6434 SGD/Month in the second quarter of 2025 from 6282 SGD/Month in the first quarter of 2025. This dataset provides - Singapore Average Monthly Wages - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about Singapore Monthly Earnings

• Singapore Monthly Earnings stood at 4,587 USD in Dec 2024, compared with the previous figure of 4,654 USD in Sep 2024
• Singapore Monthly Earnings data is updated quarterly, available from Mar 1995 to Dec 2024, with an average number of 2,913 USD
• The data reached the an all-time high of 4,654 USD in Sep 2024 and a record low of 1,452 USD in Sep 1998

CEIC converts quarterly Monthly Earnings into USD. The Singapore Department of Statistics provides Average Monthly Earnings in local currency. Federal Reserve Board average market exchange rate is used for currency conversions. Mean Gross Monthly Income is used which covers all income earned from employment of employed residents only, including self-employed persons who have made Central Provident Fund. Monthly Earnings prior to Q2 2021 are based on SSIC 2010 which be a different methodology. Average Monthly Earnings were used which cover all remuneration received, from employed residens and non-residents, excluding self-employed persons who have made Central Provident Fund.


Further information about Singapore Monthly Earnings

• In the latest reports, Singapore Population reached 6 million people in Jun 2024
• Unemployment Rate of Singapore increased to 2 % in May 2023
• The country's Labour Force Participation Rate dropped to 68 % in Jun 2024

Adjusted net national income (annual % growth) in Singapore was reported at 12.86 % in 2021, according to the World Bank collection of development indicators, compiled from officially recognized sources. Singapore - Adjusted net national income (annual % growth) - actual values, historical data, forecasts and projections were sourced from the World Bank on October of 2025.

Singapore SG: GDP: Growth: Adjusted Net National Income data was reported at 2.983 % in 2016. This records an increase from the previous number of 0.168 % for 2015. Singapore SG: GDP: Growth: Adjusted Net National Income data is updated yearly, averaging 6.464 % from Dec 1972 (Median) to 2016, with 45 observations. The data reached an all-time high of 23.556 % in 2010 and a record low of -6.632 % in 2008. Singapore SG: GDP: Growth: Adjusted Net National Income 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. Adjusted net national income is GNI minus consumption of fixed capital and natural resources depletion.; ; World Bank staff estimates based on sources and methods described in 'The Changing Wealth of Nations 2018: Building a Sustainable Future' (Lange et al 2018).; Weighted average;

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 SG: GDP: Growth: Adjusted Net National Income per Capita data was reported at 1.656 % in 2016. This records an increase from the previous number of -1.013 % for 2015. Singapore SG: GDP: Growth: Adjusted Net National Income per Capita data is updated yearly, averaging 4.124 % from Dec 1972 (Median) to 2016, with 45 observations. The data reached an all-time high of 21.386 % in 2010 and a record low of -11.471 % in 2008. Singapore SG: GDP: Growth: Adjusted Net National Income per 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.WDI: Gross Domestic Product: Annual Growth Rate. Adjusted net national income is GNI minus consumption of fixed capital and natural resources depletion.; ; World Bank staff estimates based on sources and methods in World Bank's 'The Changing Wealth of Nations: Measuring Sustainable Development in the New Millennium' (2011).; Weighted average;

Adjusted net national income per capita (annual % growth) in Singapore was reported at 17.67 % in 2021, according to the World Bank collection of development indicators, compiled from officially recognized sources. Singapore - Adjusted net national income per capita (annual % growth) - actual values, historical data, forecasts and projections were sourced from the World Bank on October of 2025.

Income inequality is an essential cause of violence, stagnant development, and political instability. This study will examine the positive and negative shocks in tourism development, and the distribution of the interaction between tourism development, economic growth, human capital, globalization, and income inequality will be discussed in Singapore, a developed and top-visited country. By adopting autoregressive distributed lag and non-linear autoregressive distributed lag approaches for panel data from 1978 to 2022, the results indicate an asymmetric cointegration among variables, and positive and negative changes in tourism development lead to decreased income inequality. More specifically, the asymmetric effect of tourism is found both in the short- and long-term, and positive shock has a greater impact than negative shock. At the same time, the findings also reveal that economic growth and globalization enhance, while human capital negatively affects income inequality in Singapore. These findings strengthen the belief of Singapore policy-makers and recommend several significant lessons for developing countries to promote tourism, sustainable development, and reduce income inequality.

