Singapore is undoubtedly one of the most popular tourist destinations in Asia. It has a lot to offer, from its scenic beauty, rich culture, and vibrant nightlife to world-class shopping and cuisine.
But how much does tourism contribute to Singapore’s GDP? Let’s take a closer look.
Tourism in Singapore
Tourism is a vital industry in Singapore, contributing significantly to the country’s economy. According to the Singapore Tourism Board (STB), the industry generated S$27.1 billion (US$19.3 billion) in tourism receipts in 2019, with 19.1 million international visitors arriving in the country.
Contribution to GDP
Tourism is one of the key pillars of Singapore’s economy, contributing significantly to the country’s Gross Domestic Product (GDP). In 2019, it accounted for 4% of Singapore’s GDP, according to data from the Ministry of Trade and Industry.
Direct Contribution
The direct contribution of tourism refers to income generated by industries that are primarily engaged in serving tourists. This includes accommodation providers, food and beverage services, transportation services, and travel agencies.
According to STB data, the direct contribution of tourism to Singapore’s GDP was S$17.7 billion (US$12.6 billion) in 2019. This accounted for around 3% of the country’s total GDP.
Indirect Contribution
The indirect contribution of tourism refers to income generated by industries that are not primarily engaged in serving tourists but still benefit from tourist spending. This includes retail trade, finance and insurance services, and real estate services.
According to STB data, the indirect contribution of tourism to Singapore’s GDP was S$11 billion (US$7.8 billion) in 2019. This accounted for around 1% of the country’s total GDP.
Employment
Tourism also plays a significant role in employment generation in Singapore. In 2019, the industry employed around 164,000 people directly and indirectly, accounting for around 3% of the country’s total employment.
Direct Employment
The direct employment of tourism refers to jobs created by industries that are primarily engaged in serving tourists.
According to STB data, the direct employment of tourism in Singapore was around 73,000 jobs in 2019.
Indirect Employment
The indirect employment of tourism refers to jobs created by industries that are not primarily engaged in serving tourists but still benefit from tourist spending.
According to STB data, the indirect employment of tourism in Singapore was around 91,000 jobs in 2019.
Conclusion
Tourism is a vital industry for Singapore’s economy. It contributes significantly to the country’s GDP and employment generation.
The direct and indirect contribution of tourism accounts for around 4% of Singapore’s GDP and around 3% of its total employment. With its rich cultural heritage, modern infrastructure, and world-class attractions, it is no surprise that Singapore continues to be a popular tourist destination in Asia.