Singapore has a GDP of $547B compared to $1.32T for Turkey, ranking 27/197 and 17/197 by economy size, respectively.
Singapore has $954B in government debt (174.9% of GDP), compared to $344B (26.7% of GDP) in Turkey.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Singapore
|
Turkey
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | $704,751,700 | $5,946,720,492 | $7,566,666,667 | $68,944,998,409 |
| 1961 | $764,629,788 | $6,430,636,626 | $7,988,888,889 | $69,742,050,428 |
| 1962 | $826,239,212 | $6,916,371,175 | $8,922,222,222 | $73,627,678,959 |
| 1963 | $917,608,012 | $7,610,786,827 | $10,355,555,556 | $80,302,989,305 |
| 1964 | $894,153,311 | $7,374,611,314 | $11,177,777,778 | $84,686,775,101 |
| 1965 | $974,644,096 | $7,952,357,573 | $11,966,666,667 | $87,077,931,216 |
| 1966 | $1,096,425,608 | $8,761,915,153 | $14,100,000,000 | $96,841,818,580 |
| 1967 | $1,238,035,816 | $9,857,909,188 | $15,644,444,444 | $101,424,867,564 |
| 1968 | $1,425,706,091 | $11,191,387,995 | $17,500,000,000 | $108,299,441,041 |
| 1969 | $1,659,893,768 | $12,739,585,038 | $19,466,666,667 | $112,719,298,937 |
| 1970 | $1,920,574,150 | $14,515,738,367 | $17,863,636,364 | $116,364,087,582 |
| 1971 | $2,263,785,444 | $16,317,640,427 | $16,166,666,667 | $122,841,720,846 |
| 1972 | $2,721,440,981 | $18,490,426,054 | $20,650,000,000 | $131,963,687,012 |
| 1973 | $3,696,213,333 | $20,450,966,487 | $26,000,000,000 | $136,268,783,925 |
| 1974 | $5,221,534,956 | $21,702,034,804 | $35,414,285,714 | $143,892,306,161 |
| 1975 | $5,633,673,930 | $22,567,672,249 | $46,042,857,143 | $154,215,302,357 |
| 1976 | $6,327,077,974 | $24,246,067,681 | $51,450,000,000 | $170,348,042,040 |
| 1977 | $6,618,585,074 | $25,907,515,502 | $58,683,333,333 | $176,151,237,350 |
| 1978 | $7,517,176,355 | $27,922,390,122 | $65,912,500,000 | $178,798,672,446 |
| 1979 | $9,296,921,724 | $30,590,220,574 | $89,616,129,032 | $177,682,765,668 |
| 1980 | $11,896,256,783 | $33,683,923,408 | $68,823,684,211 | $173,334,245,746 |
| 1981 | $14,175,228,844 | $37,327,150,728 | $71,180,180,180 | $181,752,481,254 |
| 1982 | $16,084,252,378 | $39,978,179,041 | $64,369,325,153 | $188,228,736,215 |
| 1983 | $17,784,112,150 | $43,398,105,213 | $61,803,555,556 | $197,585,738,738 |
| 1984 | $19,749,361,098 | $47,213,790,846 | $59,937,602,180 | $210,847,724,567 |
| 1985 | $19,156,532,746 | $46,919,789,791 | $67,232,758,621 | $219,790,484,417 |
| 1986 | $18,586,746,057 | $47,549,833,615 | $75,673,037,037 | $235,202,261,562 |
| 1987 | $20,919,215,578 | $52,684,232,539 | $87,190,081,680 | $257,512,463,441 |
| 1988 | $25,371,462,488 | $58,618,369,611 | $90,875,175,809 | $263,488,649,929 |
| 1989 | $30,465,364,739 | $64,573,309,330 | $107,127,191,329 | $264,253,410,107 |
| 1990 | $36,144,336,769 | $70,914,989,180 | $150,655,500,192 | $288,739,518,672 |
| 1991 | $45,466,164,978 | $75,658,065,572 | $151,034,731,544 | $290,819,248,893 |
| 1992 | $52,131,320,033 | $80,681,614,024 | $159,104,772,992 | $305,463,844,599 |
| 1993 | $60,603,815,716 | $89,927,445,311 | $180,415,757,852 | $328,835,693,449 |
| 1994 | $73,688,724,431 | $99,905,515,247 | $130,650,447,499 | $313,485,158,693 |
| 1995 | $87,812,540,788 | $107,074,136,708 | $169,319,579,016 | $338,182,356,112 |
| 1996 | $96,293,086,513 | $115,074,063,972 | $181,464,408,820 | $363,139,079,303 |
| 1997 | $100,123,787,215 | $124,643,863,764 | $189,878,399,895 | $390,656,537,293 |
| 1998 | $85,728,207,782 | $121,912,898,005 | $275,941,990,764 | $400,048,507,437 |
| 1999 | $86,286,849,755 | $128,884,330,733 | $256,395,932,738 | $386,994,250,934 |
