Singapore is a Southeast Asian island country that lies off the southern point of the Malay Peninsula. The Johor Straits divide it from Malaysia, while the Singapore Strait separates it from Indonesia's Riau Islands. Singapore's geographical position makes it an important transit hub for Southeast Asian marine routes.
100%
Urban population (2023)
0%
Rural population (2023)
52.2%
Male (2023)
47.8%
Female (2023)
21%
Baby boomer (2023)
23%
Gen X (2023)
24%
Gen Y (2023)
17%
Gen Z (2023)
68.6%
Participation rate (2023)
97.56%
Employment rate (2023)
71%
Labour force at SMEs (2022)
56%
High-skilled labour ratio (2017)
US$ 3850
Monthly average income (2023)
16.5%
Attrition rate (2023)
0.1%
Employment in Agriculture (2022)
14.2%
Employment in Industry (2022)
85.7%
Employment in Services (2022)
US$ 501.4B
GDP (2023)
US$ 84,730
GDP per capita (2023)
US$ 22B
Digital economy GMV (2023)
US$ 44.21B
ICT market size (2023)
99%
Percentage of MSMEs (2023)
US$ 6.1B
Total capital invested in startups (2023)
The third-largest economy in Southeast Asia
FDI inflows
Singapore's foreign direct investment attracted nearly US$ 141.2 billion by 2022
Export turnovers
Singapore's export turnovers reached US$ 483.4 billion by 2023
Newly-established businesses
There were 70,402 businesses established in 2023
GDP, by industry
Wholesale trade contributed the most to Singapore's GDP in 2023
US$ 141.2B
FDI Inflow (2022)
Leading FDI sectors
Finance & insurance
56.4%
Wholesale & retail trade
15.7%
Manufacturing
12.3%
Professional and administrative & support services
6.7%
Transportation & storage
4.3%
Information & communications
1.8%
US$ 483.4B
Export turnovers (2023)
Top exports
Oil export
18.2%
Non-oil export
81.8%
Machinery & transport equipment
62.6%
Chemicals & chemical products
14.6%
Miscellaneous manufactured articles
10.7%
Manufactured goods
3.5%
Food & live animals
2.4%
70,402
Number of newly-established businesses
Top industries
Professional services
17.1%
Wholesale trade
15.9%
Information & communications
13.3%
Finance & insurance
10.6%
Retail trade
8.5%
US$ 501.4B
GDP, by industry (2023)
Top industries
Wholesale trade
22.3%
Manufacturing
18.6%
Finance & insurance
13.8%
Other services industries
9.6%
Transportation & storage
6.8%
Doing business in Singapore
Opportunities & challenges
Opportunities
• Large FDI inflows, generous tax regime
• Major goods transport and trading hub, financial centre
• Political stability, and excellent business climate
• High non-price competitiveness
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