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Economy of Luxembourg vs Singapore compared: GDP & Debt

Updated on by Georank

Luxembourg has a GDP of $101B compared to $604B for Singapore, ranking 75/197 and 28/197 by economy size, respectively.

Luxembourg has $27.3B in government debt (27% of GDP), compared to $1.03T (171.3% of GDP) in Singapore.

Luxembourg vs Singapore GDP by year

Luxembourg
Singapore
1x
Year GDP, current $
Luxembourg Singapore
2025 $101,157,829,491 $603,869,516,999
2024 $93,279,851,863 $572,877,260,178
2023 $88,788,881,539 $511,181,761,244
2022 $80,801,680,397 $514,252,535,239
2021 $86,386,759,695 $441,110,903,525
2020 $73,670,782,100 $351,226,533,656
2019 $69,872,035,114 $376,827,390,962
2018 $71,085,623,495 $377,976,367,877
2017 $65,712,180,343 $344,795,119,214
2016 $62,216,885,436 $320,759,207,439
2015 $60,071,584,216 $307,998,545,269
2014 $68,804,814,555 $314,863,580,758
2013 $65,203,276,467 $307,576,360,585
2012 $59,776,383,527 $295,092,888,077
2011 $61,696,281,326 $279,356,499,090
2010 $56,213,985,987 $239,807,980,591
2009 $54,467,289,898 $194,150,283,772
2008 $58,844,277,702 $193,617,323,539
2007 $51,587,401,416 $180,941,701,358
2006 $42,910,153,830 $148,627,286,361
2005 $37,672,311,223 $127,807,848,728
2004 $35,064,843,793 $115,033,593,101
2003 $29,667,268,248 $97,646,401,096
2002 $23,649,832,387 $92,538,372,870
2001 $21,387,550,720 $89,793,790,670
2000 $21,230,200,538 $96,076,539,926
1999 $21,899,317,599 $86,286,849,755
1998 $20,150,055,568 $85,728,207,782
1997 $19,563,836,265 $100,123,787,215
1996 $20,895,314,658 $96,293,086,513
1995 $20,853,093,870 $87,812,540,788
1994 $17,701,798,891 $73,688,724,431
1993 $15,925,521,222 $60,603,815,716
1992 $15,518,702,635 $52,131,320,033
1991 $13,834,219,728 $45,466,164,978
1990 $12,778,792,854 $36,144,336,769
1989 $10,037,674,038 $30,465,364,739
1988 $9,418,167,855 $25,371,462,488
1987 $8,320,902,215 $20,919,215,578
1986 $6,685,595,088 $18,586,746,057
1985 $4,577,211,767 $19,156,532,746
1984 $4,438,435,493 $19,749,361,098
1983 $4,524,217,751 $17,784,112,150
1982 $4,602,316,793 $16,084,252,378
1981 $5,053,665,797 $14,175,228,844
1980 $6,019,805,490 $11,896,256,783
1979 $5,516,982,664 $9,296,921,724
1978 $4,718,539,772 $7,517,176,355
1977 $3,789,321,328 $6,618,585,074
1976 $3,423,586,207 $6,327,077,974
1975 $3,123,333,333 $5,633,673,930
1974 $3,183,637,117 $5,221,534,956
1973 $2,609,875,802 $3,696,213,333
1972 $1,901,697,370 $2,721,440,981
1971 $1,518,773,421 $2,263,785,444
1970 $1,457,768,455 $1,920,574,150
1969 $1,245,432,991 $1,659,893,768
1968 $1,075,561,623 $1,425,706,091
1967 $983,052,315 $1,238,035,816
1966 $976,717,015 $1,096,425,608
1965 $929,477,285 $974,644,096
1964 $910,877,686 $894,153,311
1963 $797,902,154 $917,608,012
1962 $747,846,862 $826,239,212
1961 $710,163,719 $764,629,788
1960 $709,941,874 $704,751,700

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/luxembourg/singapore | CC BY