| 2000 | $96,076,539,926 | $140,533,304,239 | $274,294,623,164 | $413,825,489,994 |
| 2001 | $89,793,790,670 | $139,028,385,431 | $201,753,123,807 | $390,030,497,195 |
| 2002 | $92,538,372,870 | $144,482,970,560 | $240,249,071,871 | $415,178,579,552 |
| 2003 | $97,646,401,096 | $151,054,425,109 | $314,595,572,146 | $439,106,176,636 |
| 2004 | $115,033,593,101 | $166,069,208,808 | $408,865,430,220 | $482,120,738,380 |
| 2005 | $127,807,848,728 | $178,302,402,124 | $506,314,717,662 | $525,474,505,336 |
| 2006 | $148,627,286,361 | $194,361,682,396 | $557,076,157,773 | $561,984,411,360 |
| 2007 | $180,941,701,358 | $211,896,059,498 | $681,321,124,296 | $590,328,139,721 |
| 2008 | $193,617,323,539 | $215,844,707,508 | $770,449,132,861 | $595,139,459,121 |
| 2009 | $194,150,283,772 | $216,120,888,113 | $649,289,324,628 | $566,434,966,773 |
| 2010 | $239,807,980,591 | $247,501,100,140 | $776,967,266,306 | $614,169,032,343 |
| 2011 | $279,356,499,090 | $262,883,130,580 | $838,785,289,694 | $682,956,643,135 |
| 2012 | $295,092,888,077 | $274,543,305,512 | $880,555,885,492 | $715,659,972,211 |
| 2013 | $307,576,360,585 | $287,769,788,882 | $957,799,120,008 | $776,389,567,770 |
| 2014 | $314,863,580,758 | $299,095,084,829 | $938,934,609,297 | $814,741,000,960 |
| 2015 | $307,998,545,269 | $307,998,545,269 | $864,313,810,469 | $864,313,810,469 |
| 2016 | $319,646,468,521 | $319,541,032,495 | $869,682,881,593 | $893,035,686,216 |
| 2017 | $343,673,334,902 | $333,846,562,290 | $858,988,492,854 | $960,031,200,974 |
| 2018 | $377,123,710,561 | $345,370,865,383 | $778,972,108,041 | $988,958,576,886 |
| 2019 | $376,161,998,830 | $349,888,458,531 | $761,005,915,751 | $997,053,346,501 |
| 2020 | $349,165,858,545 | $336,541,232,521 | $720,338,490,327 | $1,015,597,272,885 |
| 2021 | $436,591,382,250 | $369,376,902,515 | $819,865,223,976 | $1,131,775,463,574 |
| 2022 | $509,017,841,147 | $384,550,906,479 | $907,118,434,654 | $1,194,401,442,557 |
| 2023 | $505,439,514,078 | $391,555,143,382 | $1,118,252,958,514 | $1,255,449,309,089 |
| 2024 | $547,386,645,892 | $408,736,675,577 | $1,323,254,808,059 | $1,295,423,120,852 |
Economic indicators
|
Singapore
|
Turkey
|
|
|---|---|---|
| Gross domestic product |
$547B
2024 |
$1.32T
2024 |
| GDP rank |
27/197
2024 |
17/197
2024 |
| GDP growth |
8.3%
2023-2024 |
18.3%
2023-2024 |
| GDP per capita |
$90,674
2024 |
$15,473
2024 |
| GDP per capita rank |
7/197
2024 |
68/197
2024 |
| GDP per capita, PPP |
$150,689
2024 |
$43,932
2024 |
| Government debt |
$954B
2024 |
$344B
2024 |
| Debt-to-GDP ratio |
174.9%
2025 |
26.7%
2025 |
| Government debt per person |
$158,044
2024 |
$4,019
2024 |
| Government debt per person rank |
1/185
2024 |
91/185
2024 |
| Average annual personal income after taxes |
$55,248
2025 |
$9,587
2025 |
| Market capitalization of domestic companies |
$638B
2024 |
$379B
2024 |
| Number of millionaires |
333,204
2024 |
60,787
2024 |
| Number of billionaires |
49
2025 |
32
2025 |
| Income share by richest 10% | n/a |
35.2%
2022 |
| Income share by poorest 10% | n/a |
2.1%
2022 |
| Government expenditure, % of GDP |
16.7%
2025 |
32.9%
2025 |
| Consumer prices inflation |
2.39%
2023-2024 |
58.5%
2023-2024 |
| Central bank interest rate | n/a |
40.5%
2025 |
| Unemployment rate |
2.74%
2024 |
8.71%
2024 |
| Population |
6105665
|
85914550
|
GDP per capita in Singapore vs Turkey
Singapore's GDP per capita is $90,674, ranking 7/197, compared to $15,473 in Turkey, ranking 68/197. Adjusted for purchasing power (GDP per capita PPP), Singapore ranks 2nd at $150,689, while Turkey ranks 52nd at $43,932.
