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Economy of Qatar vs Singapore compared: GDP & Debt

Updated on by Georank team

Qatar has a GDP of $219B compared to $547B for Singapore, ranking 56/197 and 28/197 by economy size, respectively.

Qatar has $90.2B in government debt (41.2% of GDP), compared to $950B (173.5% of GDP) in Singapore.

Qatar vs Singapore GDP by year

Qatar
Singapore
1x
Year GDP, current $
Qatar Singapore
2024 $219,162,637,363 $547,386,645,892
2023 $217,308,516,484 $505,439,514,078
2022 $235,709,340,659 $509,017,841,147
2021 $179,732,142,857 $436,591,382,250
2020 $144,411,538,462 $349,165,858,545
2019 $176,371,428,571 $376,161,998,830
2018 $183,335,164,835 $377,123,710,561
2017 $161,099,175,824 $343,673,334,902
2016 $151,732,142,857 $319,646,468,521
2015 $161,739,835,165 $307,998,545,269
2014 $206,224,725,275 $314,863,580,758
2013 $198,727,747,253 $307,576,360,585
2012 $186,833,516,484 $295,092,888,077
2011 $167,775,274,725 $279,356,499,090
2010 $123,627,197,802 $239,807,980,591
2009 $97,798,351,648 $194,150,283,772
2008 $115,270,054,945 $193,617,323,539
2007 $79,712,087,912 $180,941,701,358
2006 $60,882,142,857 $148,627,286,361
2005 $44,530,494,505 $127,807,848,728
2004 $31,734,065,934 $115,033,593,101
2003 $23,533,791,209 $97,646,401,096
2002 $19,363,736,264 $92,538,372,870
2001 $17,538,461,538 $89,793,790,670
2000 $17,759,890,110 $96,076,539,926
1999 $12,393,131,868 $86,286,849,755
1998 $10,255,495,027 $85,728,207,782
1997 $11,297,802,115 $100,123,787,215
1996 $9,059,340,385 $96,293,086,513
1995 $8,137,911,978 $87,812,540,788
1994 $7,374,450,769 $73,688,724,431
1993 $7,156,593,654 $60,603,815,716
1992 $7,646,153,984 $52,131,320,033
1991 $6,883,516,484 $45,466,164,978
1990 $7,360,439,423 $36,144,336,769
1989 $6,487,912,088 $30,465,364,739
1988 $6,038,187,033 $25,371,462,488
1987 $5,446,428,681 $20,919,215,578
1986 $5,053,021,951 $18,586,746,057
1985 $6,153,296,456 $19,156,532,746
1984 $6,704,395,824 $19,749,361,098
1983 $6,467,582,308 $17,784,112,150
1982 $7,596,703,214 $16,084,252,378
1981 $8,661,263,764 $14,175,228,844
1980 $7,829,165,262 $11,896,256,783
1979 $5,632,962,997 $9,296,921,724
1978 $4,052,000,413 $7,517,176,355
1977 $3,617,564,638 $6,618,585,074
1976 $3,284,273,987 $6,327,077,974
1975 $2,512,773,166 $5,633,673,930
1974 $2,401,403,227 $5,221,534,956
1973 $793,885,560 $3,696,213,333
1972 $510,262,500 $2,721,440,981
1971 $387,703,106 $2,263,785,444
1970 $301,791,302 $1,920,574,150
1969 - $1,659,893,768
1968 - $1,425,706,091
1967 - $1,238,035,816
1966 - $1,096,425,608
1965 - $974,644,096
1964 - $894,153,311
1963 - $917,608,012
1962 - $826,239,212
1961 - $764,629,788
1960 - $704,751,700

