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Economy of Singapore vs Solomon Islands compared: GDP & Debt

Updated on by Georank team

Singapore has a GDP of $547B compared to $1.58B for the Solomon Islands, ranking 28/197 and 182/197 by economy size, respectively.

Singapore has $950B in government debt (173.5% of GDP), compared to $350M (22.1% of GDP) in the Solomon Islands.

Singapore vs Solomon Islands GDP by year

Singapore
Solomon Islands
1x
Year GDP, current $
Singapore Solomon Islands
2024 $547,386,645,892 $1,583,964,704
2023 $505,439,514,078 $1,506,124,566
2022 $509,017,841,147 $1,466,670,930
2021 $436,591,382,250 $1,558,312,104
2020 $349,165,858,545 $1,536,143,428
2019 $376,161,998,830 $1,619,150,564
2018 $377,123,710,561 $1,615,473,250
2017 $343,673,334,902 $1,469,790,526
2016 $319,646,468,521 $1,379,486,291
2015 $307,998,545,269 $1,307,908,814
2014 $314,863,580,758 $1,335,576,763
2013 $307,576,360,585 $1,285,905,958
2012 $295,092,888,077 $1,185,217,634
2011 $279,356,499,090 $1,063,898,227
2010 $239,807,980,591 $898,128,551
2009 $194,150,283,772 $805,557,289
2008 $193,617,323,539 $776,335,523
2007 $180,941,701,358 $695,291,218
2006 $148,627,286,361 $617,257,458
2005 $127,807,848,728 $552,881,357
2004 $115,033,593,101 $468,000,121
2003 $97,646,401,096 $417,666,639
2002 $92,538,372,870 $346,406,739
2001 $89,793,790,670 $409,508,553
2000 $96,076,539,926 $419,842,674
1999 $86,286,849,755 $488,024,514
1998 $85,728,207,782 $457,579,840
1997 $100,123,787,215 $526,554,006
1996 $96,293,086,513 $510,586,430
1995 $87,812,540,788 $469,443,202
1994 $73,688,724,431 $402,837,005
1993 $60,603,815,716 $300,746,361
1992 $52,131,320,033 $269,034,596
1991 $45,466,164,978 $227,540,473
1990 $36,144,336,769 $214,877,667
1989 $30,465,364,739 $172,882,411
1988 $25,371,462,488 $176,494,394
1987 $20,919,215,578 $155,128,542
1986 $18,586,746,057 $147,620,048
1985 $19,156,532,746 $165,524,943
1984 $19,749,361,098 $181,570,474
1983 $17,784,112,150 $181,220,399
1982 $16,084,252,378 $192,902,019
1981 $14,175,228,844 $193,750,541
1980 $11,896,256,783 $182,852,107
1979 $9,296,921,724 $151,276,496
1978 $7,517,176,355 $111,027,427
1977 $6,618,585,074 $93,145,283
1976 $6,327,077,974 $83,100,834
1975 $5,633,673,930 $74,620,320
1974 $5,221,534,956 $84,539,332
1973 $3,696,213,333 $55,272,109
1972 $2,721,440,981 $40,606,712
1971 $2,263,785,444 $50,056,883
1970 $1,920,574,150 -
1969 $1,659,893,768 $28,606,411
1968 $1,425,706,091 $28,084,253
1967 $1,238,035,816 $25,203,524
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/singapore/solomon-islands | CC BY

