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.
Data Source: International Monetary Fund
Image Source: Freepik from www.flaticon.com
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 | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
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 |
