Worlddata.info

Indicators of economy in Singapore

The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,230 USD per capita. GDP in Singapore, on the other hand, reached USD 72,794 per capita, or 396.99 billion USD for the whole country. Singapore is therefore currently ranked 36 of the major economies. If this is calculated per inhabitant, taking purchasing power parity into account, then Singapore ranks 2nd in the list of the richest countries.

Inflation in Singapore in 2021 was around 2.30%. Within the EU, the average in the same year was 2.55 percent. In the United States, it was most recently 4.70%.

Compared with the USA, prices for daily consumer goods are around 25.0 percent lower.
The index for perceived corruption in the public sector is 85, which is above average by global standards.


Back to overview: 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 inflation rate fell from 0.6 percent previously to -0.2 percent by the end of 2020.

Unemployment rates in percentages 1991 - 2021

Economic performance 2021

 Singapore
Total
Singapore
per capita
EU
Total
EU
per capita
GDP396.99 bn USD72,794.00 USD17.177 tn USD33,384.92 USD
Gross national product349.10 bn USD64,013.32 USD16.895 tn USD32,835.37 USD


Singapore ranked 2nd in the Bloomberg Innovation Index in 2021. The index is calculated annually and most recently included 60 countries. The front-runner was South Korea. 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 2021

 Singapore
Total
Singapore
per capita
EU
Total
EU
per capita
Imports609.28 bn USD111,721.45 USD8.916 tn USD17,329.02 USD
Exports733.78 bn USD134,550.82 USD9.554 tn USD18,569.19 USD


Development of imports and exports in billions of USD 1972 - 2021

Exports
Imports



Singapore: AirportsLargest airports and airlines in SingaporeThe 2 biggest airports and 3 airlines in Singapore with further information and data (Singapore Changi and Seletar)
Singapore: Public HolidaysPublic holidays in Singapore 2023-2027Statutory and inofficial holidays in Singapore for 2023 to 2027
Pariah StatesList of the 11 current Pariah States11 countries, that suffer from the sanctions of the international community because of their mostly autocratic government.