Singapore ranked 27/197 by economy size with a GDP of $547B and 7/197 by GDP per capita at $90,674. Singapore has $954B in government debt, with a debt-to-GDP ratio of 174.9%.
In 2025, Singapore made up 0.49% of the world's economy, compared to 0.05% in 1960.
The chart below shows GDP in nominal terms, GDP adjusted for inflation (in constant dollars), and a bar chart of year-over-year inflation-adjusted growth.
| Year | GDP | GDP growth | |
|---|---|---|---|
| Current $ | Constant $ | ||
| 1960 | $704,751,700 | $5,946,720,492 | - |
| 1961 | $764,629,788 | $6,430,636,626 | 8.5% |
| 1962 | $826,239,212 | $6,916,371,175 | 8.06% |
| 1963 | $917,608,012 | $7,610,786,827 | 11.1% |
| 1964 | $894,153,311 | $7,374,611,314 | -2.56% |
| 1965 | $974,644,096 | $7,952,357,573 | 9% |
| 1966 | $1,096,425,608 | $8,761,915,153 | 12.5% |
| 1967 | $1,238,035,816 | $9,857,909,188 | 12.9% |
| 1968 | $1,425,706,091 | $11,191,387,995 | 15.2% |
| 1969 | $1,659,893,768 | $12,739,585,038 | 16.4% |
| 1970 | $1,920,574,150 | $14,515,738,367 | 15.7% |
| 1971 | $2,263,785,444 | $16,317,640,427 | 17.9% |
| 1972 | $2,721,440,981 | $18,490,426,054 | 20.2% |
| 1973 | $3,696,213,333 | $20,450,966,487 | 35.8% |
| 1974 | $5,221,534,956 | $21,702,034,804 | 41.3% |
| 1975 | $5,633,673,930 | $22,567,672,249 | 7.89% |
| 1976 | $6,327,077,974 | $24,246,067,681 | 12.3% |
| 1977 | $6,618,585,074 | $25,907,515,502 | 4.61% |
| 1978 | $7,517,176,355 | $27,922,390,122 | 13.6% |
| 1979 | $9,296,921,724 | $30,590,220,574 | 23.7% |
| 1980 | $11,896,256,783 | $33,683,923,408 | 28% |
| 1981 | $14,175,228,844 | $37,327,150,728 | 19.2% |
| 1982 | $16,084,252,378 | $39,978,179,041 | 13.5% |
| 1983 | $17,784,112,150 | $43,398,105,213 | 10.6% |
| 1984 | $19,749,361,098 | $47,213,790,846 | 11.1% |
| 1985 | $19,156,532,746 | $46,919,789,791 | -3% |
| 1986 | $18,586,746,057 | $47,549,833,615 | -2.97% |
| 1987 | $20,919,215,578 | $52,684,232,539 | 12.5% |
| 1988 | $25,371,462,488 | $58,618,369,611 | 21.3% |
| 1989 | $30,465,364,739 | $64,573,309,330 | 20.1% |
| 1990 | $36,144,336,769 | $70,914,989,180 | 18.6% |
| 1991 | $45,466,164,978 | $75,658,065,572 | 25.8% |
| 1992 | $52,131,320,033 | $80,681,614,024 | 14.7% |
| 1993 | $60,603,815,716 | $89,927,445,311 | 16.3% |
| 1994 | $73,688,724,431 | $99,905,515,247 | 21.6% |
| 1995 | $87,812,540,788 | $107,074,136,708 | 19.2% |
| 1996 | $96,293,086,513 | $115,074,063,972 | 9.66% |
| 1997 | $100,123,787,215 | $124,643,863,764 | 3.98% |
| 1998 | $85,728,207,782 | $121,912,898,005 | -14.4% |
| 1999 | $86,286,849,755 | $128,884,330,733 | 0.65% |
