GDP

GDP of Singapore in 2023 - Expenditure Approach, Sector Output, and Regional GDP

Last Updated: October 31, 2023
sgp

GDP Summary

“Japan with a population of had a total GDP value of US dollars (calculated in current US dollars) for the whole of 2022. The GDP per capita is 33854, and the growth rate in 2022 is 1%.”

Population

5.704 million

Land Size

709 km²

GDP

466.79 billion

GDP Per Capita

82808 USD

Real GDP Growth
Note: Real GDP Growth (%) | Forecast after 2023
GDP Per Capital (Nominal)
Note: Current USD | Forecast after 2023
GDP Per Capita (PPP)
Note: PPP | Forecast after 2023

GDP Structure (Expenditure Approach)

The latest GDP update was in October 2023, updating the data on the contribution of GDP output in various sectors for the year 2022, as a proportion of the total GDP. The data is sourced from the World Bank, IMF, and local government statistics. Predictions on the sources of GDP contribution are from the EIU.

Private Consumption
29.9%
Government Expneidutre
10%
Capital Formation
20.6%
Export
100%
Import
100%
GDP Growth(By Type)
Note: Real GDP Growth (%) | Forecast after 2023

GDP Structure By Sector

The latest GDP update was in October 2023, updating the data on the contribution of GDP output in various sectors for the year 2022, as a proportion of the total GDP. The data is sourced from the World Bank, IMF, and local government statistics. Predictions on the sources of GDP contribution are from the EIU.

Agriculture
0%
Industry
27.8%
Manufacturing
23.3%
Service
68%
Economic Growth(By Sector)
Note: Real GDP Growth (%) | Forecast after 2023

Economic Development

The economy of Singapore is facing dynamic shifts as evidenced by recent trade data. Advanced GDP figures revealed a contraction of 0.7% quarter on quarter seasonally adjusted (q/q sa) in Q1 2023, following a marginal rise of 0.1% in the preceding quarter. The data, however, suggests an improvement in Q2. The trade landscape of Singapore shows signs of change with domestic exports rebounding, while net trade is projected to shrink in 2023 and 2024. The domestic exports surge in March and April was primarily propelled by a recovery in exports to China and robust shipments of pharmaceuticals. In contrast, re-exports have been steady in the past few months. Concurrently, the tourism sector is showing signs of recovery, particularly due to arrivals from China, which accounted for 30% of their 2019 numbers in April, marking an increase from 9% in January. However, core inflation, though still...

Unemployment

2.1 %

Inflation

6.1 %

Urbanization

100 %

TFR

1.1 人

Unemployment Rate
Unit: %
Inflation Rate
Unit: %