15 Biggest Companies in Singapore

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In this article, we will look into the 15 biggest companies in Singapore. If you want to skip our detailed analysis, you can go directly to the 5 Biggest Companies in Singapore.

Singapore's Economy: An Analysis

Singapore boasts a strong economy and has a GDP of $520.97 billion, as of 2024, as reported by the IMF. The country is one of the most innovative economies in Asia and one of the top countries with the highest quality of life globally. On March 13, CNBC reported that the country's economy is expected to grow at a faster pace than expected in 2024. According to a survey by the Monetary Authority of Singapore (MAS), Singapore is expected to grow at 2.4% instead of the previous estimates of 2.3%. The inflation projections in the country have also been revised. The headline inflation in Singapore is expected to be 3.1%, compared to the previous estimate of 3.4%. This can be attributed to the strong performance anticipated by the manufacturing sector in the country in 2024, which is projected to grow at a rate of 4% in 2024. Some economists also estimated that Singapore's GDP growth is expected to reach 2.6%, fueled by the economic impact of the Taylor Swift Eras Tour. Moreover, on February 26, CNBC reported that Erica Tay, Director of Macro Research at Maybank, estimates the Eras Tour to generate nearly $260.3 million to $371.9 million in tourism receipts, benefiting Singapore's tourism sector and its economy.

The previous year saw growth across various sectors in Singapore. According to the Q4 2023 report by the Ministry of Trade and Industry (MTI), Singapore's economy grew by 1.1% in 2023 and by 2.2% on a year-over-year basis in the fourth quarter of 2023. The growth is driven by output growth in electronics, transport engineering, and chemical clusters. The sector grew by 4.5% on a quarter-on-quarter basis, compared to the 0.8% expansion in the last quarter. The construction sector grew by 5.2%, driven by the output expansion in both the private and public construction sectors. However, the wholesale and retail trade sectors declined in growth from the previous quarter. Manufacturing, transport, and finance were among the major drivers of economic growth in the quarter.

Singapore's financial sector also exhibited a positive outlook. On February 1, Reuters reported that the Singapore Exchange (SGX) reported a climb in its half-yearly profits, fueled by a strong performance exhibited by the currency and commodity derivatives business. However, the SGX voiced its concerns regarding the near future, due to the uncertainties caused by the increase in geopolitical tensions and the complex global economic climate. Despite that, the fixed income, currencies, and commodities business witnessed a substantial revenue increase of 28.1%, counteracting a plunge in the equities market.