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The inaugural Formula One night race in September made a significant contribution, pumping an estimated $100 million into the Republic's economy.
The latest official number available for sports industry value was the 2006 figure of $906 million. With the same slate of events this year, adding the contribution from F1 would take this year's figure past the billion-dollar mark.
While Senior Parliamentary Secretary (Community Development, Youth and Sports) Teo Ser Luck expects the economic downturn to put a dent in growth in the next two to three years, he remained bullish in his outlook.
He was confident that the industry would still meet the target of contributing $2 billion to Singapore's gross domestic product by 2015 and bring employment in that sector to 20,000, up from the current 14,000.
He said: 'With a concerted effort, I think we can still achieve the 2015 target.'
The $2 billion target was made earlier this year and was a revision of the $1.4 billion-a-year mark announced in 2001 by then-Prime Minister Goh Chok Tong.
Much of the growth - from a sector worth about $680 million in 2001 - came via spin-offs from a flurry of marquee events staged here the last few years.
The Aviva Ironman 70.3 triathlon and a leg of swimming's Fina Arena World Cup were among high-profile events which made their debut here last year, boosting a local calendar which already had highlights like golf's Barclays Singapore Open and the Standard Chartered Singapore Marathon.
Along with F1, Singapore hosted golf's HSBC Women's Champions tournament for the first time this year as well.
Hotel accommodation for visitors, food and beverage spending and the construction of facilities such as spectator stands are some of the spin-offs from hosting such high-profile events.
Other events lined up are the Men's Junior Hockey World Cup and Asian Youth Games next year, the 2010 Youth Olympic Games and the 2011 World Netball Championship.
Mr Teo said: 'In this downturn, sports could also help create jobs. The YOG has added about 200 jobs for example, with more to come as we get closer to the event.'
When it is ready in about three years, the private-sector driven Sports Hub at Kallang and motorsports track at Changi will also provide big boosts.
Twenty20 cricket matches and an Asean club football league are set to be held at the Sports Hub, while the permanent track is slated to host at least two international-level races such as the A1 Grand Prix or World Touring Car Championship.
Also contributing to the industry's growth, according to Singapore Sports Council (SSC) chief executive Oon Jin Teik, is a flush of corporate sponsorship.
OCBC Bank recently pumped in $1 million to be the title sponsor for next year's Cycle Singapore.
POSB Bank spent $1.4 million on the ongoing Everyday Champions Award, while Barclays is understood to be spending about $2 million annually for its sponsorship of the Singapore Open.
Sport's growth here mirrors a worldwide trend. A Pricewaterhouse Coopers study estimates that the global sports market would grow from 2004's US$82.8 billion (S$125 billion) to US$111.1 billion next year.
But sports still remains a small contributor to Singapore's $243 billion GDP, with tourism contributing about 3 per cent and the biomedical sector (including pharmaceuticals) chipping in with about 5.5 per cent.
Still, it is not just the dollars and cents from the sports industry that is valuable.
Standard Chartered economist Alvin Liew said: 'The local economy is worth over $200 billion, so sports is less than half a per cent of that.
'But the...reputation and goodwill we build up for hosting international events...there's a lot more indirect impact.'
