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Indicators of economy in Singapore

The essential economic performance of a country is reflected by the gross domestic product. So the total of all goods and services sold. Worldwide gross domestic product in 2020 was at about 10.915 US Dollar per capita. In contrast, the GDP in Singapore reached 59.798 US dollars per inhabitant, or 340.00 bn US Dollar in the whole country. Singapore is therefore currently ranked 36 of the major economies. If this is calculated per inhabitant taking into account the purchasing power parity, then Singapore is in the list of the world's richest countries in place 2.

Inflation in Singapore was in 2021 at around 2.30%. Within the EU, the average in the same year was 2.62%. In the United States, it was most recently 4.70%.

Compared with the USA, prices for daily consumer goods are around 25.0% lower.
The Corruption Perceptions Index for the public sector counts 67 and is compared to other countries moderate.


Back to overview: Singapore

Impact of the Covid-19 pandemic in 2020

The consequences of the Covid pandemic were not insignificant in Singapore 2020. Overall, gross domestic product in 2020 fell from 374.39 billion US Dollar auf 340.00 billion US Dollar. With a drop of 9.2 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 has fallen from 0.6 percent previously to -0.2 percent by the end of 2020.

Unemployment rates in percent 1991 - 2021

Economic performance 2020

 Singapore
Total
Singapore
per capita
EU
Total
EU
per capita
GDP340.00 bn USD59,797.75 USD15,291.93 tn USD29,692.11 USD
Gross national product312.26 bn USD54,918.56 USD15,330.84 tn USD29,767.66 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. 9 of the 2000 largest listed companies in the world originate from Singapore. This is determined annually in the Forbes Global 2000 list. The 9 largest companies in the country were in 2021:

Rank 164: Oversea-Chinese Banking (Singapore)
Rank 196: DBS (Singapore)
Rank 276: Wilmar International (Singapore)
Rank 294: United Overseas Bank (Singapore)
Rank 549: SingTel (Singapore)
Rank 1156: Flex (Singapore)
Rank 1257: Singapore Airlines (Singapore)
Rank 1297: CapitaLand (Singapore)
Rank 1355: Olam International (Singapore)

Development of the Gross domestic product in billion US Dollar 1960 - 2020



Im- and Exports 2021

 Singapore
Total
Singapore
per capita
EU
Total
EU
per capita
Imports490.68 bn USD86,299.09 USD7,340.01 bn USD14,251.98 USD
Exports599.20 bn USD105,384.90 USD7,939.04 bn USD15,415.11 USD


Development of imports and exports in billion US dollars 1972 - 2021

Exports
Imports



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