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

GDP per capita in Qatar vs Singapore by year

Qatar
GDP per capita

GDP per capita, PPP
Singapore
GDP per capita

GDP per capita, PPP
1x
Year Current $
Qatar Singapore
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $76,689 $126,046 $90,674 $150,689
2023 $81,817 $129,368 $85,412 $143,786
2022 $88,701 $122,921 $90,299 $143,095
2021 $71,752 $116,833 $80,056 $132,617
2020 $51,684 $82,149 $61,410 $101,518
2019 $66,841 $107,503 $65,952 $105,335
2018 $71,040 $110,033 $66,882 $103,963
2017 $63,280 $99,358 $61,236 $95,744
2016 $61,254 $89,935 $57,006 $89,902
2015 $68,985 $102,546 $55,646 $87,156
2014 $95,841 $148,389 $57,565 $84,555
2013 $103,697 $169,203 $56,967 $83,088
2012 $108,470 $180,939 $55,548 $82,108
2011 $103,262 $174,620 $53,891 $80,052
2010 $76,463 $151,646 $47,237 $75,401
2009 $60,786 $125,898 $38,927 $66,213
2008 $80,781 $126,015 $40,009 $67,735
2007 $65,954 $124,056 $39,433 $68,805
2006 $62,582 $127,181 $33,768 $64,061
2005 $53,950 $115,250 $29,961 $58,822
2004 $41,036 $110,958 $27,608 $54,384
2003 $31,602 $94,120 $23,730 $48,778
2002 $27,227 $93,177 $22,160 $45,083
2001 $25,871 $89,805 $21,700 $43,109
2000 $27,535 $88,849 $23,853 $43,781
1999 $20,234 $84,690 $21,797 $39,949
1998 $17,665 $84,486 $21,829 $37,560
1997 $20,523 $79,219 $26,376 $39,286
1996 $17,125 $62,331 $26,233 $36,873
1995 $15,823 $60,321 $24,915 $35,090
1994 $14,765 $59,415 $21,552 $33,058
1993 $14,770 $59,125 $18,290 $30,062
1992 $16,280 $60,387 $16,136 $27,022
1991 $15,133 $54,759 $14,502 $25,530
1990 $16,722 $55,659 $11,862 $23,815
1989 $15,243 - $10,395 -
1988 $14,682 - $8,914 -
1987 $13,719 - $7,539 -
1986 $13,213 - $6,800 -
1985 $16,815 - $7,002 -
1984 $19,272 - $7,228 -
1983 $19,616 - $6,633 -
1982 $24,385 - $6,078 -
1981 $29,505 - $5,597 -
1980 $28,375 - $4,928 -
1979 $21,777 - $3,901 -
1978 $16,757 - $3,194 -
1977 $16,058 - $2,846 -
1976 $15,710 - $2,759 -
1975 $13,014 - $2,490 -
1974 $13,540 - $2,342 -
1973 $4,905 - $1,685 -
1972 $3,483 - $1,264 -
1971 $2,952 - $1,071 -
1970 $2,594 - $926 -
1969 - - $813 -
1968 - - $709 -
1967 - - $626 -
1966 - - $567 -
1965 - - $517 -
1964 - - $486 -
1963 - - $511 -
1962 - - $472 -
1961 - - $449 -
1960 - - $428 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

Qatar's GDP per capita is $76,689, ranking 11/197, compared to $90,674 in Singapore, ranking 7/197. Adjusted for purchasing power (GDP per capita PPP), Qatar ranks 5th at $126,046, while Singapore ranks 2nd at $150,689.

Economic indicators

Qatar Singapore
Gross domestic product
$219B
2024
$547B
2024
GDP rank
56/197
2024
28/197
2024
GDP growth
2.36%
2023-2024
4.39%
2023-2024
GDP per capita
$76,689
2024
$90,674
2024
GDP per capita rank
11/197
2024
7/197
2024
GDP per capita, PPP
$126,046
2024
$150,689
2024
GDP per capita PPP rank
5/197
2024
2/197
2024
Government debt
$90.2B
2024
$950B
2024
Debt-to-GDP ratio
41.2%
2024
173.5%
2024
Government debt per person
$31,579
2024
$157,326
2024
Government debt per person rank
23/185
2024
1/185
2024
Average annual personal income after taxes
$35,660
2026
$52,793
2026
Market capitalization of domestic companies
$170M
2024
$638B
2024
Number of millionaires
26,163
2025
331,000
2025
Number of billionaires
2
2025
49
2025
Income share by richest 10%
25.8%
2017
n/a
Income share by poorest 10%
2.6%
2017
n/a
Government expenditure, % of GDP
26%
2024
14.6%
2024
Consumer prices inflation
1.27%
2023-2024
2.39%
2023-2024
Central bank interest rate
4.1%
2025
n/a
Unemployment rate
0.13%
2022
2.74%
2024
Population
2999260
6125852

