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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$m Q2/22 146,057.2 10.6 142,528.5 10.4
GDP in Chained (2015) Dollars S$m Q2/22 127,405.7 4.4 126,437.4 3.8
GDP at Current Market Prices S$m 2021  533,351.9 12.0 476,404.8 -7.0
GDP in Chained (2015) Dollars S$m 2021 496,161.6 7.6 461,056.9 -4.1
Items Unit Latest Period Latest Data % Change
(Y-o-Y)  1/
Previous
Period Data
% Change
(Y-o-Y)  2/
Per Capita GDP S$ 2021 97,798  16.7 83,789 -6.7
Per Capita GNI S$ 2021 86,015  18.5 72,570  -7.6
Gross Fixed Capital Formation at Current Prices S$m 2021 123,614.7 23.4  100,145.9 -14.7
Public Sector S$m 2021  20,938.9 24.9  16,771.1 -24.1
Private Sector S$m 2021 102,675.8 23.1 83,374.7 -12.5
Gross National Saving S$m 2021 226,509.4 21.0  187,189.8 -6.6 

Gross Domestic Product

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

Million Dollars

Data Items

2014
2015
2016
2017
2018
2019
2020
2021

GDP At Current Market Prices

398,947.9
423,444.1
440,467
473,915.7
508,495.1
512,219.9
476,404.8
533,351.9

Goods Producing Industries

96,557.6
102,984.3
102,634.5
111,655.9
129,248.4
123,654.4
112,820.7
132,999.6

Manufacturing

71,809.7
76,598.2
77,118.1
88,069.4
105,443.1
99,538.9
95,066.5
112,399.4

Construction

19,179.9
20,430.8
19,766.9
17,944.1
17,840.7
18,070.4
11,550.5
14,570.1

Utilities

5,430.2
5,817.2
5,610.3
5,496.6
5,811.4
5,879.7
6,045.7
5,851

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

137.8
138.1
139.2
145.8
153.2
165.4
158
179.1

Services Producing Industries

262,844
278,103
293,660.7
315,949.8
334,917.7
344,169
322,627.6
351,466.5

Wholesale & Retail Trade

64,724.5
65,584.5
74,171.9
82,147.7
89,284.7
89,931.5
87,169.6
97,083.5

Wholesale Trade

57,829.3
58,306.1
66,518.6
74,367
81,328.4
82,363.7
80,967.7
90,208.4

Retail Trade

6,895.2
7,278.4
7,653.3
7,780.7
7,956.3
7,567.8
6,201.9
6,875.1

Transportation & Storage

27,092.4
30,015
27,748.8
31,605
30,827.5
31,246.5
26,766.8
30,709.6

Accommodation & Food Services

8,666.6
8,763.1
9,189.6
9,342.6
9,812.3
10,006.9
6,649.7
6,714.5

Accommodation

3,640.3
3,604.7
3,764.2
3,892.1
4,233.4
4,298.4
2,505.2
2,393.5

Food & Beverage Services

5,026.3
5,158.4
5,425.4
5,450.5
5,578.9
5,708.5
4,144.5
4,321

Information & Communications

16,196.1
16,227.4
17,517.6
18,768.8
19,908.5
22,797.2
24,648.8
28,355.2

Finance & Insurance

45,966.4
49,872.2
51,860.3
56,973.6
62,714.7
68,071.6
69,718.6
73,747

Real Estate, Professional Services And Administrative & Support Services

57,533
62,666.4
65,650.2
66,736
69,839.3
67,881.9
58,879.1
62,181

Real Estate

18,962.7
18,781.5
17,421.6
15,701.5
16,350.1
16,841.1
13,423.3
14,731.3

Professional Services

22,104.8
24,218.6
24,920.6
25,909
27,020.7
29,091.8
27,262
29,375.3

Administrative & Support Services

16,465.5
19,666.3
23,308
25,125.5
26,468.5
21,949
18,193.8
18,074.4

Other Services Industries

42,665
44,974.4
47,522.3
50,376.1
52,530.7
54,233.4
48,795
52,675.7

Ownership Of Dwellings

17,797.2
18,100.1
17,589.4
17,436.2
17,751
18,453
18,785.2
18,940

Gross Value Added At Basic Prices

377,198.8
399,187.4
413,884.6
445,041.9
481,917.1
486,276.4
454,233.5
503,406.1

Add: Taxes On Products

21,749.1
24,256.7
26,582.4
28,873.8
26,578
25,943.5
22,171.3
29,945.8
SOURCE : SINGAPORE DEPARTMENT OF STATISTICS

Expenditure on Gross Domestic Product

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

Million Dollars

Data Items

2014
2015
2016
2017
2018
2019
2020
2021

GDP At Current Market Prices

398,947.9
423,444.1
440,467
473,915.7
508,495.1
512,219.9
476,404.8
533,351.9

Private Consumption Expenditure

149,942.1
157,343.7
160,597.1
166,873.9
175,098.3
182,010
155,396.1
165,182.7

Government Consumption Expenditure

38,422.8
43,152.8
45,210.4
48,307.5
50,714.7
52,639
58,721.7
61,600.1

Gross Fixed Capital Formation

112,216.9
115,271.1
114,703.2
119,813.3
114,160
117,430.2
100,145.9
123,614.7

Changes In Inventories

5,193.5
-7,914.5
1,925.7
9,673.3
11,907.7
8,991.4
6,826.9
6,263.3

Net Exports Of Goods And Services

93,512.4
115,591
115,457.6
125,153
146,771.4
147,216.2
151,047.4
167,265.7

Exports Of Goods And Services

765,794.6
755,359.1
725,765.2
812,277.4
897,962.4
897,788.9
865,707.6
985,823.6

Imports Of Goods And Services

672,282.2
639,768.1
610,307.6
687,124.4
751,191
750,572.7
714,660.2
818,557.9

Statistical Discrepancy

-339.9
0
2,573
4,094.6
9,843
3,933.1
4,266.8
9,425.3
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

2014
2015
2016
2017
2018
2019
2020
2021

GDP At Current Market Prices

398,947.9
423,444.1
440,467
473,915.7
508,495.1
512,219.9
476,404.8
533,351.9

Compensation Of Employees

167,539.5
177,686.9
184,248.2
190,140.4
198,168.4
204,755.1
203,723.3
211,540.7

Gross Operating Surplus

201,053.2
214,469
221,329.3
245,147.7
277,091.1
272,266.4
269,105.5
299,438.8

Taxes Less Subsidies On Production & On Imports

29,546.5
31,288.2
34,666.6
37,584.1
35,757.8
35,595.5
3,126.4
26,307.8

Other Taxes Less Subsidies On Production

7,797.4
7,031.5
8,084.2
8,710.3
9,179.8
9,652
-19,044.9
-3,638

Taxes On Products

21,749.1
24,256.7
26,582.4
28,873.8
26,578
25,943.5
22,171.3
29,945.8

Statistical Discrepancies

808.7
0
222.9
1,043.5
-2,522.2
-397.1
449.6
-3,935.4
SOURCE : SINGAPORE DEPARTMENT OF STATISTICS

Personal Disposable Income and Personal Saving

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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