National Accounts

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National Income Estimates

Singapore adopts the output, expenditure, and income approaches for compiling national income aggregates. The concepts, definitions and methodologies given in the United Nations’ publication “System of National Accounts, 2008” (SNA) are closely followed.

National Accounts

A significant improvement in the latest benchmarking of Singapore’s national accounts from reference year 2010 to 2015 is the adoption of the SNA recommendation to compile annually reweighted chain volume measures (CVM) of GDP.

Find out more on the chain linking of real GDP from the video in the 'Visualising Data' section below.

Data

Please click on the topic to view the available data tables.

View latest data:

Key Indicators

Items	Unit	Latest Period	Latest Data	% Change (Y-o-Y) 1/	Previous Period Data	% Change (Y-o-Y) 2/
National Accounts
GDP at Current Market Prices	S$m	4Q 2023	176,412.1	2.6	168,373.8	-2.8
GDP in Chained (2015) Dollars	S$m	4Q 2023	137,319.0	2.2	133,121.5	1.0
GDP at Current Market Prices	S$m	2023	673,300.3	-2.0	687,230.4	17.8
GDP in Chained (2015) Dollars	S$m	2023	532,259.5	1.1	526,598.4	3.8
Items	Unit	Latest Period	Latest Data	% Change (Y-o-Y) 1/	Previous Period Data	% Change (Y-o-Y) 2/
Per Capita GDP	S$	2023	113,779	-6.7	121,914	14.0
Per Capita GNI	S$	2023	95,455	-3.1	98,550.0	8.4
Gross Fixed Capital Formation at Current Prices	S$m	2023	149,410.2	4.9	142,375.9	9.7
Public Sector	S$m	2023	27,626.0	12.8	24,484.0	10.1
Private Sector	S$m	2023	121,784.2	3.3	117,891.9	9.7
Gross National Saving	S$m	2023	274,626.5	-0.9	277,050.9	8.4

Data are preliminary when first released.
1 Refers to % change in latest period over the same period in the previous year.
2 Refers to % change in the previous period over the same period in the previous year.

Gross Domestic Product

Title : Gross Domestic Product At Current Prices, By Industry (SSIC 2020), Annual

Million Dollars

Data Items	2016	2017	2018	2019	2020	2021	2022	2023
GDP At Current Market Prices	440,787.7	474,012.4	508,368.7	514,153.4	482,203.8	583,221.5	687,230.4	673,300.3
Goods Producing Industries	102,601	111,657.7	129,248	123,672.1	112,071.3	141,770	163,376.2	151,017.4
Services Producing Industries	294,014.9	316,044.7	334,760.9	345,883.9	329,079	392,122.6	471,549.8	464,672.9
Ownership Of Dwellings	17,589.4	17,436.2	17,751	18,453	18,782.7	18,912.9	20,499.7	23,118.8
Gross Value Added At Basic Prices	414,205.3	445,138.6	481,759.9	488,009	459,933	552,805.5	655,425.7	638,809.1
Add: Taxes On Products	26,582.4	28,873.8	26,608.8	26,144.4	22,270.8	30,416	31,804.7	34,491.2

SOURCE : SINGAPORE DEPARTMENT OF STATISTICS

Footnotes

Gross Domestic Product At Current Prices, By Industry (SSIC 2020), Annual

Gross Domestic Product In Chained (2015) Dollars, By Industry (SSIC 2020), Annual

Gross Domestic Product Deflators (2015 = 100), By Industry (SSIC 2020), Annual

Download all in Excel (47 KB)

Expenditure on Gross Domestic Product

Title : Expenditure On Gross Domestic Product At Current Prices, Annual

Million Dollars

Data Items	2016	2017	2018	2019	2020	2021	2022	2023
GDP At Current Market Prices	440,787.7	474,012.4	508,368.7	514,153.4	482,203.8	583,221.5	687,230.4	673,300.3
Private Consumption Expenditure	160,714.7	166,857.2	175,648.6	181,793	154,100.5	169,065	194,230.1	210,845.5
Government Consumption Expenditure	45,214.3	48,303.5	50,687.9	52,695.5	58,996.5	61,845.8	64,918.7	68,856.6
Gross Fixed Capital Formation	114,557.5	119,637.6	113,904.6	117,442.9	100,932.6	129,739.2	142,375.9	149,410.2
Changes In Inventories	1,925.7	9,673.3	11,907.7	9,073.3	9,331.9	10,039.2	11,006.6	-7,889.1
Net Exports Of Goods And Services	115,520.9	126,330.7	151,176.9	151,828.2	151,506.7	211,336.7	264,808.4	251,544.7
Exports Of Goods And Services	726,044.4	814,550.6	906,068.1	906,452.9	875,465.5	1,067,356.8	1,276,578.8	1,173,563.4
Exports Of Goods	515,952.2	574,961.7	621,037.6	601,281.1	576,628.8	687,678	812,570.9	733,068
Exports Of Services	210,092.2	239,588.9	285,030.5	305,171.8	298,836.7	379,678.8	464,007.9	440,495.4
Imports Of Goods And Services	610,523.5	688,219.9	754,891.2	754,624.7	723,958.8	856,020.1	1,011,770.4	922,018.7
Imports Of Goods	391,419.3	436,614.1	480,743.3	469,875.3	433,557.3	524,121.4	605,062.8	525,232.1
Imports Of Services	219,104.2	251,605.8	274,147.9	284,749.4	290,401.5	331,898.7	406,707.6	396,786.6
Statistical Discrepancy	2,854.5	3,210	5,043.1	1,320.5	7,335.6	1,195.5	9,890.7	532.4

