Singapore GDP Annual Growth Rate

Last Release

Dec 31, 2024

Actual

Units In

5.4

Frequency

Quarterly

Next Release

May 26, 2025

Time to Release

3 Months 5 Days 9 Hours

Highest	Lowest	Average	Date Range	Source
18.6 Jun 2010	-13.3 Jun 2020	6.02 %	1976-2024	Statistics Singapore

In Singapore, services are the biggest sector of the economy and account for 72 percent of GDP. Within services the most important segments are: wholesale and retail trade (18 percent of total GDP); business services (16 percent); finance and insurance (13 percent), transport and storage (10 percent) and information and communications (5 percent). Industry contributes the remaining 28 percent total output. Manufacturing (21 percent) and construction (5 percent) are the most important industry segments.

Latest Updates

Singapore's economy grew by 5% year-on-year in the fourth quarter of 2024, a slowdown from the 5.7% expansion in the third quarter, according to the final data. For the full year, the economy expanded by 4.4%, surpassing the 1.8% growth recorded in 2023. The manufacturing sector continued to show strength, growing by 7.4% in Q4, following an 11.2% expansion in the previous quarter. The construction sector also posted a solid 4.4% growth in Q4, building on a 5.6% increase in Q3. Services-producing industries collectively expanded by 4.6% year-on-year in Q4, with notable growth in wholesale and retail trade, transportation and storage, as well as information and communication, finance and insurance, and professional services.