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Economy of Singapore vs Turkmenistan compared: GDP & Debt

Updated on by Georank team

Singapore has a GDP of $547B compared to $51.4B for Turkmenistan, ranking 28/197 and 92/197 by economy size, respectively.

Singapore has $950B in government debt (173.5% of GDP), compared to $2.11B (4.11% of GDP) in Turkmenistan.

Singapore vs Turkmenistan GDP by year

Singapore
Turkmenistan
1x
Year GDP, current $
Singapore Turkmenistan
2024 $547,386,645,892 $51,387,209,872
2023 $505,439,514,078 $45,894,538,666
2022 $509,017,841,147 $42,208,726,138
2021 $436,591,382,250 $40,589,905,812
2020 $349,165,858,545 $41,509,903,182
2019 $376,161,998,830 $40,810,067,975
2018 $377,123,710,561 $40,765,428,571
2017 $343,673,334,902 $37,926,285,714
2016 $319,646,468,521 $36,169,428,571
2015 $307,998,545,269 $35,799,714,286
2014 $314,863,580,758 $43,524,210,526
2013 $307,576,360,585 $39,197,543,860
2012 $295,092,888,077 $35,164,210,526
2011 $279,356,499,090 $29,233,333,333
2010 $239,807,980,591 $22,583,157,895
2009 $194,150,283,772 $20,214,385,965
2008 $193,617,323,539 $19,271,523,179
2007 $180,941,701,358 $12,664,165,103
2006 $148,627,286,361 $10,276,674,365
2005 $127,807,848,728 $8,103,901,996
2004 $115,033,593,101 $6,838,351,088
2003 $97,646,401,096 $5,977,440,583
2002 $92,538,372,870 $4,462,029,109
2001 $89,793,790,670 $3,534,772,732
2000 $96,076,539,926 $2,904,663,311
1999 $86,286,849,755 $2,450,564,100
1998 $85,728,207,782 $2,605,689,134
1997 $100,123,787,215 $2,450,350,625
1996 $96,293,086,513 $2,378,759,975
1995 $87,812,540,788 $2,482,228,440
1994 $73,688,724,431 $2,561,118,608
1993 $60,603,815,716 $3,179,225,949
1992 $52,131,320,033 $3,200,539,816
1991 $45,466,164,978 $3,208,098,919
1990 $36,144,336,769 $3,189,539,641
1989 $30,465,364,739 $3,006,988,217
1988 $25,371,462,488 $3,010,982,414
1987 $20,919,215,578 $2,331,358,820
1986 $18,586,746,057 -
1985 $19,156,532,746 -
1984 $19,749,361,098 -
1983 $17,784,112,150 -
1982 $16,084,252,378 -
1981 $14,175,228,844 -
1980 $11,896,256,783 -
1979 $9,296,921,724 -
1978 $7,517,176,355 -
1977 $6,618,585,074 -
1976 $6,327,077,974 -
1975 $5,633,673,930 -
1974 $5,221,534,956 -
1973 $3,696,213,333 -
1972 $2,721,440,981 -
1971 $2,263,785,444 -
1970 $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/singapore/turkmenistan | CC BY