| Year | Current $ | |||
|---|---|---|---|---|
|
Singapore
|
Turkey
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1960 | $428 | - | $267.1 | - |
| 1961 | $449 | - | $274.4 | - |
| 1962 | $472 | - | $298.2 | - |
| 1963 | $511 | - | $337 | - |
| 1964 | $486 | - | $354 | - |
| 1965 | $517 | - | $370 | - |
| 1966 | $567 | - | $425 | - |
| 1967 | $626 | - | $459 | - |
| 1968 | $709 | - | $501 | - |
| 1969 | $813 | - | $544 | - |
| 1970 | $926 | - | $488 | - |
| 1971 | $1,071 | - | $431 | - |
| 1972 | $1,264 | - | $537 | - |
| 1973 | $1,685 | - | $661 | - |
| 1974 | $2,342 | - | $881 | - |
| 1975 | $2,490 | - | $1,122 | - |
| 1976 | $2,759 | - | $1,228 | - |
| 1977 | $2,846 | - | $1,372 | - |
| 1978 | $3,194 | - | $1,510 | - |
| 1979 | $3,901 | - | $2,013 | - |
| 1980 | $4,928 | - | $1,516 | - |
| 1981 | $5,597 | - | $1,537 | - |
| 1982 | $6,078 | - | $1,360 | - |
| 1983 | $6,633 | - | $1,276 | - |
| 1984 | $7,228 | - | $1,209 | - |
| 1985 | $7,002 | - | $1,326 | - |
| 1986 | $6,800 | - | $1,461 | - |
| 1987 | $7,539 | - | $1,650 | - |
| 1988 | $8,914 | - | $1,686 | - |
| 1989 | $10,395 | - | $1,949 | - |
| 1990 | $11,862 | $23,815 | $2,690 | $8,205 |
| 1991 | $14,502 | $25,530 | $2,649 | $8,413 |
| 1992 | $16,136 | $27,022 | $2,744 | $8,967 |
| 1993 | $18,290 | $30,062 | $3,058 | $9,748 |
| 1994 | $21,552 | $33,058 | $2,176 | $9,252 |
| 1995 | $24,915 | $35,090 | $2,775 | $9,960 |
| 1996 | $26,233 | $36,873 | $2,929 | $10,676 |
| 1997 | $26,376 | $39,286 | $3,021 | $11,490 |
| 1998 | $21,829 | $37,560 | $4,330 | $8,759 |
| 1999 | $21,797 | $39,949 | $3,969 | $8,461 |
| 2000 | $23,853 | $43,781 | $4,192 | $9,308 |
| 2001 | $21,700 | $43,109 | $3,046 | $8,995 |
| 2002 | $22,160 | $45,083 | $3,583 | $9,134 |
| 2003 | $23,730 | $48,778 | $4,638 | $9,451 |
| 2004 | $27,608 | $54,384 | $5,961 | $10,727 |
| 2005 | $29,961 | $58,822 | $7,303 | $11,757 |
| 2006 | $33,768 | $64,061 | $7,953 | $13,495 |
| 2007 | $39,433 | $68,805 | $9,711 | $14,866 |
| 2008 | $40,009 | $67,735 | $10,844 | $16,038 |
| 2009 | $38,927 | $66,213 | $9,013 | $15,442 |
| 2010 | $47,237 | $75,401 | $10,623 | $17,344 |
| 2011 | $53,891 | $80,052 | $11,301 | $19,591 |
| 2012 | $55,548 | $82,108 | $11,713 | $20,627 |
| 2013 | $56,967 | $83,088 | $12,578 | $22,373 |
| 2014 | $57,565 | $84,555 | $12,165 | $24,105 |
| 2015 | $55,646 | $87,156 | $11,050 | $25,863 |
| 2016 | $57,006 | $89,902 | $10,970 | $26,696 |
| 2017 | $61,236 | $95,744 | $10,696 | $28,193 |
| 2018 | $66,882 | $103,963 | $9,569 | $28,299 |
| 2019 | $65,952 | $105,335 | $9,215 | $28,461 |
| 2020 | $61,410 | $101,518 | $8,639 | $28,680 |
| 2021 | $80,056 | $132,617 | $9,743 | $31,338 |
