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Daily Data InsightsSince 1960, Singapore's GDP per capita has risen from one-third of that of Western Europe to twice as much

Since 1960, Singapore's GDP per capita has risen from one-third of that of Western Europe to twice as much

A line graph depicting GDP per capita in Singapore compared to Western Europe from 1960 to 2022. The vertical axis represents GDP per capita in international dollars, ranging from $0 to over $80,000, with key figures labeled along the y-axis. The horizontal axis represents years from 1960 to 2022.

The blue line shows Singapore's GDP per capita, which starts at $3,460 in 1960 and sharply rises to approximately $80,300 by 2022. Annotations mention that Singapore's GDP has increased 23-fold since 1960, growing from one-third of Western Europe’s level to nearly twice as much by 2022.

The red line indicates Western Europe's GDP per capita, starting at $10,900 in 1960 and growing steadily to about $41,300 in 2022. 

The graphic includes a note indicating that the data is adjusted for inflation and differences in the cost of living between countries. Data sources are cited as "Bolt and van Zanden - Maddison Project Database 2023" and a link to further information is provided: "OurWorldinData.org/economic-growth | CC BY."

In 1960, Singapore’s GDP per capita — a measure of average income — was a third of the average in Western Europe. It was even lower than Western Europe’s average income in 1900.

Since then, while Western Europe experienced steady growth, Singapore grew even faster. By 1994, it had surpassed Western Europe, and today, its average income is roughly twice as high. This is after adjusting for inflation and differences in living costs between countries.

Singapore became an independent republic in 1965. Key factors in its economic success include anti-corruption policies, investment in education and human capital, and its development as a global financial hub.

Explore how GDP per capita trajectories compare across countries

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