Singapore

Singapore GDP per Capita

*Update in April, October each year*

Singapore is a high-income economy with a GDP of US$88,447 per Capita at current market prices in 2024. In terms of demographics, baby boomers and post-baby boomers have entered the elderly age group (aged 65 or above), which as reported by Singapore Department of Statistics, about one in seven residents were seniors in 2030. More than 75% of the Singapore’s workforce were employed in service industry, while the rest was almost evenly distributed among the two other sectors, manufacturing and construction.

Singapore CPI

*Update in April, October each year*

CPI is a measure of the change in the prices of a basket of goods and services purchased by consumers. The CPI in Singapore only covers consumer spending by households and excludes non-consumer spending such as purchases of housing, stocks and other financial assets, and income tax.

Singapore's CPI is expected to rise by 4.8% year-on-year in 2023, down from 6.1% in 2022. The main driver of the CPI is the increase in the prices of everyday items that people live on, including higher food and energy prices.

Singapore PPI

*Update in April, October each year*

The Singapore Producer Price Index (PPI) is a measure of price changes of manufactured goods in Singapore. Ex-works prices of locally manufactured products are obtained from major local manufacturers on a monthly basis and are used to calculate the index. Singapore's PPI fell back below 100 in Q4 2023 and reached 101.37 in February 2024, up slightly from 101.04 in January. Overall, upward and downward trends in the PPI are closely associated with major international events, such as changes in global food and energy prices.

Singapore Foreign Direct Investment (FDI)

*Update in April, October each year*

Foreign Direct Investment in Singapore refers to an investment where a direct investor, residing in another economy, owns 10% or more of the ordinary shares or voting power in an enterprise in Singapore.

Singapore’s Foreign Direct Investment valued US$1,545 billion in 2020. In terms of the value of FDI, the industry which received the most FDI is Finance & Insurance (US$857.7 billion), followed by Wholesale & Retail Trade (US$229.2 billion), and Manufacturing (US$185.4 billion). Meanwhile, USA remain the top source of investment in Singapore, with accounted more than 380 billion USD. Besides, Cayman Islands and British Virgin Islands ranked the second and third in Singapore’s FDI contribution, each amounting to approximately US$246.7 billion and US$118.2 billion, respectively.

Singapore International Trade

*Update in April, October each year*

Singapore is a highly developed city-state with an economy that is heavily dependent on foreign trade. total merchandise trade amounted to S$1.2 trillion in 2023, down from S$1.4 trillion in 2023. Exports of key electronics and petrochemicals are weak.

The country's major exports in 2023 include integrated circuits, refined petroleum and IT products, among others. The main destinations of its exports are China, the United States, Hong Kong and Malaysia. Over the same period, Singapore's major imports include petroleum, integrated circuit and electronic components, and machinery and equipment used in the manufacture of semiconductors, while its major import trading partners are China, Malaysia and the EU.