GDP per capita in Singapore vs Turkmenistan by year

Singapore
GDP per capita

GDP per capita, PPP
Turkmenistan
GDP per capita

GDP per capita, PPP
1x
Year Current $
Singapore Turkmenistan
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $90,674 $150,689 $6,857 $21,213
2023 $85,412 $143,786 $6,232 $19,829
2022 $90,299 $143,095 $5,838 $18,340
2021 $80,056 $132,617 $5,723 $16,434
2020 $61,410 $101,518 $5,973 $15,091
2019 $65,952 $105,335 $5,998 $15,478
2018 $66,882 $103,963 $6,125 $14,368
2017 $61,236 $95,744 $5,828 $13,278
2016 $57,006 $89,902 $5,687 $12,919
2015 $55,646 $87,156 $5,759 $12,715
2014 $57,565 $84,555 $7,164 $12,477
2013 $56,967 $83,088 $6,600 $11,723
2012 $55,548 $82,108 $6,054 $11,035
2011 $53,891 $80,052 $5,144 $10,283
2010 $47,237 $75,401 $4,059 $8,972
2009 $38,927 $66,213 $3,708 $8,285
2008 $40,009 $67,735 $3,606 $7,916
2007 $39,433 $68,805 $2,415 $6,901
2006 $33,768 $64,061 $1,997 $6,164
2005 $29,961 $58,822 $1,604 $5,489
2004 $27,608 $54,384 $1,379 $4,798
2003 $23,730 $48,778 $1,229 $4,536
2002 $22,160 $45,083 $936 $4,393
2001 $21,700 $43,109 $756 $4,401
2000 $23,853 $43,781 $634 $4,209
1999 $21,797 $39,949 $546 $3,981
1998 $21,829 $37,560 $591 $3,432
1997 $26,376 $39,286 $565 $3,222
1996 $26,233 $36,873 $558 $3,636
1995 $24,915 $35,090 $592 $3,405
1994 $21,552 $33,058 $622 $3,659
1993 $18,290 $30,062 $788 $4,422
1992 $16,136 $27,022 $811 $4,351
1991 $14,502 $25,530 $832 $5,117
1990 $11,862 $23,815 $848 $5,321
1989 $10,395 - $821 -
1988 $8,914 - $846 -
1987 $7,539 - $675 -
1986 $6,800 - - -
1985 $7,002 - - -
1984 $7,228 - - -
1983 $6,633 - - -
1982 $6,078 - - -
1981 $5,597 - - -
1980 $4,928 - - -
1979 $3,901 - - -
1978 $3,194 - - -
1977 $2,846 - - -
1976 $2,759 - - -
1975 $2,490 - - -
1974 $2,342 - - -
1973 $1,685 - - -
1972 $1,264 - - -
1971 $1,071 - - -
1970 $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/singapore/turkmenistan | CC BY

Singapore's GDP per capita is $90,674, ranking 7/197, compared to $6,857 in Turkmenistan, ranking 104/197. Adjusted for purchasing power (GDP per capita PPP), Singapore ranks 2nd at $150,689, while Turkmenistan ranks 94th at $21,213.

Economic indicators

Singapore Turkmenistan
Gross domestic product
$547B
2024
$51.4B
2024
GDP rank
28/197
2024
92/197
2024
GDP growth
4.39%
2023-2024
6.3%
2023-2024
GDP per capita
$90,674
2024
$6,857
2024
GDP per capita rank
7/197
2024
104/197
2024
GDP per capita, PPP
$150,689
2024
$21,213
2024
GDP per capita PPP rank
2/197
2024
94/197
2024
Government debt
$950B
2024
$2.11B
2024
Debt-to-GDP ratio
173.5%
2024
4.11%
2024
Government debt per person
$157,326
2024
$282
2024
Government debt per person rank
1/185
2024
179/185
2024
Average annual personal income after taxes
$52,793
2026
$7,520
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
31.5%
1998
Income share by poorest 10% n/a
2.4%
1998
Government expenditure, % of GDP
14.6%
2024
14.5%
2024
Consumer prices inflation
2.39%
2023-2024
4.6%
2023-2024
Unemployment rate
2.74%
2024
4%
2010
Population
6125852
7776557

