5 Amazing facts about Singapore GDP (Gross Domestic Product) and their Economy

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Singapore GDP (Gross Domestic Product)

Singapore country overview

Singapore is officially called the Republic of Singapore. It is a sovereign island city-state. It is located in Southeast Asia. Singapore’s official languages are English, Malay, Tamil and Mandarin.

Singapore GDP
Singapore GDP

Its National language is Malay. When we talk about its Ethnic groups, so Chinese 76%, Malay 15%, Indian 8% and others live in Singapore according to the year 2020. In religions, Buddhism 32%, No religion 20%, Christianity 19%, Islam 16%, and others live in Singapore.

When we talk about its government system, Singapore is a Unitary dominant-party parliamentary constitutional republic. Singapore’s President’s name is Halimah Yacob. Its Prime minister’s name is Lee Hsien Leoong. Singapore’s total area is 729 km2.

Its total area rank is 176th in the world. Its total population is 5,453,900 in the year 2021. Its population rank is 115th in the world. Singapore’s population density is 7,805/ km2 which is considered the highest in the world. Its population density rank is 2nd in the world.

Singapore Economy

Singapore’s currency is called the Singapore dollar. Its fiscal year is between 1 April to 31 March. Singapore is Generally called a Developed or Advanced economy and a High-income economy. The inflation rate in Singapore is 1.1% in the year 2021.

When we talk about Human Development in Singapore, we see that the Human Development Index is 0.938 in the year 2019. This HDI is considered the highest in the world. Its HDI rank is 11th in the world. Singapore’s total Labour force is 3,843,500 in the year 2021.

When we talk about its Labour force by occupation, so agriculture 0.7%, industry 26% and services are 74% in the year 2017. The unemployment rate in Singapore is 2.5% in the year 2021.

Singapore’s main industries are chemicals, petroleum, oil, Financial services, medical products, drilling equipment, food and food products etc. its Gross external debt is $570 billion in the year 2017.

Singapore has $460 billion Foreign reserves in the year 2020. Singapore is the 3rd least corrupt country. Singapore is the most business-friendly country in the world.

Singapore GDP

Singapore’s total GDP is $380 billion (nominal) and $618 billion (PPP) in the year 2021. Its GDP rank is 38th (nominal) and 37th (PPP) in the year 2020. Singapore’s GDP growth rate is 5.4% in the year 2021.

Its GDP per capita is $64,300 (nominal) and $105,000 (PPP) in the year 2021. When we talk about its GDP by sector, so agriculture is 0.5%, the industry is 25% and Services are 75% according to the year 2017. 

Exports

Singapore’s total exports are $630 billion in the year 2020. Its main export goods are Machinery, Electronics, Chemicals etc. Singapore’s main export partners are Hong Kong, China, Malaysia, United States etc.

Imports

Its total imports are $530 billion in the year 2019. Its main import goods are Food products, consumer goods, Chemicals etc. Singapore’s main import partners are China, Malaysia, United States, Japan etc. 

For more detail about GDP (Gross Domestic Product): Please Click Here.

For more detail about Singapore GDP (Gross Domestic Product) and its Economy: Please Click Here.

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