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Local Singaporean Business Statistics: SMEs and the Economy

Key figures on Singapore's businesses: how SMEs are defined, their share of enterprises and jobs, and recent GDP growth, with sources.

  • By the Lookup team
  • Updated
  • 2 min read

This article was first written in 2023 around a list of 17 statistics. Many of those figures were forecasts or surveys from 2022 and 2023 that have since been superseded, so it now covers the figures we could verify against official sources. Always check the source for the latest release, since statistics are revised.

How Singapore defines an SME

The Department of Statistics (SingStat) defines a small and medium enterprise (SME) as an enterprise with annual operating revenue of not more than S$100 million or employment of not more than 200 workers. Enterprises above those limits are counted as non-SMEs.

SMEs by the numbers

According to SingStat's Singapore Enterprise Landscape 2024 infographic:

  • There were about 356,100 enterprises in Singapore.
  • SMEs made up about 99% of all enterprises.
  • SMEs accounted for about 70% of employment, out of roughly 3.59 million workers counted.

These are headline shares from a single infographic. For exact figures, including nominal value added, use SingStat's enterprise landscape tables on data.gov.sg.

The economy

The Ministry of Trade and Industry (MTI) reported in February 2026 that Singapore's economy grew 5.0% in 2025, compared with 5.3% in 2024. MTI also raised its 2026 growth forecast to 2.0 to 4.0%. MTI attributed 2025 growth mainly to manufacturing, wholesale trade, and finance and insurance. Forecasts get revised through the year, so check MTI's latest release.

What this means for local businesses

  • Because SMEs are almost all of Singapore's enterprises and employ most of its workers, small businesses are central to the local economy.
  • Costs and demand shift with the wider economy. Businesses that track their own costs, pricing and customer numbers are better placed to adjust.
  • Support schemes for SMEs change often, so check the Enterprise Singapore and gov.sg websites for current grants and rules.

Sources

  • Singapore Department of Statistics, Singapore Enterprise Landscape (infographic, 2024 data) and enterprise landscape tables on data.gov.sg
  • Ministry of Trade and Industry, Singapore's GDP growth in 2025 and 2026 forecast (10 February 2026)