Singapore Economy
Is Singapore a wealthy country?
General economic overview of Singapore.
1. Economic Structure:
Singapore has a highly developed and diversified economy, characterized by a strong emphasis on trade, finance, and technology. The country has successfully transitioned from a labor-intensive industrial economy to a knowledge-based and innovation-driven one.
2. GDP and Growth:
Singapore has a high GDP per capita, making it one of the wealthiest nations in the world. The economy experienced robust growth for several decades, driven by its strategic location, open trade policies, and pro-business environment. However, growth slowed in recent years due to global economic challenges, including trade tensions and the COVID-19 pandemic.
3. Trade and Investment:
Singapore is a major global hub for trade and investment. The country's open and export-oriented economy relies heavily on international trade. It has a well-developed port and serves as a regional financial and business center. Singapore has been actively promoting itself as a hub for technology and innovation, attracting foreign investment in these sectors.
4. Financial Sector:
Singapore has a sophisticated and stable financial sector. The country is a global financial hub with a strong banking system, a thriving stock exchange (Singapore Exchange), and a rapidly growing fintech sector. The Monetary Authority of Singapore (MAS) plays a crucial role in maintaining monetary stability and financial supervision.
5. Technology and Innovation:
Singapore places a strong emphasis on technology and innovation. The government has implemented policies to encourage research and development, entrepreneurship, and the adoption of digital technologies. The country aims to position itself as a Smart Nation, leveraging technology for economic growth and societal improvements.
6. Government Policies:
Singapore's government has a history of implementing prudent economic policies, emphasizing fiscal discipline and free-market principles. The country has also been proactive in diversifying its economy and investing in human capital through education and training.
7. Challenges:
While Singapore has enjoyed economic success, it faces challenges such as an aging population, which may impact labor force dynamics and healthcare expenditures. The country is also susceptible to global economic uncertainties, given its reliance on international trade.
Singapore Economy Data
What is the GDP of Singapore?
| Currency Name and Code | Singapore Dollar (SGD) |
| GDP - Gross Domestic Product (PPP) | $531,040,000,000 (USD) |
| GDP - official exchange rate | $294,000,000,000 (USD) |
| GDP - real growth rate | 2.2% |
| GDP Per Capita | $85,700.00 (USD) |
| GDP by Sector- Industry | 23.8% |
| GDP by Sector- services | 76.2% |
| GDP - composition, by end use |
household consumption: 38.8% government consumption: 10.1% investment in fixed capital: 26.2% investment in inventories: -0.5% exports of goods and services: 184.3% imports of goods and services: -158.9% |
| Inflation Rate | 2.8% |
| Labor Force | 3,075,000 |
| Labor Force By Occupation- agriculture | 1.3% |
| Labor Force By Occupation- industry | 18.6% |
| Labor Force By Occupation- services | 80.1% |
| Labor Force by Occupation - note | data excludes non-residents |
| Unemployment Rate | 2.1% |
| Fiscal Year | 1 April - 31 March |
| Annual Budget | $29,870,000,000 (USD) |
| Budget Surplus or Deficit - percent of GDP | 1.3% |
| Public Debt (% of GDP) | 102% |
| Taxes and other revenues - percent of GDP | 15.4% |
| Major Industries | electronics, chemicals, financial services, oil drilling equipment, petroleum refining, rubber processing and rubber products, processed food and beverages, ship repair, offshore platform construction, life sciences, entrepot trade |
| Industrial Growth Rate | 25% |
| Agriculture Products | rubber, copra, fruit, orchids, vegetables, poultry, eggs, fish, ornamental fish |
| Exchange Rate per US Dollar | Singapore dollar (SGD) |
| Commercial Bank Prime Lending Rate | 5.38% |