| 2022 | $90,299 | $143,095 | $10,675 | $39,101 |
| 2023 | $85,412 | $143,786 | $13,106 | $42,326 |
| 2024 | $90,674 | $150,689 | $15,473 | $43,932 |
Spending and national debt comparison
In 2024, Singapore's government spending was $79.4B, accounting for 16.7% of its GDP, while Turkey's spent $449B, or 32.9% of GDP.
Debt-to-GDP ratio is 174.9% in Singapore and 26.7% in Turkey, ranking 5/185 and 165/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Singapore
|
Turkey
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1960 | - | - | 15.6% | 19.9% |
| 1961 | - | - | 22.9% | 28.9% |
| 1962 | - | - | 15.7% | 28.8% |
| 1963 | - | - | 17.5% | 27.6% |
| 1964 | - | - | 18.9% | 25.7% |
| 1965 | - | - | 19% | 33.4% |
| 1966 | - | - | 18.9% | 33.4% |
| 1967 | - | - | 20.1% | 33.3% |
| 1968 | - | - | 19% | 33.2% |
| 1969 | - | - | 20.5% | 33.2% |
| 1970 | - | - | 22.7% | 39.8% |
| 1971 | - | - | 24.8% | 34.4% |
| 1972 | - | - | 21.9% | 30.1% |
| 1973 | - | - | 21.8% | 23.1% |
| 1974 | - | - | 19% | 19% |
| 1975 | - | - | 22% | 20.2% |
| 1976 | - | - | 23.3% | 20.4% |
| 1977 | - | - | 27.8% | 24% |
| 1978 | - | - | 27.6% | 25.8% |
| 1979 | - | - | 28.3% | 23.6% |
| 1980 | - | - | 25.5% | 22.4% |
| 1981 | - | - | 24% | 32% |
| 1982 | - | - | 19.2% | 33.4% |
| 1983 | - | - | 14.9% | 32.7% |
| 1984 | - | - | 14.1% | 42.6% |
| 1985 | - | - | 18% | 44.3% |
| 1986 | - | - | 12.1% | 38.2% |
| 1987 | - | - | 13.3% | 40.3% |
| 1988 | - | - | 12.9% | 38.6% |
| 1989 | - | - | 13.8% | 33.5% |
| 1990 | 15.1% | 73.5% | 14.1% | 25.8% |
| 1991 | 15.9% | 76.4% | 18.2% | 28.4% |
| 1992 | 14.5% | 79% | 18.6% | 29.2% |
| 1993 | 14.5% | 71.2% | 22% | 29.1% |
| 1994 | 11.7% | 70.7% | 20.5% | 39.2% |
| 1995 | 13.8% | 69.8% | 19.4% | 34.6% |
| 1996 | 18.1% | 71.3% | 24.5% | 35.5% |
| 1997 | 14.5% | 70.8% | 26.4% | 32.5% |
| 1998 | 18.1% | 84.6% | 27.9% | 36.5% |
| 1999 | 15.9% | 85.3% | 32.7% | 52.1% |
| 2000 | 16.1% | 82.3% | 39.5% | 51.3% |
| 2001 | 18.2% | 94.5% | 44% | 75.5% |
| 2002 | 15.9% | 96.3% | 41% | 71.5% |
| 2003 | 15.6% | 99.1% | 38.4% | 65.2% |
| 2004 | 14.1% | 95.7% | 34.6% | 57.2% |
| 2005 | 12.4% | 92.7% | 32.1% | 50.2% |
| 2006 | 12.3% | 86.5% | 33.6% | 44.2% |
| 2007 | 9.01% | 87.8% | 32.9% | 37.8% |
| 2008 | 14% | 97.9% | 33.7% | 37.7% |
| 2009 | 15.9% | 101.7% | 37.2% | 43.2% |
| 2010 | 10.2% | 98.7% | 35.5% | 39.5% |
| 2011 | 9.66% | 103.1% | 32.8% | 35.9% |
| 2012 | 9.83% | 106.7% | 34.1% | 32.2% |
| 2013 | 10.9% | 98.2% | 33.7% | 30.9% |
| 2014 | 12.6% | 97.7% | 32.6% | 28.3% |
| 2015 | 14.4% | 102.2% | 32.5% | 27.2% |
| 2016 | 15.3% | 106.3% | 33.8% | 27.7% |
| 2017 | 13.6% | 107.6% | 32.6% | 27.8% |
