Singapore: Bank credit to the private sector

* indicates monthly or quarterly data series

Bank credit to the private sector as percent of GDP

 Latest value 129.48
 Year 2020
 Measure percent
 Data availability 1963 - 2020
 Average 82.27
 Min - Max 33.68 - 129.48
 Source The World Bank
For that indicator, we provide data for Singapore from 1963 to 2020. The average value for Singapore during that period was 82.27 percent with a minimum of 33.68 percent in 1963 and a maximum of 129.48 percent in 2020. The latest value from 2020 is 129.48 percent. For comparison, the world average in 2020 based on 165 countries is 58.56 percent. See the global rankings for that indicator or use the country comparator to compare trends over time.
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* indicates monthly or quarterly data series

Recent values chart
Singapore - Bank credit to the private sector - Recent values chart

Historical chart
Singapore - Bank credit to the private sector - historical chart - 1963-2020

Bank credit in Singapore and other countries is defined as the credit extended by the banking institutions to the private sector only: both firms and households. It does not include lending to the government.

Credit is essential for the economy to function well. It funds new investments and allows people to purchase houses, cars, and other items. Of course, excessive lending and borrowing usually end up in financial crises but, in principle, credit availability is good for economic development.

If the banking credit to the private sector is about 70 percent of GDP and more, then the country has a relatively well developed financial system. The amount of credit can even exceed 200 percent of GDP in some very advanced economies. In some poor countries, the credit could be less than 15 percent of GDP. In these countries, firms and households essentially do not have access to credit for investment and various purchases.
Definition: Domestic credit to private sector by banks refers to financial resources provided to the private sector by other depository corporations (deposit taking corporations except central banks), such as through loans, purchases of nonequity securities, and trade credits and other accounts receivable, that establish a claim for repayment. For some countries these claims include credit to public enterprises.

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 Bank accounts per 1000 adults 2,404.87 2020 bank accounts
 Bank branches per 100,000 people 7.02 2020 bank branches
 Percent people with credit cards 41.74 2021 percent
 Percent people with debit cards 93.50 2021 percent
 Domestic credit to the private sector 130.64 2020 percent
 Bank credit to the private sector 129.48 2020 percent
 Liquid liabilities, percent of GDP 152.63 2020 percent
 Bank assets to GDP 168.98 2020 percent
 Financial system deposits, percent of GDP 144.20 2020 percent
 Bank credit to government 36.52 2020 percent
 Banking system concentration 80.81 2021 percent
 Foreign bank assets 6.00 2010 percent of total bank assets
 Percent people with bank accounts 97.19 2021 percent
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