| 2000 | $96,076,539,926 | $140,533,304,239 | 11.3% |
| 2001 | $89,793,790,670 | $139,028,385,431 | -6.54% |
| 2002 | $92,538,372,870 | $144,482,970,560 | 3.06% |
| 2003 | $97,646,401,096 | $151,054,425,109 | 5.52% |
| 2004 | $115,033,593,101 | $166,069,208,808 | 17.8% |
| 2005 | $127,807,848,728 | $178,302,402,124 | 11.1% |
| 2006 | $148,627,286,361 | $194,361,682,396 | 16.3% |
| 2007 | $180,941,701,358 | $211,896,059,498 | 21.7% |
| 2008 | $193,617,323,539 | $215,844,707,508 | 7.01% |
| 2009 | $194,150,283,772 | $216,120,888,113 | 0.28% |
| 2010 | $239,807,980,591 | $247,501,100,140 | 23.5% |
| 2011 | $279,356,499,090 | $262,883,130,580 | 16.5% |
| 2012 | $295,092,888,077 | $274,543,305,512 | 5.63% |
| 2013 | $307,576,360,585 | $287,769,788,882 | 4.23% |
| 2014 | $314,863,580,758 | $299,095,084,829 | 2.37% |
| 2015 | $307,998,545,269 | $307,998,545,269 | -2.18% |
| 2016 | $319,646,468,521 | $319,541,032,495 | 3.78% |
| 2017 | $343,673,334,902 | $333,846,562,290 | 7.52% |
| 2018 | $377,123,710,561 | $345,370,865,383 | 9.73% |
| 2019 | $376,161,998,830 | $349,888,458,531 | -0.26% |
| 2020 | $349,165,858,545 | $336,541,232,521 | -7.18% |
| 2021 | $436,591,382,250 | $369,376,902,515 | 25% |
| 2022 | $509,017,841,147 | $384,550,906,479 | 16.6% |
| 2023 | $505,439,514,078 | $391,555,143,382 | -0.7% |
| 2024 | $547,386,645,892 | $408,736,675,577 | 8.3% |
Economic Statistics of Singapore
Singapore
|
Rank | |
|---|---|---|
| Gross domestic product |
$547B
2024 |
27/197 |
| GDP growth |
8.3%
2023-2024 |
56/196 |
| GDP per capita |
$90,674
2024 |
7/197 |
| GDP per capita, PPP |
$150,689
2024 |
2/197 |
| Government debt |
$954B
2024 |
13/185 |
| Debt-to-GDP ratio |
174.9%
2025 |
5/185 |
| Government debt per person |
$158,044
2024 |
1/185 |
| Average annual personal income after taxes |
$55,248
2025 |
6/197 |
| Listed domestic companies |
400
2024 |
21/103 |
| Market capitalization of domestic companies |
$638B
2024 |
20/100 |
| Number of millionaires |
333,204
2024 |
21/34 |
| Millionaire frequency |
1 in 15
2024 |
6/34 |
| Number of billionaires |
49
2025 |
12/78 |
| Billionaire frequency |
1 in 101,647
2025 |
3/78 |
| Government expenditure, % of GDP |
16.7%
2025 |
180/195 |
| Consumer prices inflation |
2.39%
2023-2024 |
127/195 |
| Unemployment rate |
2.74%
2024 |
158/196 |
| Population |
6105665
|
113/197 |
Singapore's GDP per capita
Singapore has a GDP per capita of $90,674, ranking 7/197, a GDP per capita based on purchasing power parity (PPP) of $150,689, ranking 2/197, and a median annual after tax income of $55,248, ranking 6/197.
