Singapore - Economy
How is the economy of Singapore? Based on the information we have, Singapore has a

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

. Key agricultural products in this country include: chicken, eggs, vegetables, pork, duck, spinach, lettuce, pork offal, cabbages, pork fat (2023).
More about the economy of Singapore
Labor force 3.722 million (2024 est.)
Industrial production growth rate 4.2% (2024 est.)
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
Population below poverty line
Taxes and other revenues 13.9% (of GDP) (2023 est.)
Fiscal year
Exchange rates
Currency Singapore dollars (SGD) per US dollar -
Exchange rates 2024 1.336 (2024 est.)
Exchange rates 2023 1.343 (2023 est.)
Exchange rates 2022 1.379 (2022 est.)
Exchange rates 2021 1.343 (2021 est.)
Exchange rates 2020 1.38 (2020 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2024 $383.946 billion (2024 est.)
Reserves of foreign exchange and gold 2023 $359.835 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $296.629 billion (2022 est.)
Current account balance
Current account balance 2024 $96.015 billion (2024 est.)
Current account balance 2023 $89.403 billion (2023 est.)
Current account balance 2022 $93.771 billion (2022 est.)
Public debt
Public debt 2023 175.6% of GDP (2023 est.)
Budget
Revenues $80.855 billion (2022 est.)
Expenditures $75.448 billion (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 0% of GDP (2023 est.)
Remittances 2022 0% of GDP (2022 est.)
Remittances 2021 0% of GDP (2021 est.)
Average household expenditures
On food 7% of household expenditures (2023 est.)
On alcohol and tobacco 1.7% of household expenditures (2023 est.)
Imports
Imports 2024 $786.02 billion (2024 est.)
Imports 2023 $728.5 billion (2023 est.)
Imports 2022 $744.364 billion (2022 est.)
Imports (partners) China 15%, Malaysia 11%, Taiwan 11%, USA 10%, S. Korea 6% (2023)
Comodities Imports force integrated circuits, refined petroleum, crude petroleum, gold, gas turbines (2023)
Exports
Imports 2024 $786.02 billion (2024 est.)
Imports 2023 $728.5 billion (2023 est.)
Imports 2022 $744.364 billion (2022 est.)
Exports (partners) Hong Kong 13%, China 11%, USA 10%, Malaysia 9%, S. Korea 6% (2023)
Comodities Exports force integrated circuits, refined petroleum, machinery, vaccines, gold (2023)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2024 $800.304 billion (2024 est.)
Real GDP (purchasing power parity) 2023 $766.662 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $752.948 billion (2022 est.)
GDP (official exchange rate) $547.387 billion (2024 est.)
Real GDP Per capita
Real GDP per capita 2024 $132,600 (2024 est.)
Real GDP per capita 2023 $129,600 (2023 est.)
Real GDP per capita 2022 $133,600 (2022 est.)
GDP - composition, by sector of origin
Agriculture 0% (2024 est.)
Industry 21.4% (2024 est.)
Services 73% (2024 est.)
GDP - composition, by end use
Household consumption 31.5% (2024 est.)
Government consumption 10.6% (2024 est.)
Investment in fixed capital 21.9% (2024 est.)
Investment in inventories 0.3% (2024 est.)
Exports of goods and services 178.8% (2024 est.)
Imports of goods and services -143.6% (2024 est.)
Unemployment rate
Unemployment rate 2024 3.2% (2024 est.)
Unemployment rate 2023 3.5% (2023 est.)
Unemployment rate 2022 3.6% (2022 est.)
Youth unemployment rate (ages 15-24)
Total 7.8% (2024 est.)
Male 5.6% (2024 est.)
Female 10.8% (2024 est.)
All Important Facts about Singapore

Want to know more about Singapore? Check all different factbooks for Singapore below.

Singapore is found in South-Eastern Asia