Economy of Singapore

Economy of Singapore
	Skyline of Singapore's Downtown Core
Currency	Singapore dollar (SGD/S$)
Fiscal year	1 April – 31 March
Trade organisations	WTO, APEC, CPTPP, IOR-ARC, RCEP, ASEAN and others
Country group	Developed/Advanced; High-income economy;
Statistics
Population	6,040,000 (2024)
GDP	$561.73 billion (nominal; 2025 est.); $825.179 billion (PPP; 2025 est.);
GDP rank	26th (nominal; 2025); 37th (PPP; 2025);
GDP growth	2.1% (2024); 3.0% (2022f); 2.3% (2023f);
GDP per capita	$93,956 (nominal; March 2025 est.); $153,737 (PPP; 2025 est.);
GDP per capita rank	4th (nominal; 2025); 2nd (PPP; 2025);
GDP by sector	agriculture: 0.5%; industry: 24.8%; services: 75.2%; (2017 est.);
Inflation (CPI)	0.9% (Apr 2025)
Population below poverty line	N/A
Gini coefficient	45.9 medium (2017)
Human Development Index	0.949 very high (2022) (9th); 0.825 very high IHDI (26th) (2022);
Corruption Perceptions Index	83 out of 100 points (2023, 5th rank)
Labour force	3,843,513 (2021); 65.1% employment rate (2018);
Labour force by occupation	agriculture: 0.7%; industry: 25.6%; services: 73.7%; (2017 est.); excludes non-residents;
Unemployment	1.8% (March 2024 est.);
Main industries	Electronics; Financial services; Information and communications technology; Civil engineering; Oil drilling and exploration; Petroleum refining; Chemical products; Cosmetic products; Biomedical products; Scientific instruments; Medical tourism; Telecommunications equipment; Rubber; Food and beverages products; Marine engineering and shipbuilding; Security services; Life sciences; Re-exportation; Waste management and recycling; Arts & entertainment; Fashion; Design; Small-scale agriculture and aquaculture;
External
Exports	US$942 billion (2022)
Export goods	Foodstuff, Cosmetics, Machinery and equipment; Electronics and telecommunications; Pharmaceuticals and other chemicals; Refined petroleum products; Chemical products;
Main export partners	United States 12.52%; China 12.08% Hong Kong 4.56%; ; Japan 10.34%; Australia 8.73%; (2021);
Imports	US$870 billion (2022)
Import goods	Machinery and equipment; Mineral fuels; Chemicals; Foodstuffs; Consumer goods;
Main import partners	United States 22.43%; China 10.65% Hong Kong 4.53%; ; Japan 4.71%; United Kingdom 3.59%; (2021);
FDI stock	$1.285 trillion (31 December 2017 est.); Abroad: $841.4 billion (31 December 2017 est.);
Current account	$60.99 billion (2017 est.)
Gross external debt	$168.3 billion (31 December 2017 est.)
Net international investment position	S$738.811 billion (Q1 2015)
Public finances
Government debt	167.8% of GDP (2022 est.)
Foreign reserves	US$384.587 billion (August 2024)
Revenues	S$69.45 billion (2017 est.)
Expenses	S$75.07 billion (2017 est.)
Economic aid	N/A
Credit rating	Standard & Poor's:; AAA (Domestic); AAA (Foreign); AAA (T&C Assessment); Outlook: Stable; Moody's:; Aaa; Outlook: Stable; Fitch:; AAA; Outlook: Stable;
	All values, unless otherwise stated, are in US dollars.

The economy of Singapore is a highly developed mixed market economy with dirigiste characteristics. Singapore's economy has been consistently ranked as the most open in the world, the joint 4th-least corrupt, and the most pro-business. Singapore has low tax-rates and the second highest per-capita GDP in the world in terms of purchasing power parity (PPP). The Asia-Pacific Economic Cooperation (APEC) is headquartered in Singapore.

Alongside the business-friendly reputation for global and local privately held companies and public companies, various national state-owned enterprises play a substantial role in Singapore's economy. The sovereign wealth fund Temasek Holdings holds majority stakes in several of the nation's largest bellwether companies, such as Singapore Airlines, Singtel, ST Engineering and Mediacorp. With regards to foreign direct investment (FDI), the Singaporean economy is a major FDI outflow-financier in the world. In addition, throughout its history, Singapore has benefited from the large inward flows of FDI from global investors, financial institutions and multinational corporations (MNCs) due to its highly attractive investment climate along with a stable and conducive political environment throughout its modern years.