| 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 financial services sector. Real GDP growth averaged 7% between 2004 and 2007, but dropped to 1.1% in 2008 as a result of the global financial crisis. The economy contracted in the last three quarters of 2008, and GDP fell 2.6% for 2009. Prime Minister LEE and other senior officials have dampened expectations for a quick rebound in 2010. 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):
|
$234.5 billion (2009 est.)
$240.8 billion (2008 est.)
$238.1 billion (2007 est.)
note: data are in 2009 US dollars |
GDP - per capita (PPP):
|
$50,300 (2009 est.)
$52,200 (2008 est.)
$52,300 (2007 est.)
note: data are in 2009 US dollars |
GDP (official exchange rate):
|
$163.1 billion (2009 est.) |
GDP - real growth rate:
|
-2.6% (2009 est.)
1.1% (2008 est.)
7.8% (2007 est.) |
GDP - composition by sector:
|
agriculture: 0%
industry: 26.8%
services: 73.2% (2009 est.) |
Investment (gross fixed):
|
29.9% of GDP (2009 est.) |
Population below poverty line:
|
NA% |
Household income or consumption by percentage share:
|
lowest 10%: 4.4%
highest 10%: 23.2% (2008) |
Distribution of family income - Gini index:
|
48.1 (2008) |
Inflation rate (consumer prices):
|
0.5% (2009 est.)
6.5% (2008 est.) |
Central bank discount rate:
|
void |
Commercial bank prime lending rate:
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5.38% (31 December 2008) |
Stock of money:
|
$52.57 billion (31 December 2008)
$44.4 billion (31 December 2007) |
Stock of money - per capita:
|
11,288 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:
|
38,433 USD per capita |
Stock of domestic credit:
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$143.6 billion (31 December 2008)
$129.2 billion (31 December 2007) |
Stock of domestic credit - per capita:
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30,832 USD per capita |
Labor force:
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2.92 million (2009 est.) |
Labor force participation rate:
|
62.69 % of population |
Labor force - by occupation:
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agriculture 0%, industry 22.6%, services 77.4% (2007) |
Unemployment rate:
|
3.4% (2009 est.)
2.225% (2008 est.) |
Budget:
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revenues: $24.54 billion
expenditures: $29.78 billion (2009 est.) |
Budget revenues per capita:
|
5,269 USD per capita |
Public debt:
|
117.6% of GDP (2009 est.)
99.2% 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:
|
-9% (2009 est.) |
Electricity - production:
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38.67 billion kWh (2007 est.) |
Electricity - production per capita:
|
8,303 kWh per capita |
Electricity - consumption:
|
36.6 billion kWh (2007 est.) |
Electricity - consumption - per capita:
|
7,859 kWh per capita |
Electricity - exports:
|
0 kWh (2008 est.) |
Electricity - imports:
|
0 kWh (2008 est.) |
Oil - production:
|
8,553 bbl/day (2008 est.) |
Oil - production per capita:
|
1,837 bbl/day per capita |
Oil - consumption:
|
896,000 bbl/day (2008 est.) |
Oil - consumption - per capita:
|
70.22 bbl/year per capita |
Oil - exports:
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1.289 million bbl/day (2007 est.) |
Oil - imports:
|
2.109 million bbl/day (2007 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2009 est.) |
Natural gas - production:
|
0 cu m (2008 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
8.27 billion cu m (2008 est.) |
Natural gas - consumption - per capita:
|
1,776 cu m per capita |
Natural gas - exports:
|
0 cu m (2008 est.) |
Natural gas - imports:
|
8.27 billion cu m
note: from Indonesia and Malaysia (2008 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2009 est.) |
Agriculture - products:
|
orchids, vegetables; poultry, eggs; fish, ornamental fish |
Current account balance:
|
$26.22 billion (2009 est.)
$25.78 billion (2008 est.) |
Current account balance - per capita:
|
5,630 USD per capita |
Exports:
|
$245 billion (2009 est.)
$342.7 billion (2008 est.) |
Exports per capita:
|
52,603 USD per capita |
Exports - commodities:
|
machinery and equipment (including electronics), consumer goods, pharmaceuticals and other chemicals, mineral fuels |
Exports - partners:
|
Malaysia 12.1%, Indonesia 10.5%, Hong Kong 10.3%, China 9.2%, US 7.1%, Japan 4.9%, Australia 4.1% (2008) |
Imports:
|
$209.7 billion (2009 est.)
$309.6 billion (2008 est.) |
Imports per capita:
|
45,024 USD per capita |
Imports - commodities:
|
machinery and equipment, mineral fuels, chemicals, foodstuffs, consumer goods |
Imports - partners:
|
Malaysia 11.9%, US 11.8%, China 10.5%, Japan 8.1%, South Korea 5.6%, Indonesia 5.5%, Saudi Arabia 4.6% (2008) |
Reserves of foreign exchange and gold:
|
$180.2 billion (31 December 2009 est.)
$174.2 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
38,690 USD per capita |
Debt - external:
|
$19.2 billion (31 December 2009 est.)
$25.52 billion (31 December 2008 est.) |
Debt - external - per capita:
|
4,123 USD per capita |
Stock of direct foreign investment - at home:
|
$264.1 billion (31 December 2009 est.)
$250.2 billion (31 December 2008 est.) |
Stock of direct foreign investment - at home - per capita:
|
56,704 USD per capita |
Stock of direct foreign investment - abroad:
|
$177.9 billion (31 December 2009 est.)
$173.6 billion (31 December 2008 est.) |
Stock of direct foreign investment - abroad - per capita:
|
38,197 USD per capita |
Market value of publicly traded shares:
|
$268.6 billion (31 December 2008)
$353.5 billion (31 December 2007)
$276.3 billion (31 December 2006) |
Market value of publicly traded shares - per capita:
|
57,670 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$0 |
Economic aid - recipient per capita:
|
void |
Currency (code):
|
Singapore dollar (SGD) |
Exchange rates:
|
Singapore dollars (SGD) per US dollar - 1.4612 (2009), 1.415 (2008), 1.507 (2007), 1.5889 (2006), 1.6644 (2005) |
Fiscal year:
|
1 April - 31 March |
|
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