| Year | Current $ | |
|---|---|---|
| GDP per capita | GDP per capita, PPP | |
| 1960 | $428 | - |
| 1961 | $449 | - |
| 1962 | $472 | - |
| 1963 | $511 | - |
| 1964 | $486 | - |
| 1965 | $517 | - |
| 1966 | $567 | - |
| 1967 | $626 | - |
| 1968 | $709 | - |
| 1969 | $813 | - |
| 1970 | $926 | - |
| 1971 | $1,071 | - |
| 1972 | $1,264 | - |
| 1973 | $1,685 | - |
| 1974 | $2,342 | - |
| 1975 | $2,490 | - |
| 1976 | $2,759 | - |
| 1977 | $2,846 | - |
| 1978 | $3,194 | - |
| 1979 | $3,901 | - |
| 1980 | $4,928 | - |
| 1981 | $5,597 | - |
| 1982 | $6,078 | - |
| 1983 | $6,633 | - |
| 1984 | $7,228 | - |
| 1985 | $7,002 | - |
| 1986 | $6,800 | - |
| 1987 | $7,539 | - |
| 1988 | $8,914 | - |
| 1989 | $10,395 | - |
| 1990 | $11,862 | $23,815 |
| 1991 | $14,502 | $25,530 |
| 1992 | $16,136 | $27,022 |
| 1993 | $18,290 | $30,062 |
| 1994 | $21,552 | $33,058 |
| 1995 | $24,915 | $35,090 |
| 1996 | $26,233 | $36,873 |
| 1997 | $26,376 | $39,286 |
| 1998 | $21,829 | $37,560 |
| 1999 | $21,797 | $39,949 |
| 2000 | $23,853 | $43,781 |
| 2001 | $21,700 | $43,109 |
| 2002 | $22,160 | $45,083 |
| 2003 | $23,730 | $48,778 |
| 2004 | $27,608 | $54,384 |
| 2005 | $29,961 | $58,822 |
| 2006 | $33,768 | $64,061 |
| 2007 | $39,433 | $68,805 |
| 2008 | $40,009 | $67,735 |
| 2009 | $38,927 | $66,213 |
| 2010 | $47,237 | $75,401 |
| 2011 | $53,891 | $80,052 |
| 2012 | $55,548 | $82,108 |
| 2013 | $56,967 | $83,088 |
| 2014 | $57,565 | $84,555 |
| 2015 | $55,646 | $87,156 |
| 2016 | $57,006 | $89,902 |
| 2017 | $61,236 | $95,744 |
| 2018 | $66,882 | $103,963 |
| 2019 | $65,952 | $105,335 |
| 2020 | $61,410 | $101,518 |
| 2021 | $80,056 | $132,617 |
| 2022 | $90,299 | $143,095 |
| 2023 | $85,412 | $143,786 |
| 2024 | $90,674 | $150,689 |
Singapore's government spending, deficit, and chart
This chart shows Singapore's government spending, budget balance, and debt over time, each expressed as a share of GDP.
Over the past 36 years, Singapore recorded a fiscal deficit in 2 years — average annual surplus equal to +3.35% of GDP. In 2024, government spending reached $79.4B (16.7% of GDP), with a surplus of +3.05%.
The national debt reached $954B, ranking 13th out of 185 countries by total size, with a debt-to-GDP ratio of 174.9%, ranking 5th.
