Gross domestic product (GDP) growth rate in Singapore 2024*

Singapore posted a gross domestic product (GDP) growth rate of 3.7 percent in 2017, after adjusting for inflation. While up from the previous two years, this number is expected to decline in 2018, settling around 3.14 percent.

What is GDP?

GDP is a measure of a country’s income, and most economists agree that slow but steady GDP growth is best for a developed economy. GDP measures the total value of all goods and services produced within a country during a certain time period. With the highest GDP per capita in ASEAN, Singapore certainly qualifies as developed, meaning that it should target GDP growth around 2 to 3 percent.

Singapore’s context

Singapore is a small, open economy. As such, it has little influence on, and high exposure to, international trends. For example, a shift in the exchange rate with a major trading partner can have significant effects on the economy. For Singapore, who relies heavily on exports, these kinds of shocks can affect the entire economy. For example, a weaker Singapore dollar would increase GDP by raising net exports, but this would also lead to higher inflation. As a result, policymakers in Singapore have to follow many factors if they want to continue enjoying healthy GDP growth.

Singapore: Growth rate of the real gross domestic product (GDP) from 2014 to 2024*

GDP growth compared to previous year
2024*2.5%
2023*2.35%
2022*2.22%
2021*1.57%
2020*0.99%
2019*0.55%
20183.14%
20173.7%
20162.96%
20152.89%
20143.9%
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Source

Release date

October 2019

Region

Singapore

Survey time period

2014 to 2018

Supplementary notes

* Estimate.

Values have been rounded.

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