SOURCE : SINGAPORE DEPARTMENT OF STATISTICS

Footnotes

Data may not add up to the total due to rounding. For more information on national accounts methodologies, please visit Singstat website (www.singstat.gov.sg/find-data/search-by-theme/economy/national-accounts/publications-and-methodology) to view and download related publications. Exports and Imports of Goods are recorded on a free-on-board (f.o.b.) basis, that is, the value of goods when sold abroad up to the point where the goods are deposited on board the outgoing vessel, aircraft or vehicle.

Expenditure On Gross Domestic Product At Current Prices, Annual

Expenditure On Gross Domestic Product In Chained (2015) Dollars, Annual

Expenditure On Gross Domestic Product Deflators (2015 = 100), Annual

Download all in Excel (28 KB)

Private Consumption Expenditure

Private Consumption Expenditure At Current Prices, Annual

Private Consumption Expenditure In Chained (2015) Dollars, Annual

Download all in Excel (25 KB)

Gross Fixed Capital Formation

Gross Fixed Capital Formation At Current Prices, Annual

Gross Fixed Capital Formation In Chained (2015) Dollars, Annual

Download all in Excel (36 KB)

Government Consumption Expenditure

Individual and Collective Government Consumption Expenditure At Current Prices, Annual

Income Components of Gross Domestic Product at Current Prices

Title : Income Components Of Gross Domestic Product At Current Prices, Annual

Million Dollars

Data Items	2016	2017	2018	2019	2020	2021	2022	2023
GDP At Current Market Prices	440,787.7	474,012.4	508,368.7	514,153.4	482,203.8	583,221.5	687,230.4	673,300.3
Compensation Of Employees	184,483.5	190,437.4	198,342.2	205,719.3	206,284.4	220,087.2	242,068.5	260,114.4
Gross Operating Surplus	221,466.1	245,035.7	276,581.9	271,785.2	272,404.6	338,305.3	410,766.1	372,682.4
Taxes Less Subsidies On Production & On Imports	34,679.1	37,627	35,762.5	35,884.2	3,402.1	26,845.2	37,338.5	43,414.9
Other Taxes Less Subsidies On Production	8,096.7	8,753.2	9,153.7	9,739.8	-18,868.7	-3,570.8	5,533.8	8,923.7
Taxes On Products	26,582.4	28,873.8	26,608.8	26,144.4	22,270.8	30,416	31,804.7	34,491.2
Statistical Discrepancies	159	912.3	-2,317.9	764.7	112.7	-2,016.2	-2,942.7	-2,911.4

SOURCE : SINGAPORE DEPARTMENT OF STATISTICS

Footnotes

For more information on national accounts methodologies, please visit Singstat website (www.singstat.gov.sg/find-data/search-by-theme/economy/national-accounts/publications-and-methodology) to view and download related publications.

Income Components Of Gross Domestic Product At Current Prices, Annual

Compensation Of Employees

Compensation Of Employees By Industry At Current Prices, Annual

Gross Operating Surplus

Gross Operating Surplus By Industry At Current Prices, Annual

Other Taxes Less Subsidies on Production

Other Taxes Less Subsidies On Production By Industry At Current Prices, Annual

Output, Saving and Investment

Output, Saving & Investment At Current Prices, Annual

Personal Disposable Income and Personal Saving

Personal Disposable Income At Current Prices, Quarterly

Visualising Data

View and explore data with the latest visualisations:

Introduction to Chain-linking of Real Gross Domestic Product

Gross Domestic Product Dashboard

This interactive dashboard allows you to explore data trends of Gross Domestic Product and sectoral performance.

Find Out More

Generation of Income Accounts Dashboard

This interactive dashboard shows the relative income shares of the generation of income account for the overall economy and by institutional sector (i.e., corporations, general government and personal).

Find Out More