What is the size of Singapore’s economy?
Measuring the size of an economy
The size of any economy is usually measured by calculating its Gross Domestic Product (GDP) which is the market value of all officially recognized final goods and services produced within a country in a given period. To compare GDP internationally, one needs to convert the value in local currencies to one main currency, usually USD.
There are two prevailing exchange rates to be used. The first one is the official exchange rate for that particular period. The second one is called “Purchasing Power Parity” exchange rate, which takes into account the difference in living expenses between countries. The first method is often used when comparing the size of international economies.
Size of Singapore’s economy
Singapore’s GDP is around USD 361 billion in 2018, using the market exchange rate method. It is the 3rd largest economy in ASEAN behind Indonesia and Thailand.
What is the size of Singapore’s population? See Chart
What is the demographic structure of Singapore? See Chart
How has the structure of Singapore’s GDP changed over the years? See Chart
How much does Singapore’s economy rely on external trade? See Chart
Economic Freedom Index: How free is Singapore’s economy? See Chart