Economy of Singapore

Main article: Singapore

GDP

2024: 4.4% GDP growth

GDP Singapore In 2024, it grew by 4.4%, which became the most significant increase since 2021. For comparison, a year earlier, an increase of 1.8% was recorded. Such data are provided in the report of the Ministry of Trade and Industry of the country, published on February 14, 2025.

As noted in the department, GDP growth is largely due to the ongoing digitalization and active production of electronics. In the segment of information technology and telecommunications, an increase was noted at the level of 5% on an annualized basis. However, in 2023, the dynamics was even higher - plus 11.2% compared to the previous year. The growth in the manufacturing industry was 4.3%, in the construction industry - 4.4%. In the wholesale sector in 2024, an increase of 5.1% is shown, in the field of finance and insurance - 6.8%.

Singapore

Singapore's Ministry of Trade and Industry believes the country will see an expansion of trade-related manufacturing and services sectors in 2025, particularly in electronics. This will be facilitated by the steady demand for semiconductor products for personal computers, smartphones and data center-specific equipment. Significant positive dynamics is also expected in the field of information technology and communications, finance and insurance. On the other hand, the regulator believes, growth in consumer-facing sectors such as retail and food and beverage manufacturing will remain weak.

It is also said that the continuing risks of escalation of geopolitical conflicts can lead to increased production costs and increased economic uncertainties around the world. In 2025, the Singapore authorities predict GDP growth in the range from 1% to 3%.^[1]

2022: GDP size forecast - $0.42 trillion

2021: GDP size - $0.38 trillion

2020

GDP per capita - $98,520

According to the World Bank for 2020, Singapore remains one of the richest countries in the world - there GDP per capita amounted to $98,520.

Record fall in the history of the country: -5.4%

In 2020, Singapore's economy experienced its biggest decline on record, and GDP contracted by 5.4%.

Growth is expected to recover to 4-6% in 2021, however the outlook remains challenging for some important sectors, including aviation, transport and hospitality.

Sovereign Wealth Fund

2023: Sovereign Wealth Fund Assets - $769 billion

2022: Sovereign wealth fund assets per capita

Non-financial debt

2022: Aggregate non-financial debt

Inflation

2024

Inflation for 5 years 17%

Accumulated inflation over 5 years in the G-20 countries at the end of 2024:

Argentina: 13,910%

Turkey: 734%

Russia: 46%

Brazil: 35%

India: 34%

Mexico: 31%

South Africa: 28%

Britain: 25%

Holland: 24%

US: 23%

Australia: 21%

Germany: 21%

Spain: 19%

Canada: 19%

Italy: 18%

Singapore: 17%

France: 15%

South Korea: 15%

Indonesia: 15%

Saudi Arabia: 13%

Japan: 9%

Switzerland: 6%

China: 6%

2% in May

2022:7% price rise

Consumer prices in Singapore in July 2022 increased by 7% in annual terms, this is the maximum in 14 years, namely, since June 2008, when inflation was 7.5%. Consumer prices rose 6.7% in June.

Budget

2022: Tax increases and budget deficits

In February 2022, Singapore raised taxes on the rich and increased other fees to restore finances after unprecedented spending on the fight against the pandemic. The city has shown budget deficits for the third year in a row.

Banking system

2023: Bank Customer Data Exchange System Set Up

Singapore will allow banks to share customer data to fight crime. Currently, financial firms have no right to share customer information and can do so largely as part of a police investigation and by court order.

Parliament passed a bill to allow an information exchange system. Banks will report suspicious transactions and potentially risky customers to each other.

The system will be implemented in the second half of 2024 in six banks. DBS Group Holdings Ltd., Oversea-Chinese Banking Corp., United Overseas Bank Ltd., Standard Chartered Plc, Citigroup Inc. and HSBC Holdings Plc will be the first group to gain access to Cosmic.

2019: $1.1 trillion in accounts of foreign individuals

Investment abroad

2022: US private equity cut to $4.9 billion

R&D

2020: R&D spending - $10.1 billion

Tourism

2024: Visa-free entry to 195 countries - world No.

Having a Singapore passport means visa-free entry to a record 195 countries worldwide, putting the city-state at the top of the Henley Passport Index for 2024.

2020

2018

Trade

2024

Growth of trade with Russia by 81% to $4.5 billion

At the end of 2024, trade between Russia and Singapore reached $4.5 billion, an increase of 81% compared to 2022. Such data in early April 2025 was announced by the Russian Ambassador to Singapore Nikolai Kudashev.

