Economic Indicators and Singapore's GDP, FDI, and Trade Trends
Singapore’s Gross Domestic Product growth and 2022 forecast
According to the Ministry of Trade and Industry (MTI) the 2023 GDP growth forecast for Singapore has been maintained at 0.5 to 2.5 per cent, with growth likely to come in at around the mid-point of the range.
The Singapore economy grew by 0.4 per cent on a year-on-year basis in the first quarter of 2023, moderating from the 2.1 per cent expansion in the previous quarter. On a quarter-on-quarter seasonally adjusted basis, the economy contracted by 0.4 per cent, a reversal from the 0.1 per cent growth in the fourth quarter of 2022.
The Singapore GDP is projected to trend around S$ 616.33 billion (US $449 billion) in 2023.
Foreign Direct Investment trends
Singapore Foreign Direct Investment (FDI) increased by US$ 29.5 billion in March 2023, compared with an increase of US$ 36.7 billion in the previous quarter.
Singapore’s net inflow for Foreign Direct Investments is projected to trend around S$ 37.7 billion (US$ 27.47 billion) in 2023 and S$ 27.7 billion (US $ 20.18 billion) in 2024.
Singapore Foreign Direct Investment (FDI) registered a growth equal to 31.7 % of the country's Nominal GDP in Dec 2022, compared with a growth equal to 28.0 % in the previous quarter.
Singapore Direct Investment Abroad expanded by US$ 12 billion in Dec 2022. The country’s Foreign Portfolio Investment increased by US$ 9.9 billion in Dec 2022.
The country's Nominal GDP was reported at US$ 113 billion in Dec 2022.
Singapore Import and export statistics
In April 2023, Singapore's total exports amounted to US$39.4 billion, showing a slight decline from the US$41.1 billion recorded in March.
Similarly, Singapore's total imports were valued at 33.7 USD billion in February 2023, compared to 36.5 USD billion in February.
In 2022, Singapore's exports reached S$710.0 billion, a significant increase from S$614.1 billion in 2021. Likewise, imports rose to S$655.4 billion in 2022, compared to S$545.9 billion in 2021.
For the entirety of 2022, Singapore's total merchandise trade experienced a notable surge of 17.7 percent, reaching $1.4 trillion compared to $1.2 trillion in 2021. Total merchandise exports also rose by 15.6 percent in 2022, following a 19.1 percent increase in 2021. Additionally, services imports expanded by 9.3 percent in 2022, following an 11.6 percent increase in 2021.
Looking ahead, exports are projected to trend at approximately S$50.8 billion (US$36.43 billion) in 2023, while imports are expected to trend at about S$41.5 billion (US$30.24 billion) in the same year.
| Singapore Economic Profile (1990-2020) | ||||
| 1990 | 2000 | 2010 | 2020 | |
| World view | ||||
| Population, total (millions) | 3.05 | 4.03 | 5.08 | 5.69 |
| Population growth (annual %) | 3.9 | 1.7 | 1.8 | -0.3 |
| Surface area (sq. km) (thousands) | 0.7 | 0.7 | 0.7 | 0.7 |
| Population density (people per sq. km of land area) | 4,548.00 | 6,011.80 | 7,231.80 | 8,019.50 |
| Poverty headcount ratio at national poverty lines (% of population) | .. | .. | .. | .. |
| Poverty headcount ratio at $1.90 a day (2011 PPP) (% of population) | .. | .. | .. | .. |
| GNI, Atlas method (current US$) (billions) | 34.88 | 95.39 | 228.09 | 312.26 |
| GNI per capita, Atlas method (current US$) | 11,450 | 23,680 | 44,930 | 54,920 |
| GNI, PPP (current international $) (billions) | 71.9 | 175.48 | 378.12 | 527.75 |
| GNI per capita, PPP (current international $) | 23,600 | 43,570 | 74,480 | 92,530 |
| People | ||||
| Income share held by lowest 20% | .. | .. | .. | .. |