Spending and national debt comparison by year

Singapore
Spending

Debt
Turkmenistan
Spending

Debt
1x
Year % of GDP
Singapore Turkmenistan
Government spending Government debt Government spending Government debt
2024 14.6% 173.5% 14.5% 4.11%
2023 14.8% 172.8% 13.7% 5.46%
2022 15% 154.3% 13% 7.14%
2021 15.6% 141.7% 13.4% 12.3%
2020 24.1% 148.2% 13.5% 15.4%
2019 14% 127.9% 13.6% 17.7%
2018 13.9% 109.4% 13.7% 22.5%
2017 13.6% 107.6% 17.8% 24.7%
2016 15.3% 106.3% 14.1% 21.1%
2015 14.4% 102.2% 17.3% 19%
2014 12.6% 97.7% 17% 16%
2013 10.9% 98.2% 16.9% 20.4%
2012 9.83% 106.7% 14.7% 17.9%
2011 9.66% 103.1% 15.4% 14.8%
2010 10.2% 98.7% 14.6% 7.04%
2009 15.9% 101.7% 14.4% 3.09%
2008 14% 97.9% 11.7% 3.56%
2007 9.01% 87.8% 14.4% 3.06%
2006 12.3% 86.5% 16% 4.23%
2005 12.4% 92.7% 21.1% 6.82%
2004 14.1% 95.7% 20.3% 11.4%
2003 15.6% 99.1% 20.8% 16.9%
2002 15.9% 96.3% 19.4% 24.2%
2001 18.2% 94.5% 22.6% 34.1%
2000 16.1% 82.3% 25.9% 55.1%
1999 15.9% 85.3% 20.8% 66.7%
1998 18.1% 84.6% 26.1% 81.6%
1997 14.5% 70.8% 26.9% 64.2%
1996 18.1% 71.3% - -
1995 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 (1990–2024, retrieved 2026-02-20).

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

In 2024, Singapore's government spending was $79.7B, accounting for 14.6% of its GDP, while Turkmenistan spent $7.46B, or 14.5% of GDP.

Debt-to-GDP ratio is 173.5% in Singapore and 4.11% in Turkmenistan, ranking 4/185 and 183/185, respectively.

Government deficit by year

Deficit/surplus
Singapore

Turkmenistan
1x
Year Deficit/surplus, % of GDP
Singapore Turkmenistan
2024 4.44% -0.08%
2023 3.47% 0.11%
2022 1.21% 3.38%
2021 1.13% 0.57%
2020 -6.73% -0.16%
2019 3.77% -0.4%
2018 3.68% -0.22%
2017 5.24% -2.84%
2016 3.25% -2.38%
2015 2.86% -0.7%
2014 4.6% 0.89%
2013 5.96% 1.53%
2012 7.34% 7.53%
2011 7.96% 3.84%
2010 5.68% 2.13%
2009 -0.09% 7.53%
2008 3.59% 10.7%
2007 7.12% 4.19%
2006 2.16% 5.64%
2005 2.56% 0.86%
2004 2.06% 1.47%
2003 0.68% 3.99%
2002 2.23% 0.19%
2001 1.2% 0.77%
2000 4.59% -0.55%
1999 5.2% 2.48%
1998 2.41% 1.15%
1997 5.66% -0.2%
1996 1.98% -
1995 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 (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/singapore/turkmenistan | 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 Turkmenistan's deficit of $42.9M, or 0.08% of GDP.

Over the past 28 years, Singapore recorded a fiscal deficit in 2 of those years, while Turkmenistan ran a deficit in 9 years. On average, Singapore posted an annual surplus equal to 3.33% of GDP, compared to surplus of 1.84% of GDP for Turkmenistan.

Inflation comparison by year

Inflation
Singapore

Turkmenistan
1x
Year Consumer prices inflation
Singapore Turkmenistan
2024 2.39% 4.6%
2023 4.83% -1.6%
2022 6.13% 11.2%
2021 2.32% 19.5%
2020 -0.17% 6.1%
2019 0.57% 5.1%
2018 0.44% 13.3%
2017 0.58% 8%
2016 -0.53% 3.6%
2015 -0.52% 7.4%
2014 1.03% 6%
2013 2.36% 6.8%
2012 4.58% 5.3%
2011 5.25% 5.3%
2010 2.83% 4.4%
2009 0.59% -2.7%
2008 6.64% 14.5%
2007 2.11% 6.3%
2006 0.97% 8.2%
2005 0.43% 10.7%
2004 1.66% 5.9%
2003 0.51% 5.6%
2002 -0.39% 8.8%
2001 1% 11.6%
2000 1.36% 8%
1999 0.02% 23.5%
1998 -0.27% 16.8%
1997 2% 83.7%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 28 years, Singapore has recorded an average annual inflation rate of 1.74%, compared with 10.9% in Turkmenistan. In 2024, inflation was 2.39% in Singapore and 4.6% in Turkmenistan.

