GDP of food and beverage services Singapore 2014-2023

In 2023, the gross domestic product (GDP) of food and beverage services in Singapore amounted to approximately 5.67 billion Singapore dollars, indicating an increase from the previous year. The food and beverages service sector has improved since the outbreak of the COVID-19 pandemic when Singapore lifted all restrictions regarding dining out in 2022. 

Food and beverages services in Singapore recovering from pandemic

The COVID-19 pandemic impacted the food and beverage services sector, which saw a decline in sales due to coronavirus pandemic restrictions. Although the retail sales index value of food and alcohol had significantly plummeted during the financial year 2020 and 2021, by 2022, the food and beverage industry sales had increased from pandemic lows. In 2022, all food and beverage services saw a significant year-on-year change in the sales index nationwide. Sales for food caterers increased by 133 percent compared to the previous year. Restaurants also experienced more than 76 percent sales in June 2022.

Dining out as a Singaporean past time

As Singaporeans frequently dine out, food and beverage services had been integral to Singapore’s economy and lifestyle. A survey of December 2022 revealed that 48 percent of Singaporeans preferred to dine out several times a week. Out of all mealtimes eaten out-of-home, 77 percent of Singaporeans chose to dine out for dinner.