GDP per capita in Luxembourg vs Singapore by year

Luxembourg
GDP per capita

GDP per capita, PPP
Singapore
GDP per capita

GDP per capita, PPP
1x
Year Current $
Luxembourg Singapore
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $147,252 - $98,814 -
2024 $137,782 $155,941 $94,897 $150,689
2023 $133,231 $150,508 $86,383 $143,786
2022 $123,720 $146,919 $91,228 $143,095
2021 $134,966 $136,772 $80,885 $132,617
2020 $116,860 $122,067 $61,773 $101,518
2019 $112,697 $121,372 $66,069 $105,335
2018 $116,927 $116,638 $67,033 $103,963
2017 $110,193 $114,986 $61,436 $95,744
2016 $106,899 $113,365 $57,204 $89,902
2015 $105,462 $107,860 $55,646 $87,156
2014 $123,679 $105,296 $57,565 $84,555
2013 $120,000 $100,925 $56,967 $83,088
2012 $112,585 $96,636 $55,548 $82,108
2011 $119,025 $94,475 $53,891 $80,052
2010 $110,886 $90,336 $47,237 $75,401
2009 $109,420 $86,919 $38,927 $66,213
2008 $120,422 $90,971 $40,009 $67,735
2007 $107,475 $85,126 $39,433 $68,805
2006 $90,789 $78,861 $33,768 $64,061
2005 $80,988 $68,788 $29,961 $58,822
2004 $76,545 $64,686 $27,608 $54,384
2003 $65,689 $60,192 $23,730 $48,778
2002 $53,006 $58,576 $22,160 $45,083
2001 $48,440 $56,136 $21,700 $43,109
2000 $48,660 $55,136 $23,853 $43,781
1999 $50,872 $49,845 $21,797 $39,949
1998 $47,445 $44,270 $21,829 $37,560
1997 $46,642 $42,488 $26,376 $39,286
1996 $50,444 $39,722 $26,233 $36,873
1995 $51,032 $38,345 $24,915 $35,090
1994 $43,933 $37,551 $21,552 $33,058
1993 $40,067 $35,899 $18,290 $30,062
1992 $39,571 $34,108 $16,136 $27,022
1991 $35,747 $33,191 $14,502 $25,530
1990 $33,465 $29,949 $11,862 $23,815
1989 $26,618 - $10,395 -
1988 $25,219 - $8,914 -
1987 $22,443 - $7,539 -
1986 $18,150 - $6,800 -
1985 $12,482 - $7,002 -
1984 $12,127 - $7,228 -
1983 $12,374 - $6,633 -
1982 $12,591 - $6,078 -
1981 $13,837 - $5,597 -
1980 $16,531 - $4,928 -
1979 $15,204 - $3,901 -
1978 $13,034 - $3,194 -
1977 $10,486 - $2,846 -
1976 $9,491 - $2,759 -
1975 $8,701 - $2,490 -
1974 $8,967 - $2,342 -
1973 $7,447 - $1,685 -
1972 $5,487 - $1,264 -
1971 $4,435 - $1,071 -
1970 $4,298 - $926 -
1969 $3,690 - $813 -
1968 $3,203 - $709 -
1967 $2,935 - $626 -
1966 $2,925 - $567 -
1965 $2,804 - $517 -
1964 $2,779 - $486 -
1963 $2,462 - $511 -
1962 $2,332 - $472 -
1961 $2,241 - $449 -
1960 $2,261 - $428 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/luxembourg/singapore | CC BY

Luxembourg's GDP per capita is $147,252, ranking 3/197, compared to $98,814 in Singapore, ranking 7/197. Adjusted for purchasing power (GDP per capita PPP), Luxembourg ranks 1st at $155,941, while Singapore ranks 2nd at $150,689.

Economic indicators

Luxembourg Singapore
Gross domestic product
$101B
2025
$604B
2025
GDP rank
75/197
2025
28/197
2025
GDP growth
0.64%
2024-2025
5.03%
2024-2025
GDP per capita
$147,252
2025
$98,814
2025
GDP per capita rank
3/197
2025
7/197
2025
GDP per capita, PPP
$155,941
2024
$150,689
2024
GDP per capita PPP rank
1/197
2024
2/197
2024
Government debt
$27.3B
2025
$1.03T
2025
Debt-to-GDP ratio
27%
2025
171.3%
2025
Government debt per person
$39,717
2025
$169,228
2025
Government debt per person rank
18/185
2025
1/185
2025
Average annual personal income after taxes
$71,808
2026
$51,296
2026
Market capitalization of domestic companies
$69.4B
2025
$824B
2025
Number of millionaires
85,000
2026
244,000
2026
Number of billionaires
1
2026
55
2026
Income share by richest 10%
25%
2023
n/a
Income share by poorest 10%
2.8%
2023
n/a
Government expenditure, % of GDP
48.3%
2025
15.5%
2025
Consumer prices inflation
2.26%
2024-2025
0.9%
2024-2025
Unemployment rate
6.5%
2025
3.26%
2025
Population
697802
6167445