Top exports between countries

Singapore
Export category Export value
Machinery & equipment $12.5M
Metals $1.83M
Raw materials & minerals $168K
Precious metals & jewellery $78K
Chemicals & pharma $61K
Wood & paper products $45K
Miscellaneous $13K
Textiles & consumer goods $6K
Turkmenistan
Export category Export value
Raw materials & minerals $112M
Raw agricultural goods $347K
Processed food, beverages & tobacco $23K
Textiles & consumer goods $11K
Machinery & equipment $1K
Miscellaneous $1K

Balance of trade

Singapore Turkmenistan
Current account balance
$96B
2024
n/a
Current account balance ranking
8/190
2024
n/a
Current account balance, % of GDP
+17.5%
2024
n/a
Goods imports
$435B
2024
n/a
Goods exports
$583B
2024
n/a
Service imports
$351B
2024
n/a
Service exports
$396B
2024
n/a
Imports of goods and services, % of GDP
143.6%
2024
11.2%
2024
Exports of goods and services, % of GDP
178.8%
2024
17.6%
2024

Economic freedom indices

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

Singapore Turkmenistan
Economic freedom 84.4 47
Economic freedom ranking 1/197 177/197
Property rights 89.2 17.4
Government integrity 86.1 8.4
Judicial effectiveness 58.3 12.3
Tax burden 89.5 94.2
Government spending 93.4 94.3
Fiscal health 80 99.9
Business freedom 90.6 37.5
Labor freedom 77 29.3
Monetary freedom 83.5 76.7
Trade freedom 95 74.2
Investment freedom 90 10
Financial freedom 80 10

Economic freedom comparison by year

Singapore
Turkmenistan
1x
Year Economic freedom index
Singapore Turkmenistan
2026 84.4 47
2025 84.1 47.1
2024 83.5 46.3
2023 83.9 46.5
2022 84.4 46.2
2021 89.7 47.4
2020 89.4 46.5
2019 89.4 48.4
2018 88.8 47.1
2017 88.6 47.4
2016 87.8 41.9
2015 89.4 41.4
2014 89.4 42.2
2013 88 42.6
2012 87.5 43.8
2011 87.2 43.6
2010 86.1 42.5
2009 87.1 44.2
2008 87.3 43.4
2007 87.1 43
2006 88 43.8
2005 88.6 47.6
2004 88.9 50.7
2003 88.2 51.3
2002 87.4 43.2
2001 87.8 41.8
2000 87.7 37.6
1999 86.9 36.1
1998 87 35
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/turkmenistan | CC BY

The Economic Freedom Index for Singapore is 84.4, ranking 1/197, compared to 47 for Turkmenistan, ranking 177/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Singapore Turkmenistan
Services, % of GDP
73%
2024
50.4%
2024
Industry, % of GDP
21.4%
2024
37.5%
2024
Agriculture, forestry, and fishing, % of GDP
0.03%
2024
12.2%
2024
GNI, Atlas method
$451B
2024
$48.8B
2024
GNI per capita, PPP
$126,190
2024
$21,020
2024
Total reserves including gold
$384B
2024
$1.51B
1999
Total reserves ranking
9/177
2024
135/177
1999
Net foreign direct investment
-$96.7B
2024
n/a
Net inflows of foreign direct investment
$152B
2024
$1.64B
2024
Net outflows of foreign direct investment
$55.3B
2024
$0
2024
Servicing debt to the IMF, % of GNI n/a
1.91%
2024
Poverty at national poverty lines n/a
0.2%
2020
Gross capital formation, % of GDP
22.2%
2024
47.2%
2012

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/turkmenistan | 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 (2020–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)
  8. Central Intelligence Agency (CIA) (2020, retrieved 2026-02-20)

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.