Countries
Singapore
Key Economic Indicators
$909.69 billion
$150,689
4.39%
2.39%
2.82%
$547.387 billion (2024 est.)
176 % of GDP
$96.02 billion
Economic Overview
<p>high-income, service-based economy; global financial hub; business-friendly policies and open to investment and trade; inflation easing but persistent in services; public investments in education, healthcare, and infrastructure; strong human capital development challenged by aging population</p>
All Economic Data
Agricultural products
chicken, eggs, vegetables, pork, duck, spinach, lettuce, pork offal, cabbages, pork fat (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Average household expenditures
On alcohol and tobacco:
1.7% of household expenditures (2023 est.)
On food:
7% of household expenditures (2023 est.)
Budget
Expenditures:
$73.144 billion (2022 est.)
Note:
<b>note:</b> central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated
Revenues:
$80.836 billion (2022 est.)
Currency
code:
SGD
name:
Singapore dollar (SGD) [$]
Current account balance
$96.02 billion
Current account balance 2022:
$93.771 billion (2022 est.)
Current account balance 2023:
$89.403 billion (2023 est.)
Current account balance 2024:
$96.015 billion (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Exchange rates
Currency:
Singapore dollars (SGD) per US dollar -
Exchange rates 2020:
1.38 (2020 est.)
Exchange rates 2021:
1.343 (2021 est.)
Exchange rates 2022:
1.379 (2022 est.)
Exchange rates 2023:
1.343 (2023 est.)
Exchange rates 2024:
1.336 (2024 est.)
Exports
$978.6 billion
Exports 2022:
$947.355 billion (2022 est.)
Exports 2023:
$917.683 billion (2023 est.)
Exports 2024:
$978.597 billion (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
integrated circuits, refined petroleum, machinery, vaccines, gold (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
Hong Kong 13%, China 11%, USA 10%, Malaysia 9%, S. Korea 6% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$151.94 billion
GDP - composition, by end use
Exports of goods and services:
178.8% (2024 est.)
Government consumption:
10.6% (2024 est.)
Household consumption:
31.5% (2024 est.)
Imports of goods and services:
-143.6% (2024 est.)
Investment in fixed capital:
21.9% (2024 est.)
Investment in inventories:
0.3% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
0% (2024 est.)
Industry:
21.4% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
73% (2024 est.)
GDP (official exchange rate)
$547.387 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$90,674
Gini Index coefficient - distribution of family income
Gini Index coefficient - distribution of family income 2016:
45.8 (2016)
GNI (gross national income)
$458.4 billion
GNI per capita
$74,750
Gross domestic investment
22 % of GDP
Imports
$786.02 billion
Imports 2022:
$744.364 billion (2022 est.)
Imports 2023:
$728.5 billion (2023 est.)
Imports 2024:
$786.02 billion (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
integrated circuits, refined petroleum, crude petroleum, gold, gas turbines (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
China 15%, Malaysia 11%, Taiwan 11%, USA 10%, S. Korea 6% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
4.2% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
electronics, chemicals, financial services, oil drilling equipment, petroleum refining, biomedical products, scientific instruments, telecommunication equipment, processed food and beverages, ship repair, offshore platform construction, entrepot trade
Inflation rate (consumer prices)
2.39%
Inflation rate (consumer prices) 2022:
6.1% (2022 est.)
Inflation rate (consumer prices) 2023:
4.8% (2023 est.)
Inflation rate (consumer prices) 2024:
2.4% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
3.722 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
3.74 million persons
Labor force - by occupation
agriculture:
0.1%
industry:
14%
services:
85.91%
Public debt
176 % of GDP
Note:
<b>note:</b> central government debt as a % of GDP
Public debt 2023:
175.6% of GDP (2023 est.)
Real GDP (purchasing power parity)
$909.69 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$752.948 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$766.662 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$800.304 billion (2024 est.)
Real GDP growth rate
4.39%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
4.1% (2022 est.)
Real GDP growth rate 2023:
1.8% (2023 est.)
Real GDP growth rate 2024:
4.4% (2024 est.)
Real GDP per capita
$150,689
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$133,600 (2022 est.)
Real GDP per capita 2023:
$129,600 (2023 est.)
Real GDP per capita 2024:
$132,600 (2024 est.)
Remittances
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2021:
0% of GDP (2021 est.)
Remittances 2022:
0% of GDP (2022 est.)
Remittances 2023:
0% of GDP (2023 est.)
Reserves of foreign exchange and gold
$383.95 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$296.629 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$359.835 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$383.946 billion (2024 est.)
Revenue (excl grants)
19 % of GDP
Tax revenue
14 % of GDP
Taxes and other revenues
13.9% (of GDP) (2023 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
2.82%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
3.6% (2022 est.)
Unemployment rate 2023:
3.5% (2023 est.)
Unemployment rate 2024:
3.2% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
10.8% (2024 est.)
Male:
5.6% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
7.8% (2024 est.)
World Bank Indicators
Currency
West African CFA franc (XOF) Fr (2025)
Gini Index
40.30 (2011)
Languages
French (2025)
Economic Rankings
GDP per Capita
#4
Exports
#7
Reserves
#9
Imports
#10
GDP (Nominal)
#26
Gini Index
#26
GDP (PPP)
#35
GDP Growth Rate
#112
Unemployment Rate
#134
Inflation Rate
#140
Quick Facts
Industries
electronics, chemicals, financial services, oil drilling equipment, petroleum refining, biomedical products, scientific instruments, telecommunication equipment, processed food and beverages, ship rep
Agricultural products
chicken, eggs, vegetables, pork, duck, spinach, lettuce, pork offal, cabbages, pork fat (2023)
Labor force
3.722 million (2024 est.)
Exports - partners
Hong Kong 13%, China 11%, USA 10%, Malaysia 9%, S. Korea 6% (2023)
Imports - partners
China 15%, Malaysia 11%, Taiwan 11%, USA 10%, S. Korea 6% (2023)
Exchange rates
Singapore dollars (SGD) per US dollar -
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