Singapore - Economy
How is the economy of Singapore? Based on the information we have, Singapore has a 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. Key agricultural products in this country include: chicken, eggs, pork, vegetables, duck, spinach, pork offal, pork fat, cabbages, lettuce (2022).
More about the economy of Singapore
Labor force 3.619 million (2023 est.)
Industrial production growth rate -2.89% (2023 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 12.03% (of GDP) (2022 est.)
Fiscal year
Exchange rates
Currency Singapore dollars (SGD) per US dollar -
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.)
Exchange rates 2019 1.364 (2019 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2023 $359.835 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $296.629 billion (2022 est.)
Reserves of foreign exchange and gold 2021 $425.098 billion (2021 est.)
Current account balance
Current account balance 2023 $99.128 billion (2023 est.)
Current account balance 2022 $89.701 billion (2022 est.)
Current account balance 2021 $86.137 billion (2021 est.)
Public debt
Public debt 2021 150.14% of GDP (2021 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.)
Household income
Lowest 10% 1.6%
Highest 10% 27.5% (2017)
Average household expenditures
On food 7% of household expenditures (2022 est.)
On alcohol and tobacco 1.9% of household expenditures (2022 est.)
Imports
Imports 2023 $686.656 billion (2023 est.)
Imports 2022 $733.876 billion (2022 est.)
Imports 2021 $637.165 billion (2021 est.)
Imports (partners) China 17%, Malaysia 13%, US 10%, Taiwan 9%, South Korea 5% (2022)
Comodities Imports force integrated circuits, refined petroleum, crude petroleum, gold, machinery (2022)
Exports
Imports 2023 $686.656 billion (2023 est.)
Imports 2022 $733.876 billion (2022 est.)
Imports 2021 $637.165 billion (2021 est.)
Exports (partners) Hong Kong 14%, China 13%, Malaysia 9%, US 8%, Indonesia 6% (2022)
Comodities Exports force integrated circuits, refined petroleum, machinery, gold, gas turbines (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $754.758 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $746.73 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $719.13 billion (2021 est.)
GDP (official exchange rate) $501.428 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $127,500 (2023 est.)
Real GDP per capita 2022 $132,500 (2022 est.)
Real GDP per capita 2021 $131,900 (2021 est.)
GDP - composition, by sector of origin
Agriculture 0% (2023 est.)
Industry 22.4% (2023 est.)
Services 72.4% (2023 est.)
GDP - composition, by end use
Household consumption 31.3% (2023 est.)
Government consumption 10.2% (2023 est.)
Investment in fixed capital 22.2% (2023 est.)
Investment in inventories -1.2% (2023 est.)
Exports of goods and services 174.3% (2023 est.)
Imports of goods and services -136.9% (2023 est.)
Unemployment rate
Unemployment rate 2023 3.47% (2023 est.)
Unemployment rate 2022 3.59% (2022 est.)
Unemployment rate 2021 4.64% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 8.3% (2023 est.)
Male 6.5% (2023 est.)
Female 10.4% (2023 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