| Economy | Singapore |
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Economy - overview:
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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 financial services sector. Real GDP growth averaged 7.1% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.5% in 2010 and 5.3% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to 1% growth per year in the last decade. Singapore 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):
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$314.5 billion (2011 est.)
$298.7 billion (2010 est.)
$260.9 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$59,900 (2011 est.)
$57,800 (2010 est.)
$51,400 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$266.5 billion (2011 est.) |
GDP - real growth rate:
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5.3% (2011 est.)
14.5% (2010 est.)
-0.8% (2009 est.) |
GDP - composition by sector:
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agriculture: 0%
industry: 28.3%
services: 71.7% (2010 est.) |
Investment (gross fixed):
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25.2% of GDP (2011 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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47.8 (2009)
48.1 (2008) |
Inflation rate (consumer prices):
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4.6% (2011 est.)
2.8% (2010 est.) |
Central bank discount rate:
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NA% (31 December 2010 est.)
0.27% (31 December 2009 est.) |
Commercial bank prime lending rate:
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5.4% (31 December 2011 est.)
5.38% (31 December 2010 est.) |
Stock of money:
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$52.57 billion (31 December 2008)
$44.4 billion (31 December 2007) |
Stock of money - per capita:
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11,089 USD per capita |
Stock of quasi money:
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$179 billion (31 December 2008)
$162.2 billion (31 December 2007) |
Stock of quasi money - per capita:
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37,758 USD per capita |
Stock of domestic credit:
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$238.9 billion (31 December 2011 est.)
$202.2 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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50,394 USD per capita |
Stock of narrow money:
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$111.6 billion (31 December 2011 est.)
$87.35 billion (31 December 2010 est.) |
Stock of broad money:
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$370.6 billion (31 December 2011 est.)
$313.1 billion (31 December 2010 est.) |
Labor force:
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3.212 million (2011 est.) |
Labor force participation rate:
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67.75 % of population |
Labor force - by occupation:
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agriculture: 0.1%
industry: 30.2%
services: 69.7% (2010) |
Unemployment rate:
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1.9% (2011 est.)
2.2% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 12.9%
male: 9.9%
female: 16.6% (2009) |
Budget:
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revenues: $39.33 billion
expenditures: $38.52 billion
note: expenditures include both operational and development expenditures (2011 est.) |
Budget revenues per capita:
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8,297 USD per capita |
Taxes and other revenues:
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14.8% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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0.3% of GDP (2011 est.) |
Public debt:
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96.3% of GDP (2011 est.)
105.8% of GDP (2010 est.)
note: for Singapore, public debt consists largely of Singapore Government Securities (SGS) issued to assist the Central Provident Fund (CPF), which administers Singapore's defined contribution pension fund; special issues of SGS are held by the CPF, and are non-tradeable; the government has not borrowed to finance deficit expenditures since the 1980s |
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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3.4% (2011 est.) |
Electricity - production:
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39.21 billion kWh (2008 est.) |
Electricity - production per capita:
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8,271 kWh per capita |
Electricity - consumption:
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37.11 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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7,828 kWh per capita |
Electricity - exports:
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0 kWh (2009 est.) |
Electricity - imports:
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0 kWh (2009 est.) |
Oil - production:
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10,910 bbl/day (2010 est.) |
Oil - production per capita:
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2,302 bbl/day per capita |
Oil - consumption:
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1.08 million bbl/day (2010 est.) |
Oil - consumption - per capita:
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83.15 bbl/year per capita |
Oil - exports:
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1.374 million bbl/day (2009 est.) |
Oil - imports:
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2.052 million bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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9.66 billion cu m (2009 est.) |
Natural gas - consumption - per capita:
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2,038 cu m per capita |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
|
9.66 billion cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
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orchids, vegetables; poultry, eggs; fish, ornamental fish |
Current account balance:
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$42.11 billion (2011 est.)
$46.27 billion (2010 est.) |
Current account balance - per capita:
|
8,883 USD per capita |
Exports:
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$432.1 billion (2011 est.)
$358.4 billion (2010 est.) |
Exports per capita:
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91,147 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 11.9%, Hong Kong 11.7%, China 10.4%, Indonesia 9.4%, US 6.5%, Japan 4.7%, South Korea 4.1% (2010) |
Imports:
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$386.7 billion (2011 est.)
$310.4 billion (2010 est.) |
Imports per capita:
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81,570 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 11.7%, US 11.5%, China 10.8%, Japan 7.9%, South Korea 5.8%, Indonesia 5.4% (2010) |
Reserves of foreign exchange and gold:
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$248.7 billion (31 December 2011 est.)
$225.7 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
52,461 USD per capita |
Debt - external:
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$23.59 billion (31 December 2011 est.)
$21.82 billion (31 December 2010 est.) |
Debt - external - per capita:
|
4,977 USD per capita |
Stock of direct foreign investment - at home:
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$318.2 billion (31 December 2011 est.)
$298.7 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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67,121 USD per capita |
Stock of direct foreign investment - abroad:
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$178.7 billion (31 December 2011 est.)
$173.2 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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37,695 USD per capita |
Market value of publicly traded shares:
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$620.5 billion (31 December 2010)
$474.3 billion (31 December 2009)
$268.6 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
130,887 USD per capita |
Currency (code):
|
Singapore dollar (SGD) |
Exchange rates:
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Singapore dollars (SGD) per US dollar -
1.234 (2011 est.)
1.3635 (2010 est.)
1.4545 (2009)
1.415 (2008)
1.507 (2007) |
Fiscal year:
|
1 April - 31 March |
|
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