| Year | % of GDP | ||
|---|---|---|---|
| Government spending | Government debt | Government deficit/surplus | |
| 1990 | 15.1% | 73.5% | 1.97% |
| 1991 | 15.9% | 76.4% | 0.68% |
| 1992 | 14.5% | 79% | 2.7% |
| 1993 | 14.5% | 71.2% | 4.36% |
| 1994 | 11.7% | 70.7% | 7.9% |
| 1995 | 13.8% | 69.8% | 4.8% |
| 1996 | 18.1% | 71.3% | 1.98% |
| 1997 | 14.5% | 70.8% | 5.66% |
| 1998 | 18.1% | 84.6% | 2.41% |
| 1999 | 15.9% | 85.3% | 5.2% |
| 2000 | 16.1% | 82.3% | 4.59% |
| 2001 | 18.2% | 94.5% | 1.2% |
| 2002 | 15.9% | 96.3% | 2.23% |
| 2003 | 15.6% | 99.1% | 0.68% |
| 2004 | 14.1% | 95.7% | 2.06% |
| 2005 | 12.4% | 92.7% | 2.56% |
| 2006 | 12.3% | 86.5% | 2.16% |
| 2007 | 9.01% | 87.8% | 7.12% |
| 2008 | 14% | 97.9% | 3.59% |
| 2009 | 15.9% | 101.7% | -0.09% |
| 2010 | 10.2% | 98.7% | 5.68% |
| 2011 | 9.66% | 103.1% | 7.96% |
| 2012 | 9.83% | 106.7% | 7.34% |
| 2013 | 10.9% | 98.2% | 5.96% |
| 2014 | 12.6% | 97.7% | 4.6% |
| 2015 | 14.4% | 102.2% | 2.86% |
| 2016 | 15.3% | 106.3% | 3.25% |
| 2017 | 13.6% | 107.6% | 5.24% |
| 2018 | 13.9% | 109.4% | 3.68% |
| 2019 | 14% | 127.9% | 3.77% |
| 2020 | 24.1% | 148.2% | -6.73% |
| 2021 | 15.6% | 141.7% | 1.13% |
| 2022 | 15% | 154.3% | 1.21% |
| 2023 | 14.8% | 172.8% | 3.47% |
| 2024 | 14.5% | 174.3% | 4.43% |
| 2025 | 16.7% | 174.9% | 3.05% |
Inflation rate by year
Over the past 20 years, Singapore has had an average annual inflation rate of 2.14%. In 2024, inflation was 2.39%. The bar chart below shows consumer price inflation by year.
| Year | Inflation |
|---|---|
| 1961 | 0.4% |
| 1962 | 0.42% |
| 1963 | 2.21% |
| 1964 | 1.73% |
| 1965 | 0.18% |
| 1966 | 2.01% |
| 1967 | 3.34% |
| 1968 | 0.66% |
| 1969 | -0.27% |
| 1970 | 0.46% |
| 1971 | 1.76% |
| 1972 | 2.08% |
| 1973 | 19.6% |
| 1974 | 22.4% |
| 1975 | 2.54% |
| 1976 | -1.84% |
| 1977 | 3.16% |
| 1978 | 4.87% |
| 1979 | 4.08% |
| 1980 | 8.53% |
| 1981 | 8.18% |
| 1982 | 3.92% |
| 1983 | 1.2% |
| 1984 | 2.6% |
| 1985 | 0.48% |
| 1986 | -1.39% |
| 1987 | 0.52% |
| 1988 | 1.52% |
| 1989 | 2.35% |
| 1990 | 3.46% |
| 1991 | 3.43% |
| 1992 | 2.26% |
| 1993 | 2.29% |
| 1994 | 3.1% |
| 1995 | 1.72% |
| 1996 | 1.38% |
| 1997 | 2% |
| 1998 | -0.27% |
| 1999 | 0.02% |
| 2000 | 1.36% |
| 2001 | 1% |
| 2002 | -0.39% |
| 2003 | 0.51% |
| 2004 | 1.66% |
| 2005 | 0.43% |
| 2006 | 0.97% |
| 2007 | 2.11% |
| 2008 | 6.64% |
| 2009 | 0.59% |
| 2010 | 2.83% |
| 2011 | 5.25% |
| 2012 | 4.58% |
| 2013 | 2.36% |
| 2014 | 1.03% |
| 2015 | -0.52% |
| 2016 | -0.53% |
| 2017 | 0.58% |
| 2018 | 0.44% |
| 2019 | 0.57% |
| 2020 | -0.17% |
| 2021 | 2.32% |
| 2022 | 6.13% |
| 2023 | 4.83% |
| 2024 | 2.39% |
Balance of trade
|
Singapore
|
Rank | |
|---|---|---|
Current account balance
|
$96B
2024 |
7/189 |
| Current account balance, % of GDP |
+17.5%
2024 |
3/189 |
| Goods imports |
$435B
2024 |
14/188 |
| Goods exports |
$583B
2024 |
10/188 |
| Service imports |
$351B
2024 |
6/188 |
| Service exports |
$396B
2024 |
6/188 |
| Imports of goods and services, % of GDP |
143.6%
2024 |
4/180 |
| Exports of goods and services, % of GDP |
178.8%
2024 |
3/193 |
Singapore's top 10 trading partners
Singapore's biggest trading partner accounting for 16.5%% of all exports and imports is the United States, with a trade balance between the two of -$38.2B — Singapore exports $77.4B worth of goods and services to the United States and imports $116B.
