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Economy of Singapore vs Vanuatu compared: GDP & Debt

Updated on by Georank team

Singapore has a GDP of $547B compared to $1.12B for Vanuatu, ranking 28/197 and 188/197 by economy size, respectively.

Singapore has $950B in government debt (173.5% of GDP), compared to $507M (45.3% of GDP) in Vanuatu.

Singapore vs Vanuatu GDP by year

Singapore
Vanuatu
1x
Year GDP, current $
Singapore Vanuatu
2024 $547,386,645,892 $1,117,972,034
2023 $505,439,514,078 $1,115,861,056
2022 $509,017,841,147 $1,055,031,361
2021 $436,591,382,250 $950,394,007
2020 $349,165,858,545 $909,421,044
2019 $376,161,998,830 $936,526,268
2018 $377,123,710,561 $914,727,908
2017 $343,673,334,902 $880,043,284
2016 $319,646,468,521 $804,323,577
2015 $307,998,545,269 $759,690,181
2014 $314,863,580,758 $773,717,011
2013 $307,576,360,585 $758,304,466
2012 $295,092,888,077 $747,839,698
2011 $279,356,499,090 $770,153,588
2010 $239,807,980,591 $670,712,980
2009 $194,150,283,772 $592,622,319
2008 $193,617,323,539 $590,748,429
2007 $180,941,701,358 $516,392,923
2006 $148,627,286,361 $439,358,587
2005 $127,807,848,728 $394,962,433
2004 $115,033,593,101 $364,996,869
2003 $97,646,401,096 $314,471,413
2002 $92,538,372,870 $262,596,536
2001 $89,793,790,670 $257,926,882
2000 $96,076,539,926 $272,014,628
1999 $86,286,849,755 $268,006,973
1998 $85,728,207,782 $262,293,411
1997 $100,123,787,215 $272,771,209
1996 $96,293,086,513 $261,370,044
1995 $87,812,540,788 $249,333,250
1994 $73,688,724,431 $233,701,301
1993 $60,603,815,716 $200,491,853
1992 $52,131,320,033 $209,088,825
1991 $45,466,164,978 $201,334,169
1990 $36,144,336,769 $168,879,207
1989 $30,465,364,739 $154,013,202
1988 $25,371,462,488 $158,351,368
1987 $20,919,215,578 $139,464,174
1986 $18,586,746,057 $126,498,935
1985 $19,156,532,746 $131,856,421
1984 $19,749,361,098 $144,482,515
1983 $17,784,112,150 $117,389,554
1982 $16,084,252,378 $114,501,913
1981 $14,175,228,844 $113,781,796
1980 $11,896,256,783 $121,185,498
1979 $9,296,921,724 $119,258,835
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/vanuatu | CC BY