GDP per capita in Singapore vs Solomon Islands by year

Singapore
GDP per capita

GDP per capita, PPP
Solomon Islands
GDP per capita

GDP per capita, PPP
1x
Year Current $
Singapore Solomon Islands
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $90,674 $150,689 $1,934 $2,675
2023 $85,412 $143,786 $1,883 $2,597
2022 $90,299 $143,095 $1,878 $2,496
2021 $80,056 $132,617 $2,043 $2,450
2020 $61,410 $101,518 $2,063 $2,405
2019 $65,952 $105,335 $2,224 $2,512
2018 $66,882 $103,963 $2,278 $2,494
2017 $61,236 $95,744 $2,144 $2,454
2016 $57,006 $89,902 $2,083 $2,421
2015 $55,646 $87,156 $2,045 $2,354
2014 $57,565 $84,555 $2,165 $2,377
2013 $56,967 $83,088 $2,161 $2,394
2012 $55,548 $82,108 $2,066 $2,320
2011 $53,891 $80,052 $1,924 $2,306
2010 $47,237 $75,401 $1,685 $2,182
2009 $38,927 $66,213 $1,555 $2,021
2008 $40,009 $67,735 $1,526 $1,989
2007 $39,433 $68,805 $1,390 $1,869
2006 $33,768 $64,061 $1,256 $1,786
2005 $29,961 $58,822 $1,144 $1,693
2004 $27,608 $54,384 $986 $1,556
2003 $23,730 $48,778 $896 $1,433
2002 $22,160 $45,083 $757 $1,344
2001 $21,700 $43,109 $912 $1,387
2000 $23,853 $43,781 $953 $1,503
1999 $21,797 $39,949 $1,134 $1,754
1998 $21,829 $37,560 $1,092 $1,785
1997 $26,376 $39,286 $1,292 $1,793
1996 $26,233 $36,873 $1,289 $1,830
1995 $24,915 $35,090 $1,220 $1,820
1994 $21,552 $33,058 $1,078 $1,668
1993 $18,290 $30,062 $829 $1,556
1992 $16,136 $27,022 $764 $1,505
1991 $14,502 $25,530 $666 $1,346
1990 $11,862 $23,815 $648 $1,266
1989 $10,395 - $538 -
1988 $8,914 - $567 -
1987 $7,539 - $515 -
1986 $6,800 - $506 -
1985 $7,002 - $586 -
1984 $7,228 - $665 -
1983 $6,633 - $686 -
1982 $6,078 - $756 -
1981 $5,597 - $786 -
1980 $4,928 - $768 -
1979 $3,901 - $658 -
1978 $3,194 - $500 -
1977 $2,846 - $434 -
1976 $2,759 - $401 -
1975 $2,490 - $372 -
1974 $2,342 - $433 -
1973 $1,685 - $291.3 -
1972 $1,264 - $219.5 -
1971 $1,071 - $277.1 -
1970 $926 - - -
1969 $813 - $165.9 -
1968 $709 - $166.9 -
1967 $626 - $153.5 -
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/singapore/solomon-islands | CC BY

Singapore's GDP per capita is $90,674, ranking 7/197, compared to $1,934 in the Solomon Islands, ranking 157/197. Adjusted for purchasing power (GDP per capita PPP), Singapore ranks 2nd at $150,689, while the Solomon Islands ranks 183rd at $2,675.

Economic indicators

Singapore Solomon Islands
Gross domestic product
$547B
2024
$1.58B
2024
GDP rank
28/197
2024
182/197
2024
GDP growth
4.39%
2023-2024
3%
2023-2024
GDP per capita
$90,674
2024
$1,934
2024
GDP per capita rank
7/197
2024
157/197
2024
GDP per capita, PPP
$150,689
2024
$2,675
2024
GDP per capita PPP rank
2/197
2024
183/197
2024
Government debt
$950B
2024
$350M
2024
Debt-to-GDP ratio
173.5%
2024
22.1%
2024
Government debt per person
$157,326
2024
$427
2024
Government debt per person rank
1/185
2024
169/185
2024
Average annual personal income after taxes
$52,793
2026
$1,776
2026
Market capitalization of domestic companies
$638B
2024
n/a
Number of millionaires
331,000
2025
n/a
Number of billionaires
49
2025
n/a
Income share by richest 10% n/a
29.2%
2012
Income share by poorest 10% n/a
2.8%
2012
Government expenditure, % of GDP
14.6%
2024
35.8%
2024
Consumer prices inflation
2.39%
2023-2024
4.32%
2023-2024
Unemployment rate
2.74%
2024
0.69%
2013
Population
6125852
863951

