The economy of Singapore expanded 1.1% in 2023, the weakest performance since 2009 when excluding the Covid pandemic year of 2020, compared to 3.8% in 2022. The services producing industries expanded 2.3% (vs 5.1% in 2022), mainly driven by the other services, information & communications and transportation & storage sectors. Also, construction grew 5.2% (vs 4.6%), due to both public and private sector construction work. On the other hand, manufacturing shrank 4.3%, a reversal from the 2.7% growth in 2022, as all clusters recorded output declines, except for the transport engineering cluster. For 2024, the GDP is expected to grow between 1%-3%, as manufacturing and trade-related sectors will likely see a gradual pickup in tandem with the turnaround in global electronics demand. source: Statistics Singapore
Full Year GDP Growth in Singapore averaged 6.94 percent from 1961 until 2023, reaching an all time high of 14.52 percent in 2010 and a record low of -3.90 percent in 2020. This page includes a chart with historical data for Singapore Full Year GDP Growth. Singapore Full Year GDP Growth - values, historical data and charts - was last updated on January of 2025.
Full Year GDP Growth in Singapore is expected to reach 2.60 percent by the end of 2024, according to Trading Economics global macro models and analysts expectations. In the long-term, the Singapore Full Year GDP Growth is projected to trend around 2.60 percent in 2025 and 2.50 percent in 2026, according to our econometric models.