The food and beverage (F&B) industry contributes $14.4bn to the city-state’s GDP. It has done more than relieving hunger as it has also made huge impact in the overall economic growth of Singapore, contributing a bulk to the city-state’s GDP.
According to the Food Industry Asia report by the Oxford Economics, F&B industry contributes an estimated $14.4bn to GDP and employs nearly 300,000 people. The study revealed that overall impact of the food industry is dominated by food distribution. Meanwhile, the food manufacturing industry has also made a huge impact on Singapore’s GDP, with its direct support for 38,800 jobs.
In 2014, the food manufacturing industry earned S$9.8bn from sales in Singapore. More so, food manufacturers’ supply chain spending within Singapore supported $1.6bn of domestic procurement, $610m of GDP, 6,100 jobs, $31m in tax revenues, and S$37m in Central Provident Fund contributions in the same year.