Singapore/Economy

Economy of Singapore

An overview of key economic indicators. Select a category for detailed trends, charts, and insights.

Explore Economic Domains

Growth & Output

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GDP (USD)
$501.4B(2023)
GDP PPP (USD)
$837.7B(2023)
GDP per Capita (USD)
$84,734(2023)
GDP Growth (inflation-adjusted)
1.1%(2023)
Inflation (CPI Annual %)
2.4%(2024)

Trade & Finance

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Exports (as share of GDP)
174.3%(2023)
Imports (as share of GDP)
136.9%(2023)
FDI Inflows (as share of GDP)
34.9%(2023)
Remittance Inflow (USD)
$0.0(2023)
Tax Revenue (as share of GDP)
14%(2023)

Labor & Income

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Unemployment Rate
3.2%(2024)
Employment in Services
85.5%(2023)
GNI per Capita (USD)
$70,590(2023)

Energy & Environment

Coming Soon
Energy Use per Capita
6630 kg oil eq.(2022)
Renewable Energy Consumption (%)
1.1%(2021)

Economic Snapshot Overview

A summary of key economic indicators for Singapore

  • The economic architecture of Singapore is substantial, anchored by a Gross Domestic Product (GDP) of approximately $501.43B
    2023
    . This places it as the 30th largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $84.73K
    2023
    , while its GDP in Purchasing Power Parity (PPP) terms is estimated at $837.66B, reflecting the population's domestic purchasing power. The economy is seeing modest growth of 1.1%
    2023
    , accompanied by stable price levels, with inflation (CPI) at 2.4%
    2024
    .
  • On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The country maintains a strong trade surplus, with exports representing 174.3% of GDP and imports 136.9%
    2023
    . Foreign Direct Investment (FDI) inflows are significant, constituting 34.95% of the economy
    2023
    . This performance positions the country 2nd globally out of 186 nations, indicating its relative attractiveness to foreign capital. The government faces fiscal constraints, with tax revenue representing only 14.0% of GDP
    2023
    .
  • The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $70,590
    2023
    . Globally, this ranks the nation 10th out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The labor market is robust, with a low unemployment rate of 3.2%
    2024
    . The services sector is a primary driver of the labor market, accounting for 85.5% of total employment
    2023
    .
  • On the environment and energy front, energy consumption per capita is 6,630.39 kg of oil equivalent
    2022
    . The energy mix is still heavily reliant on traditional sources, with renewables contributing 1.1%
    2021
    . Its commitment to clean energy places it 17th among 190 countries for its share of renewable energy consumption.

Key Economic Insights

Macroeconomic Health

Maintaining a balance between growth, inflation, and employment is the central challenge for economic policymakers.

Trade & Investment Profile

A highly open, export-oriented economy that is deeply integrated into global markets and attractive to foreign capital.

Social Equity & Distribution

Distributing the benefits of economic growth equitably is crucial for social cohesion and long-term stability.

Energy & Sustainability

Heavy reliance on fossil fuels creates significant long-term risks related to climate change, price volatility, and energy security.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.