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%.
Singapore GDP from 1980 to 2024
The total market value of goods and services produced annually in Singapore.
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.
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)
| year | GDP Growth | Nominal GDP | PPP GDP | GDP per Capita | PPP per Capita | Savings | Population | Current Account | Fiscal Balance |
|---|---|---|---|---|---|---|---|---|---|
1980 | 10.113 % | $ 12B 82M | $ 22B 884M | $ 5,004.99 | $ 9,479.76 | 31.68 % | 2M 414K people | -13.35 % | 0 % |
1981 | 10.816 % | $ 14B 367M | $ 27B 758M | $ 5,672.10 | $ 10,959.24 | 34.05 % | 2M 533K people | -10.733 % | 0 % |
1982 | 7.102 % | $ 15B 879M | $ 31B 566M | $ 6,000.03 | $ 11,927.76 | 37.78 % | 2M 646K people | -8.489 % | 0 % |
1983 | 8.554 % | $ 18B 11M | $ 35B 609M | $ 6,717.84 | $ 13,281.54 | 42.83 % | 2M 681K people | -3.625 % | 0 % |
1984 | 8.792 % | $ 19B 563M | $ 40B 138M | $ 7,160.26 | $ 14,690.48 | 44.87 % | 2M 732K people | -2.058 % | 0 % |
1985 | -0.623 % | $ 18B 573M | $ 41B 149M | $ 6,788.39 | $ 15,040.08 | 41.21 % | 2M 736K people | 0.109 % | 0 % |
1986 | 1.343 % | $ 18B 780M | $ 42B 541M | $ 6,870.77 | $ 15,563.61 | 38.35 % | 2M 733K people | 1.792 % | 0 % |
1987 | 10.798 % | $ 21B 629M | $ 48B 303M | $ 7,794.69 | $ 17,407.73 | 36.04 % | 2M 775K people | -0.476 % | 0 % |
1988 | 11.264 % | $ 26B 551M | $ 55B 639M | $ 9,328.95 | $ 19,549.04 | 40.74 % | 2M 846K people | 7.333 % | 0 % |
1989 | 10.159 % | $ 31B 436M | $ 63B 694M | $ 10,725.74 | $ 21,732.02 | 43.53 % | 2M 931K people | 9.474 % | 0 % |
1990 | 9.821 % | $ 38B 892M | $ 72B 568M | $ 12,763.34 | $ 23,815.03 | 43.73 % | 3M 47K people | 8.08 % | 0 % |
1991 | 6.688 % | $ 45B 465M | $ 80B 40M | $ 14,501.96 | $ 25,530.38 | 44.70 % | 3M 135K people | 10.72 % | 0 % |
1992 | 6.64 % | $ 52B 131M | $ 87B 300M | $ 16,136.24 | $ 27,021.88 | 46.74 % | 3M 231K people | 11.229 % | 0 % |
1993 | 11.46 % | $ 60B 604M | $ 99B 610M | $ 18,290.13 | $ 30,062.11 | 43.98 % | 3M 313K people | 6.777 % | 0 % |
1994 | 11.096 % | $ 73B 689M | $ 113B 25M | $ 21,552.41 | $ 33,057.59 | 48.20 % | 3M 419K people | 15.286 % | 0 % |
1995 | 7.175 % | $ 87B 813M | $ 123B 675M | $ 24,914.85 | $ 35,090.03 | 50.38 % | 3M 525K people | 16.497 % | 0 % |
1996 | 7.471 % | $ 96B 293M | $ 135B 348M | $ 26,232.87 | $ 36,872.71 | 49.67 % | 3M 671K people | 14.627 % | 0 % |
1997 | 8.316 % | $ 100B 124M | $ 149B 133M | $ 26,375.87 | $ 39,286.41 | 53.74 % | 3M 796K people | 15.57 % | 0 % |
1998 | -2.191 % | $ 85B 728M | $ 147B 505M | $ 21,829.28 | $ 37,559.64 | 53.28 % | 3M 927K people | 21.792 % | 0 % |
1999 | 5.718 % | $ 86B 287M | $ 158B 146M | $ 21,796.64 | $ 39,948.78 | 49.90 % | 3M 959K people | 17.204 % | 0 % |