Singapore Economy - 2022

GEOGRAPHICAL NAMES 

Economic overview

Singapore has a highly developed and successful free-market economy. It enjoys an open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and on Singapore’s vibrant transportation, business, and financial services sectors.

 

The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010. Growth from 2012-2017 was slower than during the previous decade, a result of slowing structural growth - as Singapore reached high-income levels - and soft global demand for exports. Growth recovered to 3.6% in 2017 with a strengthening global economy.

 

The government is attempting to restructure Singapore’s economy to reduce its dependence on foreign labor, raise productivity growth, and increase wages amid slowing labor force growth and an aging population. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a signatory of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and a party to the Regional Comprehensive Economic Partnership (RCEP) negotiations with nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.

Real GDP (purchasing power parity)

$531.04 billion (2020 est.)

$561.3 billion (2019 est.)

$553.85 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

0.73% (2019 est.)

3.48% (2018 est.)

4.34% (2017 est.)

Real GDP per capita

$93,400 (2020 est.)

$98,400 (2019 est.)

$98,200 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$372.088 billion (2019 est.)

Inflation rate (consumer prices)

0.5% (2019 est.)

0.4% (2018 est.)

0.5% (2017 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

5.7% (2017 est.)

Labor force

3.778 million (2019 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

2.25% (2019 est.)

2.1% (2018 est.)

Youth unemployment rate (ages 15-24)

total: 7.5%

male: 5%

female: 10.2% (2021 est.)

Population below poverty line

N/A

Gini Index coefficient - distribution of family income

45.9 (2017)

45.8 (2016)

Household income or consumption by percentage share

lowest 10%: 1.6%

highest 10%: 27.5% (2017)

Budget

revenues: 50.85 billion (2017 est.)

expenditures: 51.87 billion (2017 est.)

note: expenditures include both operational and development expenditures

Budget surplus (+) or deficit (-)

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

Public debt

111.1% of GDP (2017 est.)

106.8% of GDP (2016 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

15.7% (of GDP) (2017 est.)

Fiscal year

1 April - 31 March

Current account balance

$63.109 billion (2019 est.)

$64.042 billion (2018 est.)

Exports

$599.2 billion (2020 est.) note: data are in current year dollars

$658.54 billion (2019 est.) note: data are in current year dollars

$665.7 billion (2018 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

$490.68 billion (2020 est.) note: data are in current year dollars

$552.71 billion (2019 est.) note: data are in current year dollars

$557.49 billion (2018 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

$279.9 billion (31 December 2017 est.)

$271.8 billion (31 December 2016 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 -

1.33685 (2020 est.)

1.35945 (2019 est.)

1.3699 (2018 est.)

1.3748 (2014 est.)

1.2671 (2013 est.)

NOTE: The information regarding Singapore on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Singapore 2022 information contained here. All suggestions for corrections of any errors about Singapore 2022 should be addressed to the CIA or the source cited on each page.