The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2022 was at about 12,607 USD per capita. GDP in Singapore, on the other hand, reached USD 82,808 per capita, or 466.79 billion USD for the whole country. Singapore is therefore currently ranked 34 of the major economies. Taking purchasing power parity into account, this puts Singapore very high up in the list of the world's richest countries, in 2th place.
Inflation in Singapore in 2022 was around 6.12%. Within the EU, the average in the same year was 8.83 percent. In the United States, it was most recently 8.00%.
The index for perceived corruption in the public sector is 83, which is above average by global standards.
Impact of the COVID-19 pandemic
The consequences of the COVID pandemic were not insignificant in Singapore 2020. Overall, gross domestic product in 2020 fell from 376.84 billion US dollars to 348.39 billion US dollars. With a drop of 7.5 percent, the economy in Singapore suffered more significant losses than other countries. The tourism sector alone slumped by around 75 percent. The unemployment rate rose from 3.1 to 4.1 percent. The country's gross debt increased by 7.6 percent. The inflation rate fell from 0.6 percent previously to -0.2 percent by the end of 2020.
In 2021, there was already a recovery and the gross domestic product increased to 423.80 billion US dollars (=112.5% of 2019).
Income and purchasing power
The average monthly income in Singapore is 5,600 US Dollar per capita. In the USA, the figure is 6,364 US Dollar. However, the prices of consumer goods are also around 27.9 percent lower than in the USA. If you compare income and price level, the result is a cheaper life in Singapore than in the USA. In the end, the lower costs cancel out the lower income and you get about 22.0 percent more for the typical income in the country.
However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.
Unemployment rates in percentages 1991 - 2022
Economic performance 2022
| Indicator | Singapore Total | Singapore per capita | EU Total | EU per capita |
|---|---|---|---|---|
| GDP | 466.79 bn USD | 82,807.65 USD | 16.641 tn USD | 32,317.93 USD |
| Gross national product | 378.81 bn USD | 67,201.19 USD | 17.773 tn USD | 34,515.94 USD |
In the Global Innovation Index, Singapore ranked 7th in 2022 with 57.3 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points. Out of the 2,000 largest listed companies in the world, 11 originate from Singapore. This is determined annually in the Forbes Global 2000 list. The 10 largest companies in the country in 2022 were:
Rank 218: Oversea-Chinese Banking (Singapore)
Rank 244: DBS (Singapore)
Rank 362: Wilmar International (Singapore)
Rank 367: United Overseas Bank (Singapore)
Rank 735: SingTel (Singapore)
Rank 1074: Flex (Singapore)
Rank 1167: CapitaLand Investment (Singapore)
Rank 1281: Olam Group (Singapore)
Rank 1534: Keppel (Singapore)
Rank 1679: Singapore Airlines (Singapore)
Development of gross domestic product in billions of USD 1960 - 2022
Largest industries
- Electronics
- Chemicals
- Financial services
- Oil drilling equipment
- Petroleum refining
- Biomedical products
- Scientific instruments
- Telecommunication equipment
- Processed food and beverages
- Ship repair
- Offshore platform construction
- Entrepot trade
› Debt budget development
› Development of inflation
› Corruption in Singapore
› Cost of living in a global comparison
Imports and Exports 2022
| Indicator | Singapore Total | Singapore per capita | EU Total | EU per capita |
|---|---|---|---|---|
| Imports | 701.63 bn USD | 124,468.11 USD | 9.107 tn USD | 17,686.13 USD |
| Exports | 870.81 bn USD | 154,479.79 USD | 9.404 tn USD | 18,262.76 USD |
Development of imports and exports in billions of USD 1972 - 2022
Exports
Imports
Largest airports and airlines in SingaporeThe biggest airports (Singapore Changi and Seletar) in Singapore with further information on airlines and destinations
Comparison of income tax by countryThis is how much income tax and social security contributions you pay in these 39 countries
List of the 13 current Pariah States13 countries, that suffer from the sanctions of the international community because of their mostly autocratic government.
As an economic expert with a deep understanding of global economic indicators and performance, let's delve into the concepts presented in the article.
1. Gross Domestic Product (GDP):
- The essential economic performance metric, GDP, reflects the total value of goods and services sold in a country.
- The worldwide GDP per capita in 2022 was approximately $12,607 USD.
- Singapore's GDP per capita reached an impressive $82,808 USD, placing it at 34th among major economies.
2. Purchasing Power Parity (PPP):
- Adjusting GDP for purchasing power parity, Singapore ranks exceptionally high, securing the 2nd position among the world's richest countries.
3. Inflation Rates:
- In 2022, Singapore experienced an inflation rate of around 6.12%, lower than the EU average of 8.83% and the United States' rate of 8.00%.
4. Corruption Index:
- Singapore has a perceived corruption index of 83, which is above the global average. This indicates relatively low corruption levels in the public sector.
5. Impact of COVID-19:
- In 2020, Singapore's GDP fell by 7.5%, with the tourism sector witnessing a significant 75% decline.
- Unemployment rose from 3.1% to 4.1%, and the gross debt increased by 7.6%.
6. Income and Purchasing Power:
- The average monthly income in Singapore is $5,600 USD per capita, lower than the USA's $6,364 USD.
- However, when factoring in the cost of living, Singapore offers about 22.0% more in purchasing power compared to the USA.
7. Global Innovation Index:
- Singapore ranked 7th in the Global Innovation Index in 2022, showcasing its strong innovation capabilities with a score of 57.3 points.
8. Largest Industries:
- Singapore boasts a diverse economy with major industries including electronics, chemicals, financial services, biomedical products, and telecommunications.
9. Imports and Exports:
- In 2022, Singapore's imports amounted to $701.63 billion USD, with exports reaching $870.81 billion USD.
10. Debt, Inflation, and Corruption:
- The article provides insights into the development of gross domestic product, debt budget, inflation, and corruption levels in Singapore.
11. Largest Companies:
- The Forbes Global 2000 list highlights 11 companies originating from Singapore, with major players in banking, telecommunications, and investment.
12. Development of GDP (1960 - 2022):
- The historical perspective on GDP development shows the economic growth trajectory of Singapore from 1960 to 2022.
13. Economic Sectors:
- The article mentions key economic sectors such as electronics, chemicals, financial services, oil drilling equipment, and others, contributing to Singapore's economic diversity.
14. International Comparisons:
- Various international comparisons include the cost of living, income tax rates, and a list of countries facing international sanctions due to their governance practices.
This comprehensive overview showcases the multifaceted aspects of Singapore's economic performance and its standing in the global landscape. The country's resilience, innovation, and economic diversity are evident despite challenges like the impact of the COVID-19 pandemic.
