Global GDP Growth: Overview
Real GDP is computed using prices from the base year adjusted for inflation. A measure of economic growth, real GDP changes demonstrate whether the economic activity has increased or decreased. The US, China, Japan, Germany, and India have the top five economies in the world in terms of real GDP. With a value of $12.7 trillion, China had the second-largest real GDP behind the US in 2021. Japan ranked third globally with a $6 trillion real GDP during the same period. The next two largest economies are Germany and India, with real GDPs of $3.8 trillion and $2.9 trillion, respectively.
Singapore Exports: Overview
According to the IMF, the volume of exports of goods and services was recorded at 7.6% respectively in 2021 in Singapore. According to the IMF, the volume of exports and imports of goods and services is forecast to reach 8.6% and 8.1% in 2022.
According to the UN Comtrade database, in 2020, Singapore’s main export partners were China (13.7%), Hong Kong (12.4%), the US (10.8%), Malaysia (8.9%), Indonesia (5.7%), and Japan (4.8%). The main exported goods of Singapore are Integrated circuits, refined petroleum, gold, gas turbines, and packaged medicines.
Singapore Exports as a % of GDP
Exports as a % of GDP of Singapore was 156.6% in 2021, while Singapore’s exports as a % of GDP was the same as the previous year that is (156.7%) in 2021. Between 2010-2021, the exports as a % of GDP in Singapore decreased by 16.9%. The indicator was highest in the year 2011 (189.2%), and lowest in the year 2016 (151.2%).
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