Economic Growth in Singapore
In the year 2024, the economic growth in Singapore was 4.39%, compared to 3.94% in 2014 and 1.82% in 2023. It averaged 3.29% over the last decade. For more GDP information, visit our dedicated page.
Singapore GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Singapore from 2016 to 2019.
Source: Macrobond.
Singapore GDP Data
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Economic Growth (GDP, ann. var. %) | 1.3 | -3.8 | 9.8 | 4.1 | 1.8 |
GDP (USD bn) | 376 | 349 | 436 | 509 | 505 |
GDP (SGD bn) | 513 | 482 | 587 | 702 | 679 |
Economic Growth (Nominal GDP, ann. var. %) | 0.9 | -6.1 | 21.8 | 19.6 | -3.3 |
Economic growth hits a two-year high in Q3
GDP growth jumps in Q3: A second release revealed that GDP growth gained traction, rising to 5.4% year on year in the third quarter, above a flash estimate of 4.1% and Q2’s 3.0%. The reading marked a two-year high. On a seasonally adjusted quarter-on-quarter basis, economic growth improved to 3.2% in Q3, following the previous period's 0.5% increase and marking the fastest increase since Q1 2021.
Private consumption and external sector underpin acceleration: Private consumption growth sped up to 6.9% in the third quarter (Q2: +6.2% yoy)—the best result since Q4 2022—boosted by a tight labor market and easing inflation. Additionally, government spending accelerated to 4.5% in Q3 (Q2: +2.8% yoy). Less positively, fixed investment ebbed to 2.5% in Q3, following the 2.7% expansion logged in the previous quarter. On the external front, net exports rebounded to 1.1% in Q3 (Q2: -10.7% yoy); exports of goods and services accelerated to 8.3% in Q3 (Q2: +7.9% yoy), while imports of goods and services waned to 9.7% (Q2: +12.0% yoy).
Exports to slow in 2025: Although it will continue to expand robustly, our Consensus is for the economy to lose some steam in Q4. Turning to 2025, GDP growth is set to decelerate from 2024’s projected level, as exports are likely to be hindered by incoming U.S. import tariffs under the Trump administration. That said, fixed investment will provide impetus, boosted by a lower interest rate environment.
Panelist insight: Commenting on the reading, Jester Koh, associate economist at United Overseas Bank, stated: “For the rest of 2025, the outlook is somewhat cloudy given uncertainty surrounding the extent and timing of Trump’s touted tariffs, heightened geopolitical tensions, possible peak in the electronics cycle and pace of monetary easing by major central banks globally. […] Activity in tourism-related sectors are likely to soften as tailwinds from the post-pandemic pent-up demand for these services dissipate.” On a more positive note, Han Teng Chua, analyst at DBS Bank said: “We expect major economies like the US to exhibit robust but slightly cooler GDP growth. […] This backdrop is underpinned by the ongoing global tech and electronics upcycle and the gradual reduction of global interest rates. We expect these positive global drivers to spill over positively to Singapore’s trade-related (manufacturing, wholesale trade, transport & storage) and modern services (finance & insurance and information & communications) sectors.”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Singapore GDP projections for the next ten years from a panel of 31 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Singapore GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Singapore GDP projections.
Want to get access to the full dataset of Singapore GDP forecasts? Send an email to info@focus-economics.com.
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