Below is the list of the top 10 trade partners of Singapore.
| Rank | Country | Trade value | Share of total trade | Export to | Import from | Top export to | Top import from |
|---|---|---|---|---|---|---|---|
| 1 |
United States
|
$193B | 16.5% | $77.4B | $116B | Machinery & equipment | Machinery & equipment |
| 2 |
China
|
$165B | 14.1% | $90.7B | $74.4B | Machinery & equipment | Machinery & equipment |
| 3 |
Malaysia
|
$114B | 9.77% | $58.9B | $55.1B | Machinery & equipment | Machinery & equipment |
| 4 |
Japan
|
$79.9B | 6.84% | $45.3B | $34.6B | Government & miscellaneous services | Machinery & equipment |
| 5 |
Indonesia
|
$62.2B | 5.33% | $44.1B | $18.1B | Machinery & equipment | Machinery & equipment |
| 6 |
South Korea
|
$58.9B | 5.05% | $24.9B | $34B | Machinery & equipment | Machinery & equipment |
| 7 |
Australia
|
$51B | 4.37% | $38.2B | $12.8B | Government & miscellaneous services | Precious metals & jewellery |
| 8 |
Thailand
|
$41.8B | 3.58% | $27.1B | $14.7B | Machinery & equipment | Machinery & equipment |
| 9 |
India
|
$36.8B | 3.16% | $20.7B | $16.1B | Machinery & equipment | Raw materials & minerals |
| 10 |
United Kingdom
|
$35.5B | 3.04% | $16.2B | $19.3B | Machinery & equipment | Machinery & equipment |
Singapore's top 10 exports
|
Singapore
|
Rank | |
|---|---|---|
| Machinery & equipment | $301B | 7/193 |
| Business & finance services | $148B | 3/188 |
| Transport & tourism services | $130B | 3/188 |
| Raw materials & minerals | $58.9B | 22/193 |
| Chemicals & pharma | $52.1B | 15/193 |
| IT & IP services | $39.5B | 10/183 |
| Miscellaneous | $34.8B | 6/191 |
| Precious metals & jewellery | $26.3B | 11/190 |
| Processed food, beverages & tobacco | $12.8B | 22/192 |
| Manufacturing & construction services | $10.1B | 8/164 |
Singapore's top 10 imports
|
Singapore
|
Rank | |
|---|---|---|
| Machinery & equipment | $256B | 7/193 |
| Business & finance services | $123B | 5/188 |
| Transport & tourism services | $118B | 6/188 |
| Raw materials & minerals | $92B | 11/193 |
| IT & IP services | $44.9B | 7/182 |
| Chemicals & pharma | $32.5B | 23/193 |
| Precious metals & jewellery | $29B | 7/193 |
| Metals | $12.7B | 31/193 |
| Textiles & consumer goods | $11.5B | 32/193 |
| Processed food, beverages & tobacco | $10.7B | 23/193 |
Economic freedom indices
|
Singapore
|
Rank | |
|---|---|---|
| Economic freedom | 84.1 | 1/197 |
| Property rights | 94.3 | 15/182 |
| Government integrity | 86.4 | 15/182 |
| Judicial effectiveness | 58.3 | 15/182 |
| Tax burden | 89.9 | 31/181 |
| Government spending | 92.9 | 15/180 |
| Fiscal health | 73.9 | 84/181 |
| Business freedom | 90.6 | 3/182 |
| Labor freedom | 77.1 | 3/182 |
| Monetary freedom | 81 | 3/180 |
| Trade freedom | 95 | 1/181 |
| Investment freedom | 90 | 7/181 |
| Financial freedom | 80 | 10/181 |
Singapore's economic freedom by year
Singapore is ranked 1/180 for economic freedom with a score of 84.1, compared to 1/163 and a score of 88.6 in 2005.