GDP per capita in Singapore vs Vanuatu by year

Singapore
GDP per capita

GDP per capita, PPP
Vanuatu
GDP per capita

GDP per capita, PPP
1x
Year Current $
Singapore Vanuatu
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $90,674 $150,689 $3,411 $3,606
2023 $85,412 $143,786 $3,483 $3,568
2022 $90,299 $143,095 $3,370 $3,453
2021 $80,056 $132,617 $3,107 $3,136
2020 $61,410 $101,518 $3,043 $3,118
2019 $65,952 $105,335 $3,207 $3,315
2018 $66,882 $103,963 $3,207 $3,233
2017 $61,236 $95,744 $3,160 $3,146
2016 $57,006 $89,902 $2,956 $3,030
2015 $55,646 $87,156 $2,855 $2,966
2014 $57,565 $84,555 $2,973 $2,890
2013 $56,967 $83,088 $2,980 $2,832
2012 $55,548 $82,108 $3,005 $2,834
2011 $53,891 $80,052 $3,163 $2,816
2010 $47,237 $75,401 $2,815 $2,733
2009 $38,927 $66,213 $2,546 $2,730
2008 $40,009 $67,735 $2,604 $2,701
2007 $39,433 $68,805 $2,334 $2,573
2006 $33,768 $64,061 $2,035 $2,496
2005 $29,961 $58,822 $1,874 $2,287
2004 $27,608 $54,384 $1,774 $2,157
2003 $23,730 $48,778 $1,567 $2,070
2002 $22,160 $45,083 $1,341 $1,995
2001 $21,700 $43,109 $1,350 $2,125
2000 $23,853 $43,781 $1,460 $2,206
1999 $21,797 $39,949 $1,472 $2,084
1998 $21,829 $37,560 $1,471 $2,091
1997 $26,376 $39,286 $1,562 $2,087
1996 $26,233 $36,873 $1,529 $1,998
1995 $24,915 $35,090 $1,492 $1,961
1994 $21,552 $33,058 $1,431 $1,946
1993 $18,290 $30,062 $1,257 $1,789
1992 $16,136 $27,022 $1,344 $1,777
1991 $14,502 $25,530 $1,326 $1,737
1990 $11,862 $23,815 $1,141 $1,670
1989 $10,395 - $1,067 -
1988 $8,914 - $1,125 -
1987 $7,539 - $1,017 -
1986 $6,800 - $946 -
1985 $7,002 - $1,012 -
1984 $7,228 - $1,137 -
1983 $6,633 - $947 -
1982 $6,078 - $946 -
1981 $5,597 - $962 -
1980 $4,928 - $1,048 -
1979 $3,901 - $1,055 -
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/vanuatu | CC BY

Singapore's GDP per capita is $90,674, ranking 7/197, compared to $3,411 in Vanuatu, ranking 137/197. Adjusted for purchasing power (GDP per capita PPP), Singapore ranks 2nd at $150,689, while Vanuatu ranks 170th at $3,606.

Economic indicators

Singapore Vanuatu
Gross domestic product
$547B
2024
$1.12B
2024
GDP rank
28/197
2024
188/197
2024
GDP growth
4.39%
2023-2024
0.94%
2023-2024
GDP per capita
$90,674
2024
$3,411
2024
GDP per capita rank
7/197
2024
137/197
2024
GDP per capita, PPP
$150,689
2024
$3,606
2024
GDP per capita PPP rank
2/197
2024
170/197
2024
Government debt
$950B
2024
$507M
2024
Debt-to-GDP ratio
173.5%
2024
45.3%
2024
Government debt per person
$157,326
2024
$1,546
2024
Government debt per person rank
1/185
2024
131/185
2024
Average annual personal income after taxes
$52,793
2026
$3,164
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
24.7%
2019
Income share by poorest 10% n/a
3%
2019
Government expenditure, % of GDP
14.6%
2024
41.1%
2024
Consumer prices inflation
2.39%
2023-2024
11.2%
2022-2023
Unemployment rate
2.74%
2024
4.05%
2020
Population
6125852
344750