| 2018 | 13.9% | 109.4% | 34.3% | 29.9% |
| 2019 | 14% | 127.9% | 35.5% | 32.4% |
| 2020 | 24.1% | 148.2% | 34.7% | 39.4% |
| 2021 | 15.6% | 141.7% | 31.3% | 40.4% |
| 2022 | 15% | 154.3% | 27.3% | 30.8% |
| 2023 | 14.8% | 172.8% | 33.2% | 29.3% |
| 2024 | 14.5% | 174.3% | 33.9% | 26% |
| 2025 | 16.7% | 174.9% | 32.9% | 26.7% |
Government deficit by year
In 2024, Singapore's government surplus, the difference between spending and revenue, was $24.2B, equivalent to 4.43% of GDP. This compares to Turkey's deficit of -$68.8B, or -5.2% of GDP.
Over the past 35 years, Singapore recorded a fiscal deficit in 2 of those years, while Turkey ran a deficit in 35 years. On average, Singapore posted an annual surplus equal to +3.36% of GDP, compared to deficit of -4.97% of GDP for Turkey.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Singapore
|
Turkey
|
|
| 1936 | - | 1.43% |
| 1937 | - | 1.43% |
| 1938 | - | 1.18% |
| 1939 | - | 1.18% |
| 1940 | - | 1.18% |
| 1941 | - | 1.18% |
| 1942 | - | 1.18% |
| 1943 | - | 0.22% |
| 1944 | - | 0.22% |
| 1945 | - | 1.01% |
| 1946 | - | 1.01% |
| 1947 | - | 1.01% |
| 1948 | - | 0.84% |
| 1949 | - | 0.81% |
| 1950 | - | -0.53% |
| 1951 | - | 0.48% |
| 1952 | - | -0.1% |
| 1953 | - | -0.12% |
| 1954 | - | -1.12% |
| 1955 | - | -0.85% |
| 1956 | - | -0.84% |
| 1957 | - | -0.66% |
| 1958 | - | -0.45% |
| 1959 | - | -0.78% |
| 1960 | - | -0.83% |
| 1961 | - | -1% |
| 1962 | - | -0.16% |
| 1963 | - | 0% |
| 1964 | - | -0.84% |
| 1965 | - | -1.18% |
| 1966 | - | -0.66% |
| 1967 | - | 0.1% |
| 1968 | - | -0.62% |
| 1969 | - | -1.45% |
| 1970 | - | 0.14% |
| 1971 | - | -3.05% |
| 1972 | - | -0.13% |
| 1973 | - | -0.98% |
| 1974 | - | -1.02% |
| 1975 | - | -0.19% |
| 1976 | - | -0.6% |
| 1977 | - | -5.1% |
| 1978 | - | -1.83% |
| 1979 | - | -3.06% |
| 1980 | - | -3.67% |
| 1981 | - | -1.5% |
| 1982 | - | -1.61% |
| 1983 | - | -1.45% |
| 1984 | - | -3.77% |
| 1985 | - | -5.84% |
| 1986 | - | -2.43% |
| 1987 | - | -3.47% |
| 1988 | - | -3.2% |
| 1989 | - | -3.87% |
| 1990 | 1.97% | -3.65% |
| 1991 | 0.68% | -6.86% |
| 1992 | 2.7% | -6.73% |
| 1993 | 4.36% | -8.84% |
| 1994 | 7.9% | -6.04% |
| 1995 | 4.8% | -5.95% |
| 1996 | 1.98% | -10.7% |
| 1997 | 5.66% | -10.1% |
| 1998 | 2.41% | -9.84% |
| 1999 | 5.2% | -13.8% |
| 2000 | 4.59% | -8.37% |
| 2001 | 1.2% | -11.7% |
| 2002 | 2.23% | -11.3% |
| 2003 | 0.68% | -7.57% |
| 2004 | 2.06% | -4.12% |
| 2005 | 2.56% | -0.75% |
| 2006 | 2.16% | -0.22% |
| 2007 | 7.12% | -1.38% |
| 2008 | 3.59% | -2.14% |
| 2009 | -0.09% | -5.18% |
| 2010 | 5.68% | -3.02% |
| 2011 | 7.96% | -0.35% |
| 2012 | 7.34% | -1.79% |