| Year | Index | ||||
|---|---|---|---|---|---|
| Economic freedom | Judicial effectiveness | Tax burden | Government spending | Fiscal health | |
| 1995 | 86.3 | - | 80.8 | 88.1 | - |
| 1996 | 86.5 | - | 80.8 | 90.7 | - |
| 1997 | 87.3 | - | 80.6 | 94 | - |
| 1998 | 87 | - | 82.7 | 92.1 | - |
| 1999 | 86.9 | - | 82.7 | 93.4 | - |
| 2000 | 87.7 | - | 82.7 | 91.3 | - |
| 2001 | 87.8 | - | 83.1 | 90.3 | - |
| 2002 | 87.4 | - | 83.1 | 90.3 | - |
| 2003 | 88.2 | - | 87.8 | 90.2 | - |
| 2004 | 88.9 | - | 87.8 | 91.1 | - |
| 2005 | 88.6 | - | 88.5 | 89.3 | - |
| 2006 | 88 | - | 89.5 | 89.6 | - |
| 2007 | 87.1 | - | 89.5 | 93.8 | - |
| 2008 | 87.3 | - | 90.3 | 93.9 | - |
| 2009 | 87.1 | - | 91.1 | 93.8 | - |
| 2010 | 86.1 | - | 90.7 | 95.3 | - |
| 2011 | 87.2 | - | 91.1 | 91.3 | - |
| 2012 | 87.5 | - | 91.3 | 91.3 | - |
| 2013 | 88 | - | 91.1 | 91.3 | - |
| 2014 | 89.4 | - | 91.2 | 91.2 | - |
| 2015 | 89.4 | - | 91.2 | 93.8 | - |
| 2016 | 87.8 | - | 91.2 | 90.1 | - |
| 2017 | 88.6 | 91.5 | 90.5 | 90.1 | 80.7 |
| 2018 | 88.8 | 90.9 | 90.4 | 90.6 | 80 |
| 2019 | 89.4 | 92.4 | 90.4 | 90.7 | 80 |
| 2020 | 89.4 | 92.9 | 90.3 | 91.1 | 80 |
| 2021 | 89.7 | 90.8 | 90.5 | 94.1 | 80 |
| 2022 | 84.4 | 58.3 | 90.5 | 90.1 | 79.6 |
| 2023 | 83.9 | 91.2 | 90.6 | 89 | 78 |
| 2024 | 83.5 | 58.3 | 90.7 | 89.2 | 76 |
| 2025 | 84.1 | 58.3 | 89.9 | 92.9 | 73.9 |
More economic indicators
|
Singapore
|
Rank | |
|---|---|---|
| Services, % of GDP |
73%
2024 |
16/191 |
| Industry, % of GDP |
21.4%
2024 |
123/194 |
| Agriculture, forestry, and fishing, % of GDP |
0.03%
2024 |
192/193 |
|
GNI, Atlas method
|
$451B
2024 |
34/194 |
| GNI per capita, PPP |
$126,190
2024 |
1/191 |
| Total reserves including gold |
$384B
2024 |
9/177 |
|
Net foreign direct investment
|
-$96.7B
2024 |
188/188 |
|
Net inflows of foreign direct investment
|
$152B
2024 |
2/193 |
|
Net outflows of foreign direct investment
|
$55.3B
2024 |
9/187 |
|
Gross capital formation, % of GDP
|
22.2%
2024 |
101/176 |
Compare countries by 7 more topics
GDP per capita map
GDP per capita
Relevant pages:
Singapore topic pages:
Economy comparisons
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.