Spending and national debt comparison by year

Singapore
Spending

Debt
Solomon Islands
Spending

Debt
1x
Year % of GDP
Singapore Solomon Islands
Government spending Government debt Government spending Government debt
2024 14.6% 173.5% 35.8% 22.1%
2023 14.8% 172.8% 40.1% 20.3%
2022 15% 154.3% 40.8% 15.5%
2021 15.6% 141.7% 37.8% 15.9%
2020 24.1% 148.2% 40.4% 12.8%
2019 14% 127.9% 35.6% 7.82%
2018 13.9% 109.4% 34.8% 7.95%
2017 13.6% 107.6% 40.4% 8.77%
2016 15.3% 106.3% 39.6% 7.54%
2015 14.4% 102.2% 41.5% 7.88%
2014 12.6% 97.7% 39.8% 10.1%
2013 10.9% 98.2% 41.8% 11.6%
2012 9.83% 106.7% 29.4% 13.3%
2011 9.66% 103.1% 27% 18.3%
2010 10.2% 98.7% 23.9% 22.9%
2009 15.9% 101.7% 24.8% 18.9%
2008 14% 97.9% 27% 28.9%
2007 9.01% 87.8% 23.7% 33%
2006 12.3% 86.5% 19.9% 42.3%
2005 12.4% 92.7% 17% 44.7%
2004 14.1% 95.7% 14.7% 58.2%
2003 15.6% 99.1% 14.9% 61.3%
2002 15.9% 96.3% 16.7% 65.7%
2001 18.2% 94.5% 18.1% 52.8%
2000 16.1% 82.3% 18.7% 44.3%
1999 15.9% 85.3% 18.7% 42%
1998 18.1% 84.6% 15.5% 39.5%
1997 14.5% 70.8% 19.3% 25.9%
1996 18.1% 71.3% 24.2% -
1995 13.8% 69.8% 24.7% -
1994 11.7% 70.7% 30.2% -
1993 14.5% 71.2% 33.2% -
1992 14.5% 79% 35.1% -
1991 15.9% 76.4% 39.4% -
1990 15.1% 73.5% 30% -

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

GeoRank.org/economy/singapore/solomon-islands | CC BY

In 2024, Singapore's government spending was $79.7B, accounting for 14.6% of its GDP, while the Solomon Islands spent $567M, or 35.8% of GDP.

Debt-to-GDP ratio is 173.5% in Singapore and 22.1% in the Solomon Islands, ranking 4/185 and 173/185, respectively.

Government deficit by year

Deficit/surplus
Singapore

Solomon Islands
1x
Year Deficit/surplus, % of GDP
Singapore Solomon Islands
2024 4.44% -3.08%
2023 3.47% -3.81%
2022 1.21% -2.51%
2021 1.13% -1.86%
2020 -6.73% -2.44%
2019 3.77% -1.52%
2018 3.68% 1.49%
2017 5.24% -2.27%
2016 3.25% -3.56%
2015 2.86% 0.81%
2014 4.6% 2.13%
2013 5.96% 3.57%
2012 7.34% 4.63%
2011 7.96% 6.22%
2010 5.68% 6.02%
2009 -0.09% 2.35%
2008 3.59% 1.94%
2007 7.12% 15.3%
2006 2.16% 13%
2005 2.56% 13.4%
2004 2.06% 17%
2003 0.68% 10.6%
2002 2.23% -4.35%
2001 1.2% -2.4%
2000 4.59% -2.93%
1999 5.2% -0.32%
1998 2.41% 5.04%
1997 5.66% 2.14%
1996 1.98% 3.73%
1995 4.8% 3.19%
1994 7.9% 4.33%
1993 4.36% 2.45%
1992 2.7% 4.13%
1991 0.68% 0.14%
1990 1.97% 0.58%

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

GeoRank.org/economy/singapore/solomon-islands | CC BY

In 2024, Singapore's government surplus, the difference between spending and revenue, was $24.3B, equivalent to 4.44% of GDP. This compares to the Solomon Islands' deficit of $48.8M, or 3.08% of GDP.

Over the past 35 years, Singapore recorded a fiscal deficit in 2 of those years, while the Solomon Islands ran a deficit in 12 years. On average, Singapore posted an annual surplus equal to 3.36% of GDP, compared to surplus of 2.66% of GDP for the Solomon Islands.