Spending and national debt comparison by year

Qatar
Spending

Debt
Singapore
Spending

Debt
1x
Year % of GDP
Qatar Singapore
Government spending Government debt Government spending Government debt
2024 26% 41.2% 14.6% 173.5%
2023 27.3% 43.7% 14.8% 172.8%
2022 24.3% 42.6% 15% 154.3%
2021 29.4% 58.4% 15.6% 141.7%
2020 34.7% 72.6% 24.1% 148.2%
2019 32.5% 62.1% 14% 127.9%
2018 28.9% 52.2% 13.9% 109.4%
2017 34.7% 51.6% 13.6% 107.6%
2016 40.1% 46.7% 15.3% 106.3%
2015 38.6% 35.5% 14.4% 102.2%
2014 32.3% 24.9% 12.6% 97.7%
2013 28.3% 30.9% 10.9% 98.2%
2012 31% 32.1% 9.83% 106.7%
2011 28.5% 33.5% 9.66% 103.1%
2010 32% 30.4% 10.2% 98.7%
2009 36.4% 36% 15.9% 101.7%
2008 23.5% 11.4% 14% 97.9%
2007 29.5% 9.37% 9.01% 87.8%
2006 29.5% 13.9% 12.3% 86.5%
2005 29% 19.1% 12.4% 92.7%
2004 29.9% 30.1% 14.1% 95.7%
2003 28.5% 38.8% 15.6% 99.1%
2002 31.6% 47.7% 15.9% 96.3%
2001 32.1% 59.2% 18.2% 94.5%
2000 29.8% 51.6% 16.1% 82.3%
1999 42.4% 81.8% 15.9% 85.3%
1998 55.1% 76.6% 18.1% 84.6%
1997 47.6% 54.4% 14.5% 70.8%
1996 55.2% 57.8% 18.1% 71.3%
1995 52.2% 50.2% 13.8% 69.8%
1994 59.8% 54.8% 11.7% 70.7%
1993 62.8% 46.3% 14.5% 71.2%
1992 54.2% 19.9% 14.5% 79%
1991 57.5% 21.8% 15.9% 76.4%
1990 50% 12.6% 15.1% 73.5%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

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

In 2024, Qatar's government spending was $56.9B, accounting for 26% of its GDP, while Singapore spent $79.7B, or 14.6% of GDP.

Debt-to-GDP ratio is 41.2% in Qatar and 173.5% in Singapore, ranking 130/185 and 4/185, respectively.

Government deficit by year

Deficit/surplus
Qatar

Singapore
1x
Year Deficit/surplus, % of GDP
Qatar Singapore
2024 0.69% 4.44%
2023 5.56% 3.47%
2022 10.4% 1.21%
2021 0.24% 1.13%
2020 -2.13% -6.73%
2019 1% 3.77%
2018 2.26% 3.68%
2017 -6.82% 5.24%
2016 -9.2% 3.25%
2015 18.4% 2.86%
2014 13.4% 4.6%
2013 19.3% 5.96%
2012 8.55% 7.34%
2011 5.24% 7.96%
2010 4.6% 5.68%
2009 14.1% -0.09%
2008 9.49% 3.59%
2007 10.3% 7.12%
2006 8.39% 2.16%
2005 9.8% 2.56%
2004 17.7% 2.06%
2003 6.71% 0.68%
2002 7.89% 2.23%
2001 4.48% 1.2%
2000 4.62% 4.59%
1999 -4.35% 5.2%
1998 -7% 2.41%
1997 -9.4% 5.66%
1996 -8.73% 1.98%
1995 -5.78% 4.8%
1994 -11.8% 7.9%
1993 -9.53% 4.36%
1992 -2.74% 2.7%
1991 -2.57% 0.68%
1990 3.23% 1.97%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

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

In 2024, Qatar's government surplus, the difference between spending and revenue, was $1.52B, equivalent to 0.69% of GDP. This compares to Singapore's surplus of $24.3B, or 4.44% of GDP.

Over the past 35 years, Qatar recorded a fiscal deficit in 12 of those years, while Singapore ran a deficit in 2 years. On average, Qatar posted an annual surplus equal to 3.04% of GDP, compared to surplus of 3.36% of GDP for Singapore.

