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 | 3.672 million (2024 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 | 14% (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 | $365.494 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 | 177% 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.) |
| Household income | |
| Lowest 10% | 1.6% |
| Highest 10% | 27.5% (2017) |
| 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) 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 2024 | 3.2% (2024 est.) |
| Unemployment rate 2023 | 3.4% (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.