Inflation comparison by year

Inflation
Singapore

Solomon Islands
1x
Year Consumer prices inflation
Singapore Solomon Islands
2024 2.39% 4.32%
2023 4.83% 5.89%
2022 6.13% 5.52%
2021 2.32% -0.12%
2020 -0.17% 2.96%
2019 0.57% 1.63%
2018 0.44% 3.46%
2017 0.58% 0.49%
2016 -0.53% 0.51%
2015 -0.52% -0.57%
2014 1.03% 5.17%
2013 2.36% 5.39%
2012 4.58% 5.91%
2011 5.25% 7.34%
2010 2.83% 1.05%
2009 0.59% 7.09%
2008 6.64% 17.3%
2007 2.11% 7.67%
2006 0.97% 11.2%
2005 0.43% 7.33%
2004 1.66% 6.99%
2003 0.51% 8.27%
2002 -0.39% 10.9%
2001 1% 6.93%
2000 1.36% 7.89%
1999 0.02% 8.02%
1998 -0.27% 12.4%
1997 2% 8.08%

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

GeoRank.org/economy/singapore/solomon-islands | CC BY

Over the past 28 years, Singapore has recorded an average annual inflation rate of 1.74%, compared with 6.04% in the Solomon Islands. In 2024, inflation was 2.39% in Singapore and 4.32% in the Solomon Islands.

Top exports between countries

Singapore
Export category Export value
Raw materials & minerals $100M
Machinery & equipment $1.99M
Metals $1.22M
Wood & paper products $619K
Chemicals & pharma $530K
Processed food, beverages & tobacco $472K
Textiles & consumer goods $321K
Miscellaneous $164K
Animal & marine products $93K
Raw agricultural goods $50K
Solomon Islands
Export category Export value
Wood & paper products $5.02M
Machinery & equipment $1K

Balance of trade

Singapore Solomon Islands
Current account balance
$96B
2024
-$66.2M
2024
Current account balance ranking
8/190
2024
87/190
2024
Current account balance, % of GDP
+17.5%
2024
-4.18%
2024
Goods imports
$435B
2024
$609M
2024
Goods exports
$583B
2024
$510M
2024
Service imports
$351B
2024
$248M
2024
Service exports
$396B
2024
$133M
2024
Imports of goods and services, % of GDP
143.6%
2024
70.8%
2024
Exports of goods and services, % of GDP
178.8%
2024
40.6%
2024

Economic freedom indices

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

Singapore Solomon Islands
Economic freedom 84.4 53.7
Economic freedom ranking 1/197 137/197
Property rights 89.2 55.8
Government integrity 86.1 42.7
Judicial effectiveness 58.3 59.1
Tax burden 89.5 71.3
Government spending 93.4 54.6
Fiscal health 80 83.3
Business freedom 90.6 52.3
Labor freedom 77 60.4
Monetary freedom 83.5 76.5
Trade freedom 95 43.6
Investment freedom 90 15
Financial freedom 80 30

Economic freedom comparison by year

Singapore
Solomon Islands
1x
Year Economic freedom index
Singapore Solomon Islands
2026 84.4 53.7
2025 84.1 56.3
2024 83.5 55
2023 83.9 56.9
2022 84.4 56.5
2021 89.7 56.5
2020 89.4 52.9
2019 89.4 54.6
2018 88.8 57.5
2017 88.6 55
2016 87.8 47
2015 89.4 47
2014 89.4 46.2
2013 88 45
2012 87.5 46.2
2011 87.2 45.9
2010 86.1 42.9
2009 87.1 46
2008 87.3 -
2007 87.1 -
2006 88 -
2005 88.6 -
2004 88.9 -
2003 88.2 -
2002 87.4 -
2001 87.8 -
2000 87.7 -
1999 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/singapore/solomon-islands | CC BY

The Economic Freedom Index for Singapore is 84.4, ranking 1/197, compared to 53.7 for the Solomon Islands, ranking 137/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Singapore Solomon Islands
Services, % of GDP
73%
2024
46.9%
2024
Industry, % of GDP
21.4%
2024
23.4%
2024
Agriculture, forestry, and fishing, % of GDP
0.03%
2024
29.7%
2024
GNI, Atlas method
$451B
2024
$1.57B
2024
GNI per capita, PPP
$126,190
2024
$2,680
2024
Total reserves including gold
$384B
2024
$688M
2023
Total reserves ranking
9/177
2024
149/177
2023
Net foreign direct investment
-$96.7B
2024
$19.9M
2024
Net inflows of foreign direct investment
$152B
2024
$33M
2024
Net outflows of foreign direct investment
$55.3B
2024
$52.9M
2024
Servicing debt to the IMF, % of GNI n/a
1.64%
2024
Poverty at national poverty lines n/a
12.7%
2012
Gross capital formation, % of GDP
22.2%
2024
19.5%
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/singapore/solomon-islands | 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 (2018–2024, 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.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

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.