Spending and national debt comparison by year

Luxembourg
Spending

Debt
Singapore
Spending

Debt
1x
Year % of GDP
Luxembourg Singapore
Government spending Government debt Government spending Government debt
2025 48.3% 27% 15.5% 171.3%
2024 46.8% 26.3% 14.3% 166%
2023 46.4% 24.7% 14.6% 170.4%
2022 44.3% 24.9% 14.9% 153.3%
2021 42.4% 24.2% 15.4% 139.9%
2020 47% 24.5% 24% 147.1%
2019 43.1% 22.3% 14% 127.7%
2018 42.3% 20.9% 13.9% 109.2%
2017 41.3% 21.8% 13.6% 107.3%
2016 40% 19.6% 15.2% 105.9%
2015 40.4% 21.1% 14.4% 102.1%
2014 40.6% 21.9% 12.6% 97.7%
2013 41.2% 22.4% 10.9% 98.2%
2012 41.8% 20.8% 9.83% 106.7%
2011 41.5% 18.5% 9.66% 103.1%
2010 42% 19.1% 10.2% 98.7%
2009 42.7% 15.3% 15.9% 101.7%
2008 37.9% 14.6% 14% 97.9%
2007 37.4% 8.09% 9.01% 87.8%
2006 39.4% 8.21% 12.3% 86.5%
2005 43.4% 7.95% 12.4% 92.7%
2004 43.7% 7.83% 14.1% 95.7%
2003 43.3% 7.43% 15.6% 99.1%
2002 41.8% 7.45% 15.9% 96.3%
2001 38.1% 7.62% 18.2% 94.5%
2000 38% 7.49% 16.1% 82.3%
1999 41.7% 8.39% 15.9% 85.3%
1998 43.9% 9.51% 18.1% 84.6%
1997 44.2% 10.1% 14.5% 70.8%
1996 42.5% 10.2% 18.1% 71.3%
1995 42% 10.3% 13.8% 69.8%
1994 - - 11.7% 70.7%
1993 - - 14.5% 71.2%
1992 - - 14.5% 79%
1991 - - 15.9% 76.4%
1990 - - 15.1% 73.5%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

GeoRank.org/economy/luxembourg/singapore | CC BY

In 2025, Luxembourg's government spending was $48.8B, accounting for 48.3% of its GDP, while Singapore spent $93.3B, or 15.5% of GDP.

Debt-to-GDP ratio is 27% in Luxembourg and 171.3% in Singapore, ranking 165/185 and 5/185, respectively.

Government deficit by year

Deficit/surplus
Luxembourg

Singapore
1x
Year Deficit/surplus, % of GDP
Luxembourg Singapore
2025 -0.96% 4.16%
2024 0.89% 3.79%
2023 -0.65% 3.42%
2022 0.21% 1.2%
2021 1.11% 1.11%
2020 -3.09% -6.68%
2019 2.68% 3.76%
2018 3.17% 3.67%
2017 1.37% 5.23%
2016 1.89% 3.24%
2015 1.3% 2.86%
2014 1.33% 4.6%
2013 0.84% 5.96%
2012 0.5% 7.34%
2011 0.65% 7.96%
2010 -0.26% 5.68%
2009 -0.21% -0.09%
2008 3.37% 3.59%
2007 4.35% 7.12%
2006 1.9% 2.16%
2005 -0.21% 2.56%
2004 -1.39% 2.06%
2003 0.28% 0.68%
2002 2.03% 2.23%
2001 5.62% 1.2%
2000 5.55% 4.59%
1999 3.24% 5.2%
1998 2.98% 2.41%
1997 2.65% 5.66%
1996 2.37% 1.98%
1995 2.71% 4.8%
1994 - 7.9%
1993 - 4.36%
1992 - 2.7%
1991 - 0.68%
1990 - 1.97%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

GeoRank.org/economy/luxembourg/singapore | CC BY

In 2025, Luxembourg's government deficit, the difference between spending and revenue, was $976M, equivalent to 0.96% of GDP. This compares to Singapore's surplus of $25.1B, or 4.16% of GDP.

Over the past 31 years, Luxembourg recorded a fiscal deficit in 7 of those years, while Singapore ran a deficit in 2 years. On average, Luxembourg posted an annual surplus equal to 1.49% of GDP, compared to surplus of 3.34% of GDP for Singapore.

Inflation comparison by year

Inflation
Luxembourg

Singapore
1x
Year Consumer prices inflation
Luxembourg Singapore
2025 2.26% 0.9%
2024 2.05% 2.39%
2023 3.74% 4.83%
2022 6.34% 6.13%
2021 2.53% 2.32%
2020 0.82% -0.17%
2019 1.74% 0.57%
2018 1.53% 0.44%
2017 1.73% 0.58%
2016 0.29% -0.53%
2015 0.47% -0.52%
2014 0.63% 1.03%
2013 1.73% 2.36%
2012 2.66% 4.58%
2011 3.41% 5.25%
2010 2.27% 2.83%
2009 0.37% 0.59%
2008 3.4% 6.64%
2007 2.31% 2.11%
2006 2.67% 0.97%
2005 2.49% 0.43%
2004 2.23% 1.66%
2003 2.05% 0.51%
2002 2.07% -0.39%
2001 2.66% 1%
2000 3.15% 1.36%
1999 1.03% 0.02%
1998 0.96% -0.27%
1997 1.37% 2%

Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

GeoRank.org/economy/luxembourg/singapore | CC BY

Over the past 29 years, Luxembourg has recorded an average annual inflation rate of 2.1%, compared with 1.71% in Singapore. In 2025, inflation was 2.26% in Luxembourg and 0.9% in Singapore.

