| Economy | Singapore |
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Economy - overview:
|
Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing service sector. Real GDP growth averaged 7% between 2004 and 2007, but dropped to 1.2% in 2008 as a result of the global financial crisis. The economy contracted in the last three quarters of 2008, and Prime Minister Lee and other senior officials have dampened expectations for a quick rebound in 2009. Over the longer term, the government hopes to establish a new growth path that will be less vulnerable to global demand cycles, especially for information technology products - it has attracted major investments in pharmaceuticals and medical technology production - and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub. |
GDP (purchasing power parity):
|
$240 billion (2008 est.)
$237.2 billion (2007)
$216.4 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$52,000 (2008 est.)
$51,200 (2007 est.)
$48,200 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$154.5 billion (2008 est.) |
GDP - real growth rate:
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1.2% (2008 est.)
7.7% (2007 est.)
8.2% (2006 est.) |
GDP - composition by sector:
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agriculture: 0%
industry: 33.2%
services: 66.8% (2008 est.) |
Investment (gross fixed):
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45% of GDP (2008 est.) |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
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lowest 10%: 4.4%
highest 10%: 23.2% (2008) |
Distribution of family income - Gini index:
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48.1 (2008) |
Inflation rate (consumer prices):
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4.3% (2008 est.) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
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5.38% (31 December 2008) |
Stock of money:
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$52.6 billion (31 December 2008) |
Stock of money - per capita:
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11,294 USD per capita |
Stock of quasi money:
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$234.5 billion (31 December 2008) |
Stock of quasi money - per capita:
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50,349 USD per capita |
Stock of domestic credit:
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$171.3 billion (31 December 2008) |
Stock of domestic credit - per capita:
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36,780 USD per capita |
Labor force:
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2.96 million (2008 est.) |
Labor force participation rate:
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63.55 % of population |
Labor force - by occupation:
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agriculture 0%, industry 22.6%, services 77.4% (20062007) |
Unemployment rate:
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2.3% (2008 est.) |
Budget:
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revenues: $28.6 billion
expenditures: $27.5 billion (2008 est.) |
Budget revenues per capita:
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6,141 USD per capita |
Public debt:
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113.7% of GDP (2008 est.) |
Industries:
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electronics, chemicals, financial services, oil drilling equipment, petroleum refining, rubber processing and rubber products, processed food and beverages, ship repair, offshore platform construction, life sciences, entrepot trade |
Industrial production growth rate:
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-4.1% (2008 est.) |
Electricity - production:
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41.14 billion kWh (2007) |
Electricity - production per capita:
|
8,833 kWh per capita |
Electricity - consumption:
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37.42 billion kWh (2007) |
Electricity - consumption - per capita:
|
8,035 kWh per capita |
Electricity - exports:
|
0 kWh (2007 est.) |
Electricity - imports:
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0 kWh (2007 est.) |
Oil - production:
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8,550 bbl/day (2007) |
Oil - production per capita:
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1,836 bbl/day per capita |
Oil - consumption:
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916,000 bbl/day (2007) |
Oil - consumption - per capita:
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71.78 bbl/year per capita |
Oil - exports:
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1.27 million bbl/day (2007) |
Oil - imports:
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2.44 million bbl/day (2007) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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6.6 billion cu m (2008 est.) |
Natural gas - consumption - per capita:
|
1,418 cu m per capita |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
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6.6 billion cu m
note: from Indonesia and Malaysia (2008 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2006 est.) |
Agriculture - products:
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orchids, vegetables; poultry, eggs; fish, ornamental fish |
Current account balance:
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$28.42 billion (2008 est.) |
Current account balance - per capita:
|
6,102 USD per capita |
Exports:
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$235.8 billion f.o.b. (2008 est.) |
Exports per capita:
|
50,628 USD per capita |
Exports - commodities:
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machinery and equipment (including electronics), consumer goods, pharmaceuticals and other chemicals, mineral fuels |
Exports - partners:
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Malaysia 12.9%, Hong Kong 10.5%, Indonesia 9.8%, China 9.7%, US 8.9%, Japan 4.8%, Thailand 4.1% (2007) |
Imports:
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$219.5 billion (2008 est.) |
Imports per capita:
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47,128 USD per capita |
Imports - commodities:
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machinery and equipment, mineral fuels, chemicals, foodstuffs, consumer goods |
Imports - partners:
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Malaysia 13.1%, US 12.5%, China 12.1%, Japan 8.2%, Taiwan 5.9%, Indonesia 5.6%, South Korea 4.9% (2007) |
Reserves of foreign exchange and gold:
|
$168.8 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
36,243 USD per capita |
Debt - external:
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$25.54 billion (31 December 2008 est.) |
Debt - external - per capita:
|
5,484 USD per capita |
Stock of direct foreign investment - at home:
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$225.7 billion (2008 est.) |
Stock of direct foreign investment - at home - per capita:
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48,460 USD per capita |
Stock of direct foreign investment - abroad:
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$142.4 billion (2006) |
Stock of direct foreign investment - abroad - per capita:
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30,575 USD per capita |
Market value of publicly traded shares:
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$268.6 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
57,670 USD per capita |
Economic aid - donor:
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void |
Economic aid - recipient:
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$0 (2007) |
Economic aid - recipient per capita:
|
void |
Currency (code):
|
Singapore dollar (SGD) |
Exchange rates:
|
Singapore dollars (SGD) per US dollar - 1.415 (2008 est.), 1.507 (2007), 1.5889 (2006), 1.6644 (2005), 1.6902 (2004) |
Fiscal year:
|
1 April - 31 March |
|
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