Spending and national debt comparison by year

Singapore
Spending

Debt
Vanuatu
Spending

Debt
1x
Year % of GDP
Singapore Vanuatu
Government spending Government debt Government spending Government debt
2024 14.6% 173.5% 41.1% 45.3%
2023 14.8% 172.8% 41.6% 41.8%
2022 15% 154.3% 42% 42.8%
2021 15.6% 141.7% 44.4% 48.5%
2020 24.1% 148.2% 43.4% 48%
2019 14% 127.9% 39.8% 45.1%
2018 13.9% 109.4% 33.3% 45.3%
2017 13.6% 107.6% 37.1% 52.6%
2016 15.3% 106.3% 35.2% 42.5%
2015 14.4% 102.2% 42.4% 36.3%
2014 12.6% 97.7% 23.3% 20.2%
2013 10.9% 98.2% 22.9% 18.6%
2012 9.83% 106.7% 24.5% 19.3%
2011 9.66% 103.1% 25.1% 21.3%
2010 10.2% 98.7% 28.3% 20.2%
2009 15.9% 101.7% 27.6% 21.1%
2008 14% 97.9% 27.8% 21.2%
2007 9.01% 87.8% 22.5% 19.5%
2006 12.3% 86.5% 20.1% 22.2%
2005 12.4% 92.7% 18.3% 26.3%
2004 14.1% 95.7% 18.5% 30.4%
2003 15.6% 99.1% 18.8% 38.3%
2002 15.9% 96.3% 22.3% 38.8%
2001 18.2% 94.5% 22.3% 37%
2000 16.1% 82.3% 25.4% 36.1%
1999 15.9% 85.3% 23.9% 30.6%
1998 18.1% 84.6% 27.9% 28%
1997 14.5% 70.8% 22.2% 22.9%
1996 18.1% 71.3% 24.5% 23.1%
1995 13.8% 69.8% 28% 24.1%
1994 11.7% 70.7% 24.4% 21.6%
1993 14.5% 71.2% 26.2% 20.3%
1992 14.5% 79% 31.8% 21%
1991 15.9% 76.4% 33.2% 15.9%
1990 15.1% 73.5% - -

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

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

In 2024, Singapore's government spending was $79.7B, accounting for 14.6% of its GDP, while Vanuatu spent $459M, or 41.1% of GDP.

Debt-to-GDP ratio is 173.5% in Singapore and 45.3% in Vanuatu, ranking 4/185 and 119/185, respectively.

Government deficit by year

Deficit/surplus
Singapore

Vanuatu
1x
Year Deficit/surplus, % of GDP
Singapore Vanuatu
2024 4.44% -2.34%
2023 3.47% -0.95%
2022 1.21% -6.5%
2021 1.13% 2.38%
2020 -6.73% -1.95%
2019 3.77% 2.81%
2018 3.68% 6.26%
2017 5.24% -1.2%
2016 3.25% -0.72%
2015 2.86% -8.66%
2014 4.6% 1.44%
2013 5.96% -0.25%
2012 7.34% -1.7%
2011 7.96% -2.19%
2010 5.68% -2.63%
2009 -0.09% -0.85%
2008 3.59% -0.04%
2007 7.12% 0.28%
2006 2.16% 0.49%
2005 2.56% 1.86%
2004 2.06% 0.8%
2003 0.68% -1.35%
2002 2.23% -3.63%
2001 1.2% -3.33%
2000 4.59% -6.28%
1999 5.2% -0.55%
1998 2.41% -6.65%
1997 5.66% -0.51%
1996 1.98% -1.78%
1995 4.8% -2.59%
1994 7.9% -1.49%
1993 4.36% -3.67%
1992 2.7% -2.32%
1991 0.68% -2.81%
1990 1.97% -

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

GeoRank.org/economy/singapore/vanuatu | 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 Vanuatu's deficit of $26.2M, or 2.34% of GDP.

Over the past 34 years, Singapore recorded a fiscal deficit in 2 of those years, while Vanuatu ran a deficit in 26 years. On average, Singapore posted an annual surplus equal to 3.4% of GDP, compared to deficit of 1.49% of GDP for Vanuatu.

Inflation comparison by year

Inflation
Singapore

Vanuatu
1x
Year Consumer prices inflation
Singapore Vanuatu
2024 2.39% -
2023 4.83% 11.2%
2022 6.13% 6.68%
2021 2.32% 2.34%
2020 -0.17% 5.33%
2019 0.57% 2.76%
2018 0.44% 2.33%
2017 0.58% 3.08%
2016 -0.53% 0.84%
2015 -0.52% 2.48%
2014 1.03% 0.8%
2013 2.36% 1.46%
2012 4.58% 1.35%
2011 5.25% 0.87%
2010 2.83% 2.76%
2009 0.59% 4.3%
2008 6.64% 4.84%
2007 2.11% 3.94%
2006 0.97% 2.04%
2005 0.43% 1.2%
2004 1.66% 1.42%
2003 0.51% 3.02%
2002 -0.39% 1.96%
2001 1% 3.58%
2000 1.36% 2.54%
1999 0.02% 2%
1998 -0.27% 3.28%
1997 2% 2.83%

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

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

Over the past 27 years, Singapore has recorded an average annual inflation rate of 1.72%, compared with 3.01% in Vanuatu. In 2023, inflation was 2.39% in Singapore and 11.2% in Vanuatu.