In 2023, the labor force employment rate of those aged 15 years and above in Singapore was 66.2 percent. Singapore has enjoyed a relatively stable employment rate. In the face of a rapidly aging population, however, it faces higher demand for labor in the workforce. Aging population While Singapore is likely to continue with the strategies of migration and input from foreign labor supply as a means to maintain labor force growth, there is a need to expand the resident labor force at the same time by tapping older age groups as well as women. The minimum retirement age in Singapore is set at 62 years old, however 31.5 percent of residents aged 65 years old were still employed or seeking employment. A profile of older workers in Singapore showed that a large proportion of the current cohort of workers tend to be less educated, and thus many are employed in low-skilled jobs and hence receive lesser wages. It is thus a challenge to raise labor productivity and to enhance their long-term employability in an unstable economic climate. Women in the workforce The female labor force participation rate in Singapore places the city-state behind countries in the APAC region like Vietnam, Cambodia and New Zealand despite higher education attainment amongst women in recent years. The gender gap in the local labor force only emerges when women enter their 30s. In addressing this issue, ad hoc flexible work arrangements, such as unplanned time-off and telecommuting were introduced in recent years. Singapore has also implemented several enhanced maternity benefits and leave schemes for working parents.

Comprehensive salary and compensation data for finance professionals in singapore

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.

In 2024, the real gross domestic product (GDP) in Vietnam grew by approximately **** percent, marking the highest growth rate in Southeast Asia. In comparison, Myanmar's real GDP growth rate dropped by **** percent. Southeast Asia, a tapestry of economic and cultural complexity Historically a critical component of global trade, Southeast Asia is a diverse region with heterogeneous economies. The region comprises ** countries in total. While Singapore is a highly developed country economy and Brunei has a relatively high GDP per capita, the rest of the Southeast Asian countries are characterized by lower GDPs per capita and have yet to overcome the middle-income trap. Malaysia is one of these countries, having reached the middle-income level for many decades but yet to grow incomes proportionally to its economic development. Nevertheless, Southeast Asia’s young population will further drive economic growth across the region’s markets. ASEAN’s economic significance Aiming to promote economic growth, social progress, cultural development, and regional stability, all Southeast Asian countries except for Timor-Leste are part of the political and economic union Association of Southeast Asian Nations (ASEAN). Even though many concerns surround the union, ASEAN has avoided trade conflicts and is one of the largest and most dynamic trade zones globally. Factors such as the growing young population, high GDP growth, a largely positive trade balance, and exemplary regional integration hold great potential for future economic development in Southeast Asia.

The number of employed people in Singapore amounted to 4.02 million people in 2024. Between 1980 and 2024, the number rose by 2.95 million people, though the increase followed an uneven trajectory rather than a consistent upward trend. From 2024 to 2026, the number will increase by 60,000 people.The indicator describes the number of employed people. This refers to persons who during a pre-defined period, either: a) performed wage or salary work, b) held a formal attachment to their job (even if not currently working), (c) performed for-profit work for personal or family gain , (d) were with an enterprise although temporarily not at work for any specific reason.

SG：调整后人均国民净收入：增长在12-01-2016达1.656%，相较于12-01-2015的-1.013%有所增长。SG：调整后人均国民净收入：增长数据按年更新，12-01-1972至12-01-2016期间平均值为4.124%，共45份观测结果。该数据的历史最高值出现于12-01-2010，达21.386%，而历史最低值则出现于12-01-2008，为-11.471%。CEIC提供的SG：调整后人均国民净收入：增长数据处于定期更新的状态，数据来源于World Bank，数据归类于全球数据库的新加坡 – 表 SG.世行.WDI：国内生产总值：年增长率。

