Singapore economy at a glance

Latest figures for Singapore: inflation, growth, interest rates, jobs, bond yields, debt and taxes. Updated 6 November 2026. Open Singapore on the interactive map →

Key figures

Indicator	Latest	Period	Previous
Inflation (consumer prices, year on year)	2.2%	September 2026	2.3% August 2026
Core inflation (excluding food and energy)	2.0%	September 2026	2.2% August 2026
Real GDP growth (year on year)	5.4%	Q3 2026	6.2% Q2 2026
Policy rate (Monetary Authority of Singapore (exchange-rate policy: S$NEER band slope; no policy interest rate). policy_rate shows overnight SORA as a market-rate proxy.)	1.36%	November 2026	1.36% October 2026
Unemployment rate	2.0%	September 2026	1.9% June 2026
10-year government bond yield	2.24%	October 2026
Manufacturing PMI (SIPMM (Singapore Institute of Purchasing & Materials Management) manufacturing PMI)	51.4	October 2026	51.7 September 2026
Retail sales (year on year)	1.7%	September 2026	0.8% August 2026
Industrial production (year on year)	3.4%	September 2026	15.4% August 2026
House prices (year on year)	3.4%	Q3 2026	2.9% Q2 2026
Stock market (Straits Times Index (STI))	5,179	November 2026	+14.5% over 12 months

Questions and answers

What is the inflation rate in Singapore?

Singapore's annual inflation rate was 2.2% in September 2026, down from 2.3% in August 2026.

What is the interest rate in Singapore?

The Monetary Authority of Singapore (exchange-rate policy: S$NEER band slope; no policy interest rate). policy_rate shows overnight SORA as a market-rate proxy. policy rate is 1.36% (as of November 2026).

How fast is Singapore's economy growing?

Singapore's real GDP grew 5.4% year on year in Q3 2026. The IMF's October 2026 World Economic Outlook forecasts growth of 5.0% in 2026 and 3.0% in 2027.

What is the unemployment rate in Singapore?

Singapore's unemployment rate was 2.0% in September 2026, up from 1.9% in June 2026.

What is Singapore's 10-year government bond yield?

Singapore's 10-year government bond yield averaged 2.24% in October 2026.

How much government debt does Singapore have?

Singapore's government debt is about 171.0% of GDP (latest annual figure), with a budget surplus of 1.9% of GDP.

What is Singapore's credit rating?

Singapore's sovereign credit ratings: S&P AAA, Moody's Aaa, Fitch AAA.

What is the VAT rate in Singapore?

Singapore's standard VAT rate is 9% (2026 rules).

What is the corporate tax rate in Singapore?

Singapore's corporate income tax rate is 17.0% (2026 rules).

Who leads Singapore?

Singapore is led by Prime Minister Lawrence Wong (head of government, People's Action Party); President Tharman Shanmugaratnam (head of state). Next election: Next general election due by 2030 (the PAP won 87 of 97 elected seats in the 2025 general election).

Outlook

MTI lifted its 2026 growth forecast to 4.5–5.5% in August on the AI capex boom. The IMF's October WEO puts 2026 growth at 5.0% but slows it to 3.0% in 2027, and MAS likewise expects firm near-term growth that moderates as the AI cycle cools in the second half of 2027. Inflation risks are tilted to the upside from energy and food prices: MAS core is 2.1% versus a 1.5–2.0% 2026 forecast, so a renewed oil spike could revive MAS tightening in January. The downside risks are a sharper pullback in AI-related investment and tighter global financial conditions.

Why Singapore matters for the world economy

Singapore matters globally less for its size than as a hub. It is Asia's leading transshipment port and bunkering centre, a major oil refining and trading node, a top-three FX trading centre and a wealth-management hub. Shipping disruptions from the Hormuz conflict and AI-hardware trade flows both pass directly through its numbers: September NODX jumped 68% on electronics and gold. The economies most exposed to Singapore's cycle are its ASEAN neighbours (Malaysia and Indonesia), Greater China and the US semiconductor supply chain. MAS's S$NEER-based policy also makes the Singapore dollar a regional anchor whose moves feed into Asian FX and inflation.

Politics

The PAP government under Lawrence Wong holds a commanding parliamentary majority after the 2025 election, so policy continuity is high. The government's FY2026 budget targeted a surplus of about 1% of GDP while easing cost-of-living pressures and supporting jobs amid tariff and geopolitical uncertainty. Economic policy now centres on riding the AI-driven electronics export boom while MAS manages imported energy inflation through the exchange-rate band.

System: Unitary parliamentary republic.

Economy and taxes

GDP: US$604 billion
Population: 6.1 million
Government debt: 171.0% of GDP
Budget balance: 1.9% of GDP
Current account: 16.7% of GDP
Main exports: Electronics (ICs, PCs, disk media, AI-server components), pharmaceuticals and chemicals, specialised machinery, refined petroleum products, non-monetary gold; plus large re-exports and financial and transport services
Top export markets: Hong Kong (15.5%), China (12.6%), Malaysia (10.7%), United States (8.5%), Indonesia (6.7%)
IMF growth forecast: 5.0% in 2026, 3.0% in 2027
IMF inflation forecast: 2.3% in 2026, 2.2% in 2027
Currency: SGD
Freelancer tax: A self-employed person earning the average wage (SGD 86,376 a year) pays about 12.7% of it in income tax and social contributions (2026 rules)
Top income tax rate: 24.0%
Gold reserves: 203.4 tonnes (August 2026)
Energy self-sufficiency: 1% (2024)

Recent news

4 November 2026 Singapore shares slide to a four-month low as bank results disappoint Trading Economics
The Straits Times Index fell for a fourth straight session to its lowest since 2 July, about 7% below a month earlier. UOB dropped 5.4% after its third-quarter profit missed forecasts, while high oil prices and worries about US tech regulation also weighed.
2 November 2026 Singapore's factory growth slows, but electronics export orders jump Trading Economics
The SIPMM manufacturing PMI eased to 51.4 in October from 51.7, a 15th straight month of expansion, as new orders and output grew more slowly. The electronics index slipped to 52.5, but its new export orders gauge hit its highest since May 2018 on AI-related demand.
30 October 2026 Singapore's jobless rate edges up to 2.0% as layoffs climb to the most since 2020 Trading Economics
Unemployment rose to 2.0% in the third quarter from 1.9%, even as employment grew by 27,700. Retrenchments climbed to 4,800, the most since late 2020, mainly from restructuring in outward-oriented sectors, and firms' hiring plans cooled.
26 October 2026 Singapore's factory output growth slows sharply to 3.4% AsiaOne
Manufacturing output rose 3.4% y/y in September, down from 15.4% in August, as biomedical output fell 32.8% and electronics growth slowed to 5.7%. Output fell 3.9% from August on a seasonally adjusted basis.
23 October 2026 Singapore's core inflation eases to 2.0% in September MAS/MTI
MAS core inflation fell from 2.2% in August as services and retail goods prices rose more slowly, and headline CPI eased to 2.2%. MAS still sees upside risks from energy and food and expects core inflation to stay slightly elevated before easing from mid-2027.
16 October 2026 Singapore's non-oil exports post a record 68% jump on electronics Trading Economics (Enterprise Singapore data)
NODX rose 68.4% y/y in September, far above forecasts, as electronics shipments roughly doubled on AI-related demand and gold exports also surged. Only India among major markets saw lower shipments.

Headlines and summaries are compiled daily from the linked reports with AI assistance.