Services Sector Contribution to GDP in Singapore (1990-2022)

Services Sector Contribution to GDP in Singapore (1990-2022)

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TGM StatBox. (2024). Services Sector Contribution to GDP in Singapore (1990-2022). TGM StatBox.
Chart Details
Timeframe: 1990-2022
Country: Singapore
Published date: 2024
Note: Services (% of GDP), according to World Development Indicators, measures the contribution of the services sector (such as retail, finance, healthcare, and tourism) to a country's GDP.
Key Takeaways
Singapore’s economy has maintained a strong services sector, contributing around 60-70% to GDP since the 1990s. With its strategic location, Singapore developed into a global financial and trade hub, with services reaching 72% of GDP in 2020 amid pandemic-driven shifts towards digital finance and logistics. The slight dip to 70.3% in 2021 followed economic reopening. From banking to logistics, services remained pivotal, contributing 70.9% in 2022. As Singapore continues to innovate in digital services, finance, and technology, its services sector’s high contribution underscores its strategic role in the global economy.

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