Inflation rates in the Association of Southeast Asian Nations (ASEAN) ranged from ** percent inflation in Myanmar to **** percent inflation in Thailand in 2025. Only a few countries are in the 2 to 6 percent range that many economists view as optimal for emerging economies. Effects of high inflation High inflation is generally detrimental to the economy. Prices tend to rise faster than wages, meaning that people and firms have less purchasing power. This in turn leads to slower growth in the gross domestic product (GDP). It also leads to a weaker currency. For countries with a positive trade balance this can be beneficial, because exports are relatively cheaper to foreign buyers. Through the same mechanism, net importers suffer from a weaker currency. Additionally, inflation makes a country’s national debt less expensive if the debt is denominated in the local currency. However, most of this debt is in U.S. dollars, so inflation makes the debt more difficult to service and repay. Risks of deflation With deflation, consumers and firms delay investments because they expect prices to be lower in the future. This slows consumption and investment, two major components of GDP growth. The most common example of this is Japan, where the GDP growth rate has been low for a long time due, in large part, to deflation. For this reason, countries like Brunei would rather see low and stable inflation than slight deflation.

In 2021, the year-on-year growth of life insurance premium income in the Asia-Pacific region was highest in Singapore with over ** percent. That year, the highest non-life insurance YoY growth was reported in Australia at more than ** percent.

Portugal, Canada, and the United States were the countries with the highest house price to income ratio in 2024. In all three countries, the index exceeded 130 index points, while the average for all OECD countries stood at 116.2 index points. The index measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. An index value of 120, for example, would mean that house price growth has outpaced income growth by 20 percent since 2015. How have house prices worldwide changed since the COVID-19 pandemic? House prices started to rise gradually after the global financial crisis (2007–2008), but this trend accelerated with the pandemic. The countries with advanced economies, which usually have mature housing markets, experienced stronger growth than countries with emerging economies. Real house price growth (accounting for inflation) peaked in 2022 and has since lost some of the gain. Although, many countries experienced a decline in house prices, the global house price index shows that property prices in 2023 were still substantially higher than before COVID-19. Renting vs. buying In the past, house prices have grown faster than rents. However, the home affordability has been declining notably, with a direct impact on rental prices. As people struggle to buy a property of their own, they often turn to rental accommodation. This has resulted in a growing demand for rental apartments and soaring rental prices.

In 2023, the private consumption expenditure on food and non-alcoholic beverages in Singapore amounted to around ** billion Singapore dollars. The private consumption expenditure on food and non-alcoholic beverages increased significantly in Singapore since 2020, as food prices increased due to inflation. Increase in food prices in Singapore due to inflation In 2022, the private consumption expenditure in Singapore amounted to ***** billion Singapore dollars. This was the highest amount in the last decade, resulting from a recovery from the COVID-19 pandemic but also the increase in prices of goods due to inflation. Food prices, especially, has increased significantly. For example, the average retail price of cooking oil in 2022 was approximately **** Singapore dollars per two-kilogram bottle, the highest price for this basic commodity in the last decade. The average retail price chicken, Singapore’s most consumed meat protein, increased to **** Singapore dollars per kilogram, from **** Singapore dollars per kilogram a year earlier. Real wages have not kept up with inflation While prices of everyday goods and services have increased significantly, growth in real income have not kept up. In 2022, the real change in median monthly household income in Singapore grew by just *** percent. This has led to many Singaporean households planning to cut down on leisure spending, especially on out-of-home food spending.

The price to earning (PE) ratio of REITs in Singapore was slightly lower than the PE ratio of the total market, but higher than the real estate sector as of March 2024. REITs are companies that own or finance rental real estate. One of their major benefits is liquidity: Though not all REITs are publicly traded, many of the major ones are, which allows investors to easily buy and sell shares. Because REITs pay out most of their taxable income to shareholders as dividends, they typically do not pay any corporate income tax. As of March 2024, the PE ratio of REITs in Singapore stood at 9.5, with the earnings of the market forecast to decline by about 8.2 percent annually. The PE ratio is a valuation metric which is calculated as the ratio of the total market cap to the total earnings. A higher PE ratio means that the market cap has grown higher than the earnings - a sign of high investor confidence, but also that the market may be overpriced.