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 | 3.541 million (2022 est.) |
|---|---|
| Industrial production growth rate | 2.9% (2022 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 | 13.12% (of GDP) (2021 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Singapore dollars (SGD) per US dollar - |
| 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.) |
| Exchange rates 2018 | 1.349 (2018 est.) |
| Debt - external | |
| Debt - external 2019 | $1,557,646,000,000 (2019 est.) |
| Debt - external 2018 | $1,528,177,000,000 (2018 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2022 | $296.629 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $425.098 billion (2021 est.) |
| Reserves of foreign exchange and gold 2020 | $369.834 billion (2020 est.) |
| Current account balance | |
| Current account balance 2022 | $90.239 billion (2022 est.) |
| Current account balance 2021 | $76.374 billion (2021 est.) |
| Current account balance 2020 | $57.316 billion (2020 est.) |
| Public debt | |
| Public debt 2021 | 153.8% of GDP (2021 est.) |
| Public debt 2020 | 152.04% of GDP (2020 est.) |
| Public debt 2019 | 127.85% of GDP (2019 est.) |
| Budget | |
| Revenues | $59.974 billion (2020 est.) |
| Expenditures | $90.264 billion (2020 est.) |
| Budget surplus (+) or deficit (-) | -0.3% (of GDP) (2017 est.) |
| Remittances | |
| Remittances 2022 | 0% of GDP (2022 est.) |
| Remittances 2021 | 0% of GDP (2021 est.) |
| Remittances 2020 | 0% of GDP (2020 est.) |
| Household income | |
| Lowest 10% | 1.6% |
| Highest 10% | 27.5% (2017) |
| Average household expenditures | |
| On food | 8.4% of household expenditures (2021 est.) |
| On alcohol and tobacco | 2% of household expenditures (2021 est.) |
| Imports | |
| Imports 2022 | $701.629 billion (2022 est.) |
| Imports 2021 | $631.615 billion (2021 est.) |
| Imports 2020 | $525.324 billion (2020 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 2022 | $701.629 billion (2022 est.) |
| Imports 2021 | $631.615 billion (2021 est.) |
| Imports 2020 | $525.324 billion (2020 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) 2022 | $609.002 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $587.573 billion (2021 est.) |
| Real GDP (purchasing power parity) 2020 | $539.641 billion (2020 est.) |
| GDP (official exchange rate) | $466.788 billion (2022 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2022 | $108,000 (2022 est.) |
| Real GDP per capita 2021 | $107,700 (2021 est.) |
| Real GDP per capita 2020 | $94,900 (2020 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 0% (2017 est.) |
| Industry | 24.8% (2017 est.) |
| Services | 75.2% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 35.6% (2017 est.) |
| Government consumption | 10.9% (2017 est.) |
| Investment in fixed capital | 24.8% (2017 est.) |
| Investment in inventories | 2.8% (2017 est.) |
| Exports of goods and services | 173.3% (2017 est.) |
| Imports of goods and services | -149.1% (2017 est.) |
| Unemployment rate | |
| Unemployment rate 2022 | 3.59% (2022 est.) |
| Unemployment rate 2021 | 4.64% (2021 est.) |
| Unemployment rate 2020 | 4.1% (2020 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 9.1% (2021 est.) |
| Male | 7% |
| Female | 11.8% |
All Important Facts about Singapore
Want to know more about Singapore? Check all different factbooks for Singapore below.
