Indicators of economy in Singapore

Impact of the COVID-19 pandemic

The consequences of the COVID pandemic were not insignificant in Singapore 2020. Overall, gross domestic product in 2020 fell from 375.47 billion US dollars to 345.30 billion US dollars. With a drop of 8.0 percent, the economy in Singapore suffered more significant losses than other countries. The unemployment rate rose from 3.1 to 4.1 percent. The country's gross debt increased by 7.6 percent. The inflation rate fell from 0.6 percent previously to -0.2 percent by the end of 2020.

In 2021, there was already a recovery and the gross domestic product increased to 396.99 billion US dollars (=105.7% of 2019).

Income and purchasing power

The average monthly income in Singapore is 5,334 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 27.9 percent lower than in the USA. If you compare income and price level, the result is a cheaper life in Singapore than in the USA. In the end, the lower costs cancel out the lower income and you get about 25.1 percent more for the typical income in the country.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2022

Economic performance 2021

In the Global Innovation Index, Singapore ranked 7th in 2022 with 57.3 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points. Out of the 2,000 largest listed companies in the world, 11 originate from Singapore. This is determined annually in the Forbes Global 2000 list. The 10 largest companies in the country in 2022 were:

Rank 218: Oversea-Chinese Banking (Singapore)
Rank 244: DBS (Singapore)
Rank 362: Wilmar International (Singapore)
Rank 367: United Overseas Bank (Singapore)
Rank 735: SingTel (Singapore)
Rank 1074: Flex (Singapore)
Rank 1167: CapitaLand Investment (Singapore)
Rank 1281: Olam Group (Singapore)
Rank 1534: Keppel (Singapore)
Rank 1679: Singapore Airlines (Singapore)

Development of gross domestic product in billions of USD 1960 - 2021

Imports and Exports 2022

Development of imports and exports in billions of USD 1972 - 2022