Inflation comparison by year

Inflation
Qatar

Singapore
1x
Year Consumer prices inflation
Qatar Singapore
2024 1.27% 2.39%
2023 3.03% 4.83%
2022 5% 6.13%
2021 2.3% 2.32%
2020 -2.54% -0.17%
2019 -0.67% 0.57%
2018 0.26% 0.44%
2017 0.39% 0.58%
2016 2.68% -0.53%
2015 1.81% -0.52%
2014 3.35% 1.03%
2013 3.22% 2.36%
2012 2.32% 4.58%
2011 1.14% 5.25%
2010 -2.43% 2.83%
2009 -4.86% 0.59%
2008 15.1% 6.64%
2007 13.8% 2.11%
2006 11.8% 0.97%
2005 8.81% 0.43%
2004 6.8% 1.66%
2003 2.26% 0.51%
2002 0.24% -0.39%
2001 1.47% 1%
2000 1.65% 1.36%
1999 2.18% 0.02%
1998 2.95% -0.27%
1997 4.83% 2%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 28 years, Qatar has recorded an average annual inflation rate of 3.15%, compared with 1.74% in Singapore. In 2024, inflation was 1.27% in Qatar and 2.39% in Singapore.

Top exports between countries

Qatar
Export category Export value
Raw materials & minerals $6.81B
Chemicals & pharma $130M
Metals $108M
Machinery & equipment $19.7M
Precious metals & jewellery $9.94M
Textiles & consumer goods $9.91M
Processed food, beverages & tobacco $337K
Animal & marine products $180K
Wood & paper products $141K
Weapons & explosives $111K
Singapore
Export category Export value
Precious metals & jewellery $339M
Machinery & equipment $309M
Textiles & consumer goods $82.1M
Miscellaneous $49.7M
Chemicals & pharma $40.1M
Metals $30.1M
Processed food, beverages & tobacco $15.3M
Raw materials & minerals $6.45M
Animal & marine products $6.29M
Raw agricultural goods $4.8M

Balance of trade

Qatar Singapore
Current account balance
$37.9B
2024
$96B
2024
Current account balance ranking
16/190
2024
8/190
2024
Current account balance, % of GDP
+17.3%
2024
+17.5%
2024
Goods imports
$32.6B
2024
$435B
2024
Goods exports
$95B
2024
$583B
2024
Service imports
$37.1B
2024
$351B
2024
Service exports
$30.2B
2024
$396B
2024
Imports of goods and services, % of GDP
31.6%
2022
143.6%
2024
Exports of goods and services, % of GDP
68.6%
2022
178.8%
2024

Economic freedom indices

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

Qatar Singapore
Economic freedom 70.2 84.4
Economic freedom ranking 37/197 1/197
Property rights 66.2 89.2
Government integrity 53.5 86.1
Judicial effectiveness 41.5 58.3
Tax burden 99.9 89.5
Government spending 79.9 93.4
Fiscal health 96.6 80
Business freedom 68 90.6
Labor freedom 58.5 77
Monetary freedom 76 83.5
Trade freedom 81.8 95
Investment freedom 60 90
Financial freedom 60 80

Economic freedom comparison by year

Qatar
Singapore
1x
Year Economic freedom index
Qatar Singapore
2026 70.2 84.4
2025 70.2 84.1
2024 68.8 83.5
2023 68.6 83.9
2022 67.7 84.4
2021 72 89.7
2020 72.3 89.4
2019 72.6 89.4
2018 72.6 88.8
2017 73.1 88.6
2016 70.7 87.8
2015 70.8 89.4
2014 71.2 89.4
2013 71.3 88
2012 71.3 87.5
2011 70.5 87.2
2010 69 86.1
2009 65.8 87.1
2008 62.2 87.3
2007 62.9 87.1
2006 62.4 88
2005 63.5 88.6
2004 66.5 88.9
2003 65.9 88.2
2002 61.9 87.4
2001 60 87.8
2000 62 87.7
1999 62 86.9
1998 - 87
1997 - 87.3
1996 - 86.5
1995 - 86.3

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

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

The Economic Freedom Index for Qatar is 70.2, ranking 37/197, 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

Qatar Singapore
Services, % of GDP
46.1%
2024
73%
2024
Industry, % of GDP
58.2%
2024
21.4%
2024
Agriculture, forestry, and fishing, % of GDP
0.29%
2024
0.03%
2024
GNI, Atlas method
$221B
2024
$451B
2024
GNI per capita, PPP
$121,900
2024
$126,190
2024
Total reserves including gold
$54B
2024
$384B
2024
Total reserves ranking
40/177
2024
9/177
2024
Net foreign direct investment
$1.1B
2024
-$96.7B
2024
Net inflows of foreign direct investment
$460M
2024
$152B
2024
Net outflows of foreign direct investment
$1.56B
2024
$55.3B
2024
Gross capital formation, % of GDP
30.6%
2022
22.2%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2023–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)

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.