Singapore: Economy
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Income Level (by per capita GNI) Source: The World Bank Possible values: High Income, Upper Middle Income, Lower Middle Income and Low Income |
High Income |
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Level of Development
Source: United Nations Possible values: Developed, In Transition and Developing |
Developing |
| Economic Trivia | Singapore has been ranked as having the most open, least corrupt, and most pro-business economy in the world. |
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Trade
Source: United Nations Comtrade Note: Top 3 trade partners are calculated by imports + exports. |
Top 3 Trade Partners (2019): China, Malaysia, and United States |
| Top Industries Source: CIA World Factbook | Electronics; Chemicals; Financial Services; Oil Drilling Equipment |
Gross Domestic Product (GDP) [1]
| GDP, PPP (current international) | $559,957,275,351 (2020) |
| GDP Growth Rate (annual %) | -5.391% (2020) |
| GDP Per Capita, PPP (current international) | $98,483 (2020) |
GDP Country Rank 38/197 (2020)
Economic Indicators [1]
| Inflation, consumer prices (annual %) | -0.182% (2020) |
| External debt stocks, total (DOD, current US$) | Data unavailable |
| Total tax rate (% of commercial profits) | 21% (2019) |
| Real Interest Rate (5 year average %) | 8.415% (2020) |
| Manufacturing, value added (% of GDP) | 20.536% (2020) |
| Current Account Balance (BoP, current US$) | $59,785,684,518 (2020) |
Labor and Employment [1]
| Labor Force, Total | 3,472,519 (2020) |
| Employment in Agriculture (% of total employment) | 0.701% (2020) |
| Employment in Industry (% of total employment) | 15.206% (2020) |
| Employment in Services (% of total employment) | 84.093% (2020) |
| Unemployment Rate | 5.19% (2020) |
Trade [1]
| Imports of goods and services (current US$) | $490,694,788,722 (2020) |
| Exports of goods and services (current US$) | $599,216,278,901 (2020) |
| Total Merchandise Trade (% of GDP) | 203.637% (2020) |
| FDI, net inflows (BoP, current US$) | $120,439,465,116 (2019) |
| Commercial Service Exports (current US$) | $187,260,924,448 (2020) |
Economic Snapshot [1]
Note: Percentile ranks are calculated using the latest available data for all countries within the last 5 years.
How to interpret the graph: The purpose of this graph is to take a snapshot of a country’s economy in comparison to other economies. For example, Singapore’s Exports rank is higher than (please wait...) of the countries in the dataset. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy.