Singapore Economy - 2023

Economic overview

high-income, service-based Southeast Asian economy; renowned for financial markets and Asian Infrastructure Exchange; business-driven regulations; low unemployment; electronics, oil, and chemicals exporter; continuing education investment

Real GDP (purchasing power parity)

$578.254 billion (2021 est.)

$537.341 billion (2020 est.)

$560.566 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

7.61% (2021 est.)

-4.14% (2020 est.)

1.1% (2019 est.)

Real GDP per capita

$106,000 (2021 est.)

$94,500 (2020 est.)

$98,300 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$372.088 billion (2019 est.)

Inflation rate (consumer prices)

2.3% (2021 est.)

-0.18% (2020 est.)

0.57% (2019 est.)

Credit ratings

Fitch rating: AAA (2003)

Moody's rating: Aaa (2002)

Standard & Poors rating: AAA (1995)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 0% (2017 est.)

industry: 24.8% (2017 est.)

services: 75.2% (2017 est.)

GDP - composition, by end use

household consumption: 35.6% (2017 est.)

government consumption: 10.9% (2017 est.)

investment in fixed capital: 24.8% (2017 est.)

investment in inventories: 2.8% (2017 est.)

exports of goods and services: 173.3% (2017 est.)

imports of goods and services: -149.1% (2017 est.)

Agricultural products

poultry, eggs, vegetables, pork, duck meat, spinach, pig offals, bird eggs, pig fat, cabbages

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

Industrial production growth rate

13.32% (2021 est.)

Labor force

3.29 million (2021 est.)

note: excludes non-residents

Labor force - by occupation

agriculture: 0.7%

industry: 25.6%

services: 73.7% (2017)

note: excludes non-residents

Unemployment rate

3.62% (2021 est.)

4.1% (2020 est.)

3.1% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 9.1%

male: 7%

female: 11.8% (2021 est.)

Population below poverty line

N/A

Gini Index coefficient - distribution of family income

45.9 (2017)

Average household expenditures

on food: 6.9% of household expenditures (2018 est.)

on alcohol and tobacco: 1.9% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 1.6%

highest 10%: 27.5% (2017)

Budget

revenues: $59.974 billion (2020 est.)

expenditures: $90.264 billion (2020 est.)

note: expenditures include both operational and development expenditures

Budget surplus (+) or deficit (-)

-0.3% (of GDP) (2017 est.)

Public debt

153.41% of GDP (2020 est.)

128.31% of GDP (2019 est.)

110.73% of GDP (2018 est.)

note: Singapore's public debt consists largely of Singapore Government Securities (SGS) issued to assist the Central Provident Fund (CPF), which administers Singapore's defined contribution pension fund; special issues of SGS are held by the CPF, and are non-tradable; the government has not borrowed to finance deficit expenditures since the 1980s; Singapore has no external public debt

Taxes and other revenues

12.89% (of GDP) (2020 est.)

Fiscal year

1 April - 31 March

Current account balance

$71.926 billion (2021 est.)

$58.139 billion (2020 est.)

$54.273 billion (2019 est.)

Exports

$733.782 billion (2021 est.) note: data are in current year dollars

$627.442 billion (2020 est.) note: data are in current year dollars

$658.127 billion (2019 est.) note: data are in current year dollars

Exports - partners

China 15%, Hong Kong 13%, Malaysia 9%, United States 8%, Indonesia 7%, India 5% (2019)

Exports - commodities

integrated circuits, refined petroleum, gold, gas turbines, packaged medicines (2019)

Imports

$609.28 billion (2021 est.) note: data are in current year dollars

$517.967 billion (2020 est.) note: data are in current year dollars

$550.209 billion (2019 est.) note: data are in current year dollars

Imports - partners

China 16%, Malaysia 11%, United States 9%, Taiwan 7%, Japan 5%, Indonesia 5% (2019)

Imports - commodities

integrated circuits, refined petroleum, crude petroleum, gold, gas turbines (2019)

Reserves of foreign exchange and gold

$425.098 billion (31 December 2021 est.)

$369.834 billion (31 December 2020 est.)

$285.478 billion (31 December 2019 est.)

Debt - external

$1,557,646,000,000 (2019 est.)

$1,528,177,000,000 (2018 est.)

Exchange rates

Singapore dollars (SGD) per US dollar -

1.343 (2021 est.)

1.38 (2020 est.)

1.364 (2019 est.)

1.349 (2018 est.)

1.381 (2017 est.)