License To Disrupt: Digital Banks To Shake Up Singapore
Asia continues to lead the way when it comes to fintech.
Singapore GDP and Economic Data
Country Report 2017 - Includes Singapore real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.
Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Singapore economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Singapore best banks and safest banks are also available.
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International Reserves
USD 247.5 billion (2015)
International Monetary Fund (IMF), data retrieved January 2017
Gross Domestic Product - GDP
USD 311.3 billion (2017, estimate)
GDP (Purchasing Power Parity)
Intl$ 508.4 billion (2017, estimate)
Real GDP growth
| 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 |
| 8.9% | 9.1% | 1.8% | -0.6% | 15.2% | 6.2% | 3.7% |
| 2013 | 2014 | 2015 | 2016* | 2017* | ||
| 4.7% | 3.3% | 2% | 1.7% | 2.2% |
*Estimate
GDP per capita - current prices
USD 55,252.4 (2017, estimate)
GDP (PPP) - share of world total
| 1980 | 1990 | 2000 | 2010 | 2017* |
| 0.17% | 0.25% | 0.34% | 0.41% | 0.4% |
*Estimate
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GDP - composition by sector
- agriculture: 0%
- industry: 26.6%
- services: 73.4%
(2016 estimate)
Gross domestic expenditure on R&D; (% of GDP)
2.2% (2014)
OECD, data retrieved January 2017
Inflation
| 2013 | 2014 | 2015 | 2016* | 2017* |
| 2.4% | 1.0% | -0.5% | -0.3% | 1.1% |
*Estimate
Unemployment rate
| 2013 | 2014 | 2015* | 2016* | 2017* |
| 1.9% | 2.0% | 1.9% | 2.0% | 2.0% |
*Estimate
Public debt (General government gross debt as a % of GDP)
| 2013 | 2014 | 2015 | 2016* | 2017* |
| 103.1% | 98.5% | 104.7% | 106.4% | 105.7% |
*Estimate
Public deficit (General government net lending/borrowing as a % of GDP)
| 2013 | 2014 | 2015 | 2016* | 2017* |
| 6.7% | 5.5% | 2.6% | 2.4% | 2.4% |
*Estimate
Government bond ratings
Standard & Poor's: AAA
Moody's: Aaa
Standard & Poor's / Moody's (Updated January 2017)
Source
Market value of publicly traded shares
| 2013 | 2014 | 2015 |
| USD 744.4 billion | USD 752.8 billion | USD 640 billion |
Largest companies
DBS Group, Oversea-Chinese Banking, SingTel, United Overseas Bank, Wilmar International, Keppel Corp, Singapore Airlines, CapitaLand, Flextronics International, Global Logistic Properties, Olam International, Sembcorp Industries, City Developments, Frasers Centrepoint, Neptune Orient Lines, ST Engineering, Golden Agri-Resources.
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Current account balance by percentage of GDP
19.3% (2017 estimate)
Exports as percent of GDP (Exports of goods and services)
176.5% (2015)
Shares in world total merchandising export
2.1% (2015)
Shares in world total commercial services export
2.9% (2015)
Export commodities
Machinery and equipment (including electronics and telecommunications), pharmaceuticals and other chemicals, refined petroleum products, foodstuffs and beverages
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Import commodities
Machinery and equipment, mineral fuels, chemicals, foodstuffs, consumer goods
Exports - major partners
China 13.7%, Hong Kong 11.5%, Malaysia 10.8%, Indonesia 8.2%, US 6.9%, Japan 4.4%, South Korea 4.1% (2015)
Imports - major partners
China 14.2%, US 11.2%, Malaysia 11.2%, Japan 6.3%, South Korea 6.1%, Indonesia 4.8% (2015)
FDI inflows
| 2013 | 2014 | 2015 |
| USD 66,067 million | USD 68,496 million | USD 65,262 million |
FDI outflows
| 2013 | 2014 | 2015 |
| USD 39,592 million | USD 39,131 million | USD 35,485 million |
Value of cross-border M&A, by country of purchaser
| 2012 | 2013 | 2014 | 2015 |
| USD 795.2 million | USD 6530.8 million | USD 17163.2 million | USD 21130.3 million |
Cross-border M&A deals worth over $3 billion completed in 2014
Mayon Investments Pte Ltd, AS Watson Holdings Ltd, Hong Kong, China, USD 5.7 billion / OCBC Pearl Ltd, Wing Hang Bank Ltd, Hong Kong, China, USD 4.8 billion
(for a monthly update on M&A; click here )
Cross-border M&A deals worth over $3 billion completed in 2015
Investor Group, IndCor Properties Inc, United States, USD 8.1 billion / Global Logistic Properties Ltd, Industrial Income Trust Inc-US Logistics Portfolio, United States, USD 4.6 billion
(for a monthly update on M&A; click here )
Best countries for doing business
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.
Overall ranking: 2 out of 190 countries (2017)
Subcategories:
Starting a business: 6 out of 190 countries
Enforcing Contracts: 2 out of 190 countries
Registering Property: 19 out of 190 countries
Getting Credit: 20 out of 190 countries
Protecting Minority Investors: 1 out of 190 countries
Trading Across Borders: 41 out of 190 countries
Paying Taxes: 8 out of 190 countries
Dealing with Construction Permits: 10 out of 190 countries
Getting Electricity: 10 out of 190 countries
Resolving Insolvency: 29 out of 190 countries
Source
Global competitiveness ranking
2 out of 138 countries
(2016-2017)
Index of Economic Freedom
Ranking: 2 / Score: 87.78 (Free) (2016)
(100=totally free 0=totally repressed)
Source
Source
Languages
Mandarin (official) 36.3%, English (official) 29.8%, Malay (official) 11.9%, Hokkien 8.1%, Tamil (official) 4.4%, Cantonese 4.1%, Teochew 3.2%, other Indian languages 1.2%, other Chinese dialects 1.1%, other 1.1% (2010 est.)
Religions
Buddhist 33.9%, Muslim 14.3%, Taoist 11.3%, Catholic 7.1%, Hindu 5.2%, other Christian 11%, other 0.7%, none 16.4% (2010 est.)
Total population
| 1990 | 2000 | 2010 | 2016* | 2021* |
| 3.047 million | 4.028 million | 5.077 million | 5.591 million | 5.863 million |
*Estimate
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Urban population as % of total population
| 1960 | 1980 | 2000 | 2015 |
| 100% | 100% | 100% | 100% |
Literacy
Total population: 96.8%
Male: 98.6%
Female: 95% (2015 est.)
(age 15 and over can read and write)
Freedom House rating
Political Rights: 4
Civil Liberties: 4 (2017)
(1 represents the most free, 7 the least free rating)
Source
Total telephone subscribers as % of population
Fixed 35.88% Mobile 146.53% (2015)
(fixed-telephone subscribers and mobile-cellular subscribers)