Explore Themes

National Income Estimates

Singapore adopts the output, expenditure and income approaches for compiling the national income aggregates. The concepts, definitions and methodology 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 

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

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

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

Personal Disposable Income and Personal Saving

Visualising Data

View and explore data with the latest visualisations:

Introduction to Chain-linking of Real Gross Domestic Product

Definitions

Visit Glossary Page

Other References

National Accounts
Benchmarking of Singapore’s National Accounts to Reference Year 2015 View
Rebasing of Singapore’s National Accounts to Reference Year 2010 View
Rebasing of Singapore’s National Accounts to Reference Year 2005 View
Rebasing of Singapore’s National Accounts to Reference Year 2000 View
Rebasing of the Singapore System of National Accounts to Reference Year 1995 View
Economic Survey of Singapore View