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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. Watch the video to find out more:

Data

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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$m Q2/21 127,084.8 19.6 125,909.0 1.6
GDP in Chained (2015) Dollars S$m Q2/21 119,048.9 14.7  119,332.0 1.5
GDP at Current Market Prices S$m 2020  469,095.9 -8.2 510,737.8 0.7
GDP in Chained (2015) Dollars S$m 2020 453,821.2 -5.4 479,680.9 1.3
Items Unit Latest Period Latest Data % Change
(Y-o-Y)  1/
Previous
Period Data
% Change
(Y-o-Y)  2/
Per Capita GDP S$ 2020 82,503  -7.9 89,547 -0.4
Per Capita GNI S$ 2020 72,418  -8.2 78,847  -0.8
Gross Fixed Capital Formation at Current Prices S$m 2020 100,741.9 -14.3  117,486.7 -2.3
Public Sector S$m 2020  16,964.1 -23.5  22,178.0 3.8
Private Sector S$m 2020 83,777.8 -12.1 95,308.7 2.0
Gross National Saving S$m 2020 188,595.0 -5.1  198,786.8 -3.0 

Gross Domestic Product

Title : Gross Domestic Product At Current Prices, By Industry (SSIC 2015 Version 2018), Annual

Million Dollars

Data Items

2013
2014
2015
2016
2017
2018
2019
2020

GDP At Current Market Prices

384,870.3
398,947.9
423,444.1
440,372.2
474,115.1
507,123.9
510,737.8
469,095.9

Goods Producing Industries

90,366.2
96,561.8
102,986
102,752.9
111,775.4
129,462.4
123,807.6
114,447.4

Manufacturing

67,885
71,809.7
76,598.2
77,325.5
88,265
105,762.7
99,360.7
96,331.2

Construction

17,127.3
19,183.8
20,433.8
19,673.1
17,864.3
17,827.1
18,486.4
12,110.9

Utilities

5,221.4
5,430.3
5,815.9
5,615.1
5,500.2
5,719.4
5,795.1
5,853.3

Other Goods Industries * Other goods industries comprise agriculture, fishing and quarrying.

132.5
138
138.1
139.2
145.9
153.2
165.4
152

Services Producing Industries

255,082.3
262,839.8
278,101.3
293,447.5
316,029.6
333,331.4
342,502
313,699.5

Wholesale & Retail Trade

68,495.3
64,724.5
65,584.5
74,001.9
82,106.2
87,605.9
86,125.5
81,783.1

Wholesale Trade

61,886.9
57,829.3
58,306.1
66,397.9
74,324.9
79,669.4
78,511.7
75,314.9

Retail Trade

6,608.4
6,895.2
7,278.4
7,604
7,781.3
7,936.5
7,613.8
6,468.2

Transportation & Storage

24,756.6
27,092.7
30,014.6
27,617.5
31,531.8
30,684.5
31,682.4
23,982.2

Accommodation & Food Services

8,208.9
8,665.3
8,763
9,233.8
9,416.8
9,868
10,094.2
6,301.8

Accommodation

3,470.1
3,639.7
3,604.7
3,763.8
3,891.8
4,224.5
4,309.5
1,903.5

Food & Beverage Services

4,738.8
5,025.6
5,158.3
5,470
5,525
5,643.5
5,784.7
4,398.3

Information & Communications

14,774.3
15,798.8
15,779.3
17,254.1
18,718.2
19,755.2
22,325.5
22,862.6

Finance & Insurance

42,892.6
45,968.7
49,874.5
51,636.5
56,853.3
62,535.7
68,168.3
70,297.8

Real Estate, Professional Services And Administrative & Support Services

55,661.5
57,934.4
63,122.4
66,080.4
66,877.9
70,298
69,644.3
59,969.4

Real Estate

19,253.4
18,970.8
18,790.1
17,418
15,703.3
16,421.9
16,592
13,482

Professional Services

21,673.2
22,107.2
24,218
24,895.9
25,745.7
27,039
29,084.7
26,370.5

Administrative & Support Services

14,734.9
16,856.4
20,114.3
23,766.5
25,428.9
26,837.1
23,967.6
20,116.9

Other Services Industries

40,293.1
42,655.4
44,963
47,623.3
50,525.4
52,584.1
54,461.8
48,502.6

Ownership Of Dwellings

17,251
17,797.2
18,100.1
17,589.4
17,436.3
17,751
18,453
19,114.4

Gross Value Added At Basic Prices

362,699.5
377,198.8
399,187.4
413,789.8
445,241.3
480,544.8
484,762.6
447,261.3

Add: Taxes On Products

22,170.8
21,749.1
24,256.7
26,582.4
28,873.8
26,579.1
25,975.2
21,834.6
SOURCE : SINGAPORE DEPARTMENT OF STATISTICS

Expenditure on Gross Domestic Product

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

Million Dollars

Data Items

2013
2014
2015
2016
2017
2018
2019
2020

GDP At Current Market Prices

384,870.3
398,947.9
423,444.1
440,372.2
474,115.1
507,123.9
510,737.8
469,095.9

Private Consumption Expenditure

143,685.4
149,942.1
157,343.7
160,687.3
166,880.2
175,131
182,045.5
154,845.7

Government Consumption Expenditure

37,502.6
38,422.8
43,152.8
45,278.7
48,248.7
50,712.7
52,607.5
58,241.3

Gross Fixed Capital Formation

106,024.9
112,216.9
115,271.1
114,670.3
119,889
114,820.4
117,486.7
100,741.9

Changes In Inventories

9,357.3
5,193.5
-7,914.5
1,921
9,664.2
11,894.2
8,455.8
5,364.3

Net Exports Of Goods And Services

88,958.2
93,512.4
115,591
115,248.3
125,351.8
145,952.3
144,369.9
149,727.1

Exports Of Goods And Services

750,796.5
765,794.6
755,359.1
725,489
811,159.8
897,920.4
898,348.3
826,738.7

Imports Of Goods And Services

661,838.3
672,282.2
639,768.1
610,240.7
685,808
751,968.1
753,978.4
677,011.6

Statistical Discrepancy

-658.1
-339.9
0
2,566.5
4,081.3
8,613.3
5,772.4
175.5
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

2013
2014
2015
2016
2017
2018
2019
2020

GDP At Current Market Prices

384,870.3
398,947.9
423,444.1
440,372.2
474,115.1
507,123.9
510,737.8
469,095.9

Compensation Of Employees

155,779.7
167,539.5
177,686.9
184,248.4
190,258.9
198,402.5
205,980.1
205,189.1

Gross Operating Surplus

199,586.5
201,053.2
214,469
221,770.4
245,517.7
276,219
271,700.5
264,523.8

Taxes Less Subsidies On Production & On Imports

29,685.6
29,546.5
31,288.2
34,747.6
37,670
35,862.3
35,748.3
938.4

Other Taxes Less Subsidies On Production

7,514.8
7,797.4
7,031.5
8,165.2
8,796.2
9,283.2
9,773.1
-20,896.2

Taxes On Products

22,170.8
21,749.1
24,256.7
26,582.4
28,873.8
26,579.1
25,975.2
21,834.6

Statistical Discrepancies

-181.5
808.7
0
-394.2
668.7
-3,359.9
-2,691.1
-1,555.4
SOURCE : SINGAPORE DEPARTMENT OF STATISTICS

Visualising Data

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Definitions

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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