| Life expectancy at birth, total (years) | 75 | 78 | 82 | 83 |
| Fertility rate, total (births per woman) | 1.8 | 1.6 | 1.2 | 1.1 |
| Adolescent fertility rate (births per 1,000 women ages 15-19) | 8 | 8 | 5 | 3 |
| Contraceptive prevalence, any methods (% of women ages 15-49) | 65 | 62 | .. | .. |
| Births attended by skilled health staff (% of total) | .. | 100 | 100 | 100 |
| Mortality rate, under-5 (per 1,000 live births) | 8 | 4 | 3 | 3 |
| Prevalence of underweight, weight for age (% of children under 5) | .. | 3.3 | .. | .. |
| Immunization, measles (% of children ages 12-23 months) | 84 | 96 | 95 | 95 |
| Primary completion rate, total (% of relevant age group) | .. | .. | .. | 98 |
| School enrollment, primary (% gross) | .. | .. | .. | 100.7 |
| School enrollment, secondary (% gross) | .. | .. | .. | 105 |
| School enrollment, primary and secondary (gross), gender parity index (GPI) | .. | .. | .. | 1 |
| Prevalence of HIV, total (% of population ages 15-49) | 0.1 | 0.1 | 0.2 | 0.2 |
| Environment | ||||
| Forest area (sq. km) (thousands) | 0.1 | 0.2 | 0.2 | 0.2 |
| Terrestrial and marine protected areas (% of total territorial area) | .. | .. | .. | 2.5 |
| Annual freshwater withdrawals, total (% of internal resources) | 223.2 | 338.2 | 160 | 82 |
| Urban population growth (annual %) | 3.9 | 1.7 | 1.8 | -0.3 |
| Energy use (kg of oil equivalent per capita) | 3,783 | 4,635 | 5,007 | .. |
| CO2 emissions (metric tons per capita) | 9.75 | 10.57 | 8.35 | 8.4 |
| Electric power consumption (kWh per capita) | 4,983 | 7,575 | 8,680 | .. |
| Economy | ||||
| GDP (current US$) (billions) | 36.14 | 96.07 | 239.81 | 340 |
| GDP growth (annual %) | 9.8 | 9 | 14.5 | -5.4 |
| Inflation, GDP deflator (annual %) | 4.7 | 3.9 | 1.1 | -2.9 |
| Agriculture, forestry, and fishing, value added (% of GDP) | 0 | 0 | 0 | 0 |
| Industry (including construction), value added (% of GDP) | 31 | 32 | 27 | 24 |
| Exports of goods and services (% of GDP) | 177 | 188 | 198 | 176 |
| Imports of goods and services (% of GDP) | 167 | 176 | 172 | 144 |
| Gross capital formation (% of GDP) | 36 | 35 | 28 | 23 |
| Revenue, excluding grants (% of GDP) | 25.4 | 25.7 | 16.8 | 21 |
| Net lending (+) / net borrowing (-) (% of GDP) | 10.5 | 11 | 7.5 | 7.5 |
| States and markets | ||||
| Time required to start a business (days) | .. | 8 | 3 | 2 |
| Domestic credit provided by financial sector (% of GDP) | .. | .. | .. | .. |
| Tax revenue (% of GDP) | 14.5 | 14.9 | 12.8 | 13.2 |
| Military expenditure (% of GDP) | 4.6 | 4.5 | 3.4 | 3.2 |
| Mobile cellular subscriptions (per 100 people) | 1.7 | 68.2 | 143.9 | 144.1 |
| Individuals using the Internet (% of population) | 0 | 36 | 71 | 75.9 |
| High-technology exports (% of manufactured exports) | .. | .. | 52 | 52 |
| Statistical Capacity Score (Overall Average) (scale 0 - 100) | .. | .. | .. | .. |
| Global links | ||||
| Merchandise trade (% of GDP) | 314 | 283 | 276 | 204 |
| Net barter terms of trade index (2000 = 100) | 116 | 100 | 84 | 83 |
| External debt stocks, total (DOD, current US$) (millions) | .. | .. | .. | .. |
| Total debt service (% of exports of goods, services and primary income) | .. | .. | .. | .. |
| Net migration (thousands) | 298 | 93 | 317 | 135 |
| Personal remittances, received (current US$) (millions) | .. | .. | 0 | 0 |
| Foreign direct investment, net inflows (BoP, current US$) (millions) | 5,575 | 15,515 | 55,322 | 120,439 |
| Net official development assistance received (current US$) (millions) | -1.7 | .. | .. | .. |
| Figures in italics refer to periods other than those specified. | ||||
