Since gaining independence in 1965, Singapore has become one of the world's most prosperous nations. Its GDP has grown from USD 43.4 billion in 1983 to USD 394.3 billion in 2023, while its GDP per capita has risen to one of the highest levels globally.
The Singaporean economy is among the most competitive and stable globally, characterized by no foreign debt, high government revenue, and a consistently positive budget surplus. It is primarily driven by exports in electronics and precision engineering, complemented by a vibrant services sector that includes information technology, communications, tourism, and finance. Additionally, Singapore's central location in the global supply chain is enhanced by its world-class container terminal, which handles one-fifth of global trans-shipment trade annually.
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