Top exports between countries

Singapore
Export category Export value
Raw materials & minerals $24.2M
Miscellaneous $12.4M
Processed food, beverages & tobacco $4.03M
Machinery & equipment $1.44M
Chemicals & pharma $481K
Textiles & consumer goods $259K
Metals $74K
Raw agricultural goods $48K
Precious metals & jewellery $45K
Wood & paper products $6K
Vanuatu
Export category Export value
Processed food, beverages & tobacco $193K
Raw materials & minerals $30K
Wood & paper products $26K
Miscellaneous $21K
Textiles & consumer goods $1K

Balance of trade

Singapore Vanuatu
Current account balance
$96B
2024
-$127M
2022
Current account balance ranking
8/190
2024
90/190
2022
Current account balance, % of GDP
+17.5%
2024
-12.1%
2022
Goods imports
$435B
2024
$350M
2022
Goods exports
$583B
2024
$73.6M
2022
Service imports
$351B
2024
$230M
2022
Service exports
$396B
2024
$78.5M
2022
Imports of goods and services, % of GDP
143.6%
2024
54.2%
2022
Exports of goods and services, % of GDP
178.8%
2024
9.43%
2022

Economic freedom indices

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

Singapore Vanuatu
Economic freedom 84.4 61.1
Economic freedom ranking 1/197 92/197
Property rights 89.2 62.1
Government integrity 86.1 48.3
Judicial effectiveness 58.3 67.9
Tax burden 89.5 96.9
Government spending 93.4 48.1
Fiscal health 80 78.8
Business freedom 90.6 50.3
Labor freedom 77 41
Monetary freedom 83.5 72.1
Trade freedom 95 62
Investment freedom 90 65
Financial freedom 80 40

Economic freedom comparison by year

Singapore
Vanuatu
1x
Year Economic freedom index
Singapore Vanuatu
2026 84.4 61.1
2025 84.1 61.8
2024 83.5 62.2
2023 83.9 62.1
2022 84.4 62.9
2021 89.7 60.5
2020 89.4 60.7
2019 89.4 56.4
2018 88.8 69.5
2017 88.6 67.4
2016 87.8 60.8
2015 89.4 61.1
2014 89.4 59.5
2013 88 56.6
2012 87.5 56.6
2011 87.2 56.7
2010 86.1 56.4
2009 87.1 58.4
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/vanuatu | CC BY

The Economic Freedom Index for Singapore is 84.4, ranking 1/197, compared to 61.1 for Vanuatu, ranking 92/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Singapore Vanuatu
Services, % of GDP
73%
2024
59.1%
2022
Industry, % of GDP
21.4%
2024
7.37%
2022
Agriculture, forestry, and fishing, % of GDP
0.03%
2024
24.3%
2022
GNI, Atlas method
$451B
2024
$1.28B
2024
GNI per capita, PPP
$126,190
2024
$4,140
2024
Total reserves including gold
$384B
2024
$615M
2024
Total reserves ranking
9/177
2024
152/177
2024
Net foreign direct investment
-$96.7B
2024
-$9.21M
2022
Net inflows of foreign direct investment
$152B
2024
$28.9M
2024
Net outflows of foreign direct investment
$55.3B
2024
$2.79M
2024
Servicing debt to the IMF, % of GNI n/a
2.04%
2024
Poverty at national poverty lines n/a
15.9%
2020
Gross capital formation, % of GDP
22.2%
2024
38.3%
2022

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/vanuatu | 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 (2011–2024, 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.