Despite continued restrictions from the Singaporean authorities, the volume of mutual trade is showing steady growth. According to the diplomat, Singapore's anti-Russian policy has not had a critical impact on economic interaction between the countries, which indicates a continuing mutual interest in expanding business ties.

Trade turnover between Russia and Singapore soared by 81% and reached $4.5 billion

According to TASS, the ambassador noted the presence of prospects and interest on the part of Singapore organizations to develop cooperation in various fields, including finance (including digital financial assets), robotics, additive and information technologies, as well as cybersecurity.

Kudashev called food supplies a particularly promising area, given that 95% of food consumed in Singapore is imported. In particular, work is underway to admit Russian meat products to the Singapore market, including mutual recognition of certificates for halal products.

Despite Singapore becoming the only country of the Association of Southeast Asian Nations to join anti-Russian sanctions in 2022, banning its banks from establishing business relationships with four Russian banks, bilateral dialogue between the countries has persisted. Russia, in turn, has included Singapore in the list of unfriendly states.

The diplomat stressed that the countries continue to regularly exchange views on topical issues of Russian-Singapore relations and regional issues within the framework of the mechanism of inter-ministerial consultations. In 2024, Singapore held talks between Russian Deputy Foreign Minister Andrei Rudenko and Singapore Foreign Ministry Permanent Secretary Albert Chua. The next meeting of the two deputy ministers in Moscow is scheduled for April 2025.^[2]

9th in the world in terms of gold trade

The share of online sales of the total retail trade - 13.5%

2023: Rising imports of naphtha from Russia

2022: Russian oil mixes in Singapore and then re-exports

After the introduction of the ceiling for Russian oil prices in the EU from December 5, 2022, it is mixed in Singapore and then re-exported, sources said in early 2023. Demand for oil storage tanks in Singapore is growing.

Russian fuel receipts to Singapore jumped in December 2022, according to Vortexa. Singapore oil terminals received in December 2022 more than twice as much Russian naphtha and fuel oil as a year ago. The city-state received 2.6 million barrels of naphtha, which is almost 40 times more than a year earlier.

2021: Online sales share in retail sales 17%

2019: Computer Device Exports

Salaries

2025: Average pay after taxes - $3,818 (as of March)

Average wages after taxes, according to data available for March 2025:^[3]

1️⃣ Switzerland: $6,704
2️⃣ Luxembourg: $6050
3️⃣ USA : $4,338
4️⃣ Iceland: $4,182
5️⃣ Singapore: $3,818
6️⃣ Qatar: $3,800
7️⃣ Denmark: $3,729
8️⃣ Hong Kong: $3,619
9️⃣ Netherlands: $3,555
Norway: $3,489

2024: Salary comparison in Singapore and Hong Kong

Unemployment

2020: Unemployment rate - 3%

Business and Community Support

2020: Singapore to give $417 to every resident to support amid pandemic

In early April 2020, Singapore announced that it would give $417 to each resident to support the COVID-19 coronavirus pandemic.

This is the third financial support package allocated in a pandemic by the Singapore government. This time its size amounted to $3.6 billion. In general, since the beginning of the year, the city has allocated $41.7 billion to its citizens, which amounted to about 12% of the country's GDP. Support measures include wage subsidies for all companies, rent waivers and cash payments to all adult Singaporeans of $417.

The new economic support package is aimed at combating the second wave of the epidemic in the country. Singapore was one of the first countries outside China to identify cases of coronavirus infection. Singaporeans were ready for the first wave of the disease, because even during the SARS outbreak in 2003, the city developed effective prevention measures: constant testing, border closures, digital surveillance of infected people. For some time, these measures were enough, but due to the worsening epidemiological situation, Singapore is preparing for a full-scale quarantine.

The new payments should help Singapore's businesses and households survive the coming month, which is scheduled for stricter quarantine measures, including the closure of schools and most businesses. The exception will be vital services - grocery stores, supermarkets, transport, clinics and banks. The government urged residents to stay at home whenever possible and only go out for the most necessary purchases. As a result of additional spending, the country's annual budget deficit will grow to $30.8 billion (8.9% of GDP). The government will raise an additional $2.9 billion from special reserves.^[4]

Real estate

2025: The world's third highest-priced city

Average price sq. m in the city center as of April 2025:

1. Hong Kong: $26 '587

2. Zurich: $24 '157

3. Singapore: $22 '211

4. Seoul: $21 '008

5. London: $20 '792

6. Geneva: $19 '256

7. Tel Aviv: $17 '976

8. New York: $17 '954

9. Beijing: $14 '502

10. Shanghai: $14 '486

2023: 6.3% of housing available for rent

Notes