Top exports between countries

Luxembourg
Export category Export value
Business & finance services $1.88B
Transport & tourism services $42.2M
Metals $16.2M
Machinery & equipment $7.82M
Chemicals & pharma $3.36M
Raw materials & minerals $616K
Textiles & consumer goods $524K
Processed food, beverages & tobacco $416K
Miscellaneous $91K
Animal & marine products $30K
Singapore
Export category Export value
Machinery & equipment $238M
Precious metals & jewellery $97M
Miscellaneous $13.6M
Chemicals & pharma $10.2M
Textiles & consumer goods $696K
Metals $478K
Raw agricultural goods $53K
Raw materials & minerals $53K
Wood & paper products $17K
Processed food, beverages & tobacco $4K

Balance of trade

Luxembourg Singapore
Current account balance
$5.29B
2025
$101B
2025
Current account balance ranking
31/190
2025
8/190
2025
Current account balance, % of GDP
+5.23%
2025
+16.7%
2025
Goods imports
$30.9B
2025
$475B
2025
Goods exports
$33B
2025
$652B
2025
Service imports
$133B
2025
$385B
2025
Service exports
$167B
2025
$422B
2025
Imports of goods and services, % of GDP
159.4%
2025
142.5%
2025
Exports of goods and services, % of GDP
190.5%
2025
177.9%
2025

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Luxembourg Singapore
Economic freedom 79.7 84.4
Economic freedom ranking 7/197 1/197
Property rights 96.6 89.2
Government integrity 88.7 86.1
Judicial effectiveness 99.1 58.3
Tax burden 62.3 89.5
Government spending 36.9 93.4
Fiscal health 98.6 80
Business freedom 89.5 90.6
Labor freedom 56.7 77
Monetary freedom 74.1 83.5
Trade freedom 79.4 95
Investment freedom 95 90
Financial freedom 80 80

Economic freedom comparison by year

Luxembourg
Singapore
1x
Year Economic freedom index
Luxembourg Singapore
2026 79.7 84.4
2025 79.5 84.1
2024 79.2 83.5
2023 78.4 83.9
2022 80.6 84.4
2021 76 89.7
2020 75.8 89.4
2019 75.9 89.4
2018 76.4 88.8
2017 75.9 88.6
2016 73.9 87.8
2015 73.2 89.4
2014 74.2 89.4
2013 74.2 88
2012 74.5 87.5
2011 76.2 87.2
2010 75.4 86.1
2009 75.2 87.1
2008 74.7 87.3
2007 74.6 87.1
2006 75.3 88
2005 76.3 88.6
2004 78.9 88.9
2003 79.9 88.2
2002 79.4 87.4
2001 80.1 87.8
2000 76.4 87.7
1999 72.4 86.9
1998 72.7 87
1997 72.8 87.3
1996 72.5 86.5
1995 - 86.3

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

GeoRank.org/economy/luxembourg/singapore | CC BY

The Economic Freedom Index for Luxembourg is 79.7, ranking 7/197, compared to 84.4 for Singapore, ranking 1/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Luxembourg Singapore
Services, % of GDP
81.4%
2025
71.6%
2025
Industry, % of GDP
8.88%
2025
22.7%
2025
Agriculture, forestry, and fishing, % of GDP
0.23%
2025
0.02%
2025
GNI, Atlas method
$65.8B
2025
$500B
2025
GNI per capita, PPP
$106,640
2025
$135,750
2025
Total reserves including gold
$3.06B
2025
$432B
2025
Total reserves ranking
120/177
2025
11/177
2025
Net foreign direct investment
$196B
2025
-$64.9B
2025
Net inflows of foreign direct investment
$106B
2024
$135B
2024
Net outflows of foreign direct investment
$109B
2024
$63.6B
2024
Poverty at national poverty lines
17.3%
2021
n/a
Gross capital formation, % of GDP
15.5%
2025
22.5%
2025

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

GeoRank.org/economy/luxembourg/singapore | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. TradeMap (2023–2025, retrieved 2026-07-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. LivingCost (2026, retrieved 2026-07-08)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.