Singapore GDP Trends from 1980 to 2024: A overall increase with some decline Flow

Singapore's GDP changed from approximately $12B 82M in 1980 to $525B 227M in 2024, showing an overall 4247.2% sharply increased during the period.
The lowest GDP was recorded in 1980 at $12B 82M, and the highest in 2024 at $525B 227M.
Over the 44-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 9.0%.
For comparison, the average annual growth rate of Malaysia was 6.6%, and that of China was 9.8%.

Overview of Singapore's GDP (1980–2024)

The Gross Domestic Product (GDP) of Singapore recorded a 4247.2% sharply increased from 1980 to 2024.
The average GDP during this period was $171B 770M, and the median was $97B 646M.
GDP fluctuated within a range of $513B 145M, with a standard deviation of $152B 996M.
The average annual change was $10B 991M.


Singapore GDP from 1980 to 2024

The total market value of goods and services produced annually in Singapore.

Change Chart

    Highest and Lowest GDP Records

    • Lowest GDP: 1980, $12B 82M
    • Highest GDP: 2024, $525B 227M
    • Most Recent GDP: 2024, $525B 227M

    Notable Annual GDP Changes

    • 2021: Significant increase in GDP
    • 2020: Noticeable drop in GDP

    Overall pattern: overall increase with some decline


    Global Economic Events and Singapore's GDP

    COVID-19 Pandemic (2020)

    • Period: From 2019 to 2020
    • GDP Change: $376B 902M → $349B 488M
    • Outcome: declined

    2008 Global Financial Crisis

    • Period: From 2007 to 2009
    • GDP Change: $180B 942M → $194B 150M
    • Outcome: increased

    2001 Dot-com Bubble Burst

    • Period: From 2000 to 2001
    • GDP Change: $96B 77M → $89B 794M
    • Outcome: declined

    1998 Asian Financial Crisis

    • Period: From 1997 to 1998
    • GDP Change: $100B 124M → $85B 728M
    • Outcome: sharply declined

    Key Economic Indicators of Singapore (1980–2024)

    yearNominal GDPGDP per CapitaPPP per CapitaPPP GDPGDP GrowthCurrent AccountSavingsFiscal BalancePopulation
    1980
    $ 12B 82M
    $ 5,004.99
    $ 9,479.76
    $ 22B 884M
    10.113 %
    -13.35 %
    31.68 %
    0 %
    2M 414K people
    1981
    $ 14B 367M
    $ 5,672.10
    $ 10,959.24
    $ 27B 758M
    10.816 %
    -10.733 %
    34.05 %
    0 %
    2M 533K people
    1982
    $ 15B 879M
    $ 6,000.03
    $ 11,927.76
    $ 31B 566M
    7.102 %
    -8.489 %
    37.78 %
    0 %
    2M 646K people
    1983
    $ 18B 11M
    $ 6,717.84
    $ 13,281.54
    $ 35B 609M
    8.554 %
    -3.625 %
    42.83 %
    0 %
    2M 681K people
    1984
    $ 19B 563M
    $ 7,160.26
    $ 14,690.48
    $ 40B 138M
    8.792 %
    -2.058 %
    44.87 %
    0 %
    2M 732K people
    1985
    $ 18B 573M
    $ 6,788.39
    $ 15,040.08
    $ 41B 149M
    -0.623 %
    0.109 %
    41.21 %
    0 %
    2M 736K people
    1986
    $ 18B 780M
    $ 6,870.77
    $ 15,563.61
    $ 42B 541M
    1.343 %
    1.792 %
    38.35 %
    0 %
    2M 733K people
    1987
    $ 21B 629M
    $ 7,794.69
    $ 17,407.73
    $ 48B 303M
    10.798 %
    -0.476 %
    36.04 %
    0 %
    2M 775K people
    1988
    $ 26B 551M
    $ 9,328.95
    $ 19,549.04
    $ 55B 639M
    11.264 %
    7.333 %
    40.74 %
    0 %
    2M 846K people
    1989
    $ 31B 436M
    $ 10,725.74
    $ 21,732.02
    $ 63B 694M
    10.159 %
    9.474 %
    43.53 %
    0 %
    2M 931K people
    1990
    $ 38B 892M
    $ 12,763.34
    $ 23,815.03
    $ 72B 568M
    9.821 %
    8.08 %
    43.73 %
    0 %
    3M 47K people
    1991
    $ 45B 465M
    $ 14,501.96
    $ 25,530.38
    $ 80B 40M
    6.688 %
    10.72 %
    44.70 %
    0 %
    3M 135K people
    1992
    $ 52B 131M
    $ 16,136.24
    $ 27,021.88
    $ 87B 300M
    6.64 %
    11.229 %
    46.74 %
    0 %
    3M 231K people
    1993
    $ 60B 604M
    $ 18,290.13
    $ 30,062.11
    $ 99B 610M
    11.46 %
    6.777 %
    43.98 %
    0 %
    3M 313K people
    1994
    $ 73B 689M
    $ 21,552.41
    $ 33,057.59
    $ 113B 25M
    11.096 %
    15.286 %
    48.20 %
    0 %
    3M 419K people
    1995
    $ 87B 813M
    $ 24,914.85
    $ 35,090.03
    $ 123B 675M
    7.175 %
    16.497 %
    50.38 %
    0 %
    3M 525K people
    1996
    $ 96B 293M
    $ 26,232.87
    $ 36,872.71
    $ 135B 348M
    7.471 %
    14.627 %
    49.67 %
    0 %
    3M 671K people
    1997
    $ 100B 124M
    $ 26,375.87
    $ 39,286.41
    $ 149B 133M
    8.316 %
    15.57 %
    53.74 %
    0 %
    3M 796K people
    1998
    $ 85B 728M
    $ 21,829.28
    $ 37,559.64
    $ 147B 505M
    -2.191 %
    21.792 %
    53.28 %
    0 %
    3M 927K people
    1999
    $ 86B 287M
    $ 21,796.64
    $ 39,948.78
    $ 158B 146M
    5.718 %
    17.204 %
    49.90 %
    0 %
    3M 959K people