| 2013 | 5.96% | -1.21% |
| 2014 | 4.6% | -0.97% |
| 2015 | 2.86% | -0.51% |
| 2016 | 3.25% | -1.68% |
| 2017 | 5.24% | -1.88% |
| 2018 | 3.68% | -3.13% |
| 2019 | 3.77% | -4.78% |
| 2020 | -6.73% | -4.72% |
| 2021 | 1.13% | -3.05% |
| 2022 | 1.21% | -1.12% |
| 2023 | 3.47% | -5.32% |
| 2024 | 4.43% | -5.2% |
| 2025 | 3.05% | -4.33% |
Inflation comparison by year
Over the past 29 years, Singapore has recorded an average annual inflation rate of 1.73%, compared with 29.6% in Turkey. In 2024, inflation was 2.39% in Singapore and 58.5% in Turkey.
| Year | Inflation | ||
|---|---|---|---|
|
Singapore
|
Turkey
|
Singapore
|
Turkey
|
| 1996 | 1.38% | 80.4% | |
| 1997 | 2% | 85.7% | |
| 1998 | -0.27% | 84.6% | |
| 1999 | 0.02% | 64.9% | |
| 2000 | 1.36% | 54.9% | |
| 2001 | 1% | 54.4% | |
| 2002 | -0.39% | 45% | |
| 2003 | 0.51% | 21.6% | |
| 2004 | 1.66% | 8.6% | |
| 2005 | 0.43% | 8.18% | |
| 2006 | 0.97% | 9.6% | |
| 2007 | 2.11% | 8.76% | |
| 2008 | 6.64% | 10.4% | |
| 2009 | 0.59% | 6.25% | |
| 2010 | 2.83% | 8.57% | |
| 2011 | 5.25% | 6.47% | |
| 2012 | 4.58% | 8.89% | |
| 2013 | 2.36% | 7.49% | |
| 2014 | 1.03% | 8.85% | |
| 2015 | -0.52% | 7.67% | |
| 2016 | -0.53% | 7.78% | |
| 2017 | 0.58% | 11.1% | |
| 2018 | 0.44% | 16.3% | |
| 2019 | 0.57% | 15.2% | |
| 2020 | -0.17% | 12.3% | |
| 2021 | 2.32% | 19.6% | |
| 2022 | 6.13% | 72.3% | |
| 2023 | 4.83% | 53.9% | |
| 2024 | 2.39% | 58.5% | |
Top exports between countries
|
Singapore
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $629M |
| Textiles & consumer goods | $122M |
| Chemicals & pharma | $96M |
| Miscellaneous | $80M |
| Processed food, beverages & tobacco | $30.1M |
| Raw materials & minerals | $20M |
| Metals | $15.3M |
| Precious metals & jewellery | $14.9M |
| Wood & paper products | $14.1M |
| Raw agricultural goods | $3.29M |
|
Turkey
|
|
|---|---|
| Export category | Export value |
| Raw materials & minerals | $815M |
| Machinery & equipment | $79.6M |
| Precious metals & jewellery | $50.2M |
| Processed food, beverages & tobacco | $31.3M |
| Textiles & consumer goods | $29.4M |
| Chemicals & pharma | $26.5M |
| Miscellaneous | $17.8M |
| Metals | $16.9M |
| Raw agricultural goods | $9.56M |
| Animal & marine products | $7.72M |
Balance of trade
|
Singapore
|
Turkey
|
|
|---|---|---|
Current account balance
|
$96B
2024 |
-$10.2B
2024 |
| Current account balance ranking |
7/189
2024 |
176/189
2024 |
| Current account balance, % of GDP |
+17.5%
2024 |
-0.77%
2024 |
| Goods imports |
$435B
2024 |
$314B
2024 |
| Goods exports |
$583B
2024 |
$257B
2024 |
| Service imports |
$351B
2024 |
$53.3B
2024 |
| Service exports |
$396B
2024 |
$115B
2024 |
| Imports of goods and services, % of GDP |
143.6%
2024 |
27.8%
2024 |
| Exports of goods and services, % of GDP |
178.8%
2024 |
28%
2024 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Singapore
|
Turkey
|
|
|---|---|---|
| Economic freedom | 84.1 | 56.1 |
| Economic freedom ranking | 1/197 | 122/197 |
| Property rights | 94.3 | 40.6 |
| Government integrity | 86.4 | 34.3 |
| Judicial effectiveness | 58.3 | 23.8 |
| Tax burden | 89.9 | 72.2 |
| Government spending | 92.9 | 71.9 |
| Fiscal health | 73.9 | 82.3 |
| Business freedom | 90.6 | 58.5 |
| Labor freedom | 77.1 | 48.4 |
| Monetary freedom | 81 | 37.9 |
| Trade freedom | 95 | 72.8 |
| Investment freedom | 90 | 70 |
| Financial freedom | 80 | 60 |
Economic freedom by year comparison
The Economic Freedom Index for Singapore is 84.1, ranking 1/197, compared to 56.1 for Turkey, ranking 122/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Singapore
|
Turkey
|
|
| 1995 | 86.3 | 58.4 |
| 1996 | 86.5 | 56.7 |
| 1997 | 87.3 | 60.8 |
| 1998 | 87 | 60.9 |
| 1999 | 86.9 | 59.2 |
| 2000 | 87.7 | 63.4 |
| 2001 | 87.8 | 60.6 |
| 2002 | 87.4 | 54.2 |
| 2003 | 88.2 | 51.9 |
| 2004 | 88.9 | 52.8 |
| 2005 | 88.6 | 50.6 |
| 2006 | 88 | 57 |
| 2007 | 87.1 | 57.4 |
| 2008 | 87.3 | 59.9 |
| 2009 | 87.1 | 61.6 |
| 2010 | 86.1 | 63.8 |
| 2011 | 87.2 | 64.2 |
| 2012 | 87.5 | 62.5 |
| 2013 | 88 | 62.9 |
| 2014 | 89.4 | 64.9 |
| 2015 | 89.4 | 63.2 |
| 2016 | 87.8 | 62.1 |
| 2017 | 88.6 | 65.2 |
| 2018 | 88.8 | 65.4 |
| 2019 | 89.4 | 64.6 |
| 2020 | 89.4 | 64.4 |
| 2021 | 89.7 | 64 |
| 2022 | 84.4 | 56.9 |
| 2023 | 83.9 | 56.9 |
| 2024 | 83.5 | 56.2 |
| 2025 | 84.1 | 56.1 |
More economic indicators
|
Singapore
|
Turkey
|
|
|---|---|---|
| Services, % of GDP |
73%
2024 |
56.8%
2024 |
| Industry, % of GDP |
21.4%
2024 |
25.9%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
0.03%
2024 |
5.59%
2024 |
|
GNI, Atlas method
|
$451B
2024 |
$1.12T
2024 |
| GNI per capita, PPP |
$126,190
2024 |
$43,410
2024 |
| Total reserves including gold |
$384B
2024 |
$155B
2024 |
| Total reserves ranking |
9/177
2024 |
21/177
2024 |
|
Net foreign direct investment
|
-$96.7B
2024 |
-$5.13B
2024 |
|
Net inflows of foreign direct investment
|
$152B
2024 |
$11.7B
2024 |
|
Net outflows of foreign direct investment
|
$55.3B
2024 |
$6.61B
2024 |
|
Servicing debt to the IMF, % of GNI
|
n/a |
6.9%
2023 |
| Poverty at national poverty lines | n/a |
13.6%
2023 |
|
Gross capital formation, % of GDP
|
22.2%
2024 |
25.5%
2024 |
GDP per capita map
GDP per capita
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Economy comparisons
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.