| People | 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 equal to that of the four largest West European countries. The economy depends heavily on exports, particularly in consumer electronics and information technology products. It was hard hit from 2001-03 by the global recession, by the slump in the technology sector, and by an outbreak of Severe Acute Respiratory Syndrome (SARS) in 2003, which curbed tourism and consumer spending. Fiscal stimulus, low interest rates, a surge in exports, and internal flexibility led to vigorous growth in 2004-07 with real GDP growth averaging 7% annually. The government hopes to establish a new growth path that will be less vulnerable to the global demand cycle 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):
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$222.7 billion (2007 est.) |
GDP (official exchange rate):
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$153.5 billion (2007 est.) |
GDP - real growth rate:
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7.5% (2007 est.) |
GDP - per capita (PPP):
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$48,900 (2007 est.) |
GDP - composition by sector:
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agriculture: 0%
industry: 33.7%
services: 66.3% (2007 est.) |
Investment (gross fixed):
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24.4% of GDP (2007 est.) |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
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lowest 10%: 1.9%
highest 10%: 32.8% (1998) |
Distribution of family income - Gini index:
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52.2 (2005) |
Inflation rate (consumer prices):
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4.4% (2007) |
Labor force:
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2.67 million (2007 est.) |
Labor force participation rate:
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57.94 % of population |
Labor force - by occupation:
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manufacturing 21%, construction 5%, transportation and communication 7%, financial, business, and other services 42%, other 25% (2006) |
Unemployment rate:
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1.7% (2007 est.) |
Budget:
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revenues: $27 billion
expenditures: $21.5 billion (2007 est.) |
Budget revenues per capita:
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5,860 USD per capita |
Public debt:
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101.2% of GDP (2007 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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5.6% (2007 est.) |
Electricity - production:
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39.44 billion kWh (2006) |
Electricity - production per capita:
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8,559 kWh per capita |
Electricity - consumption:
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35.92 billion kWh (2006) |
Electricity - consumption - per capita:
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7,795 kWh per capita |
Electricity - exports:
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0 kWh (2006) |
Electricity - imports:
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0 kWh (2006) |
Oil - production:
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9,836 bbl/day (2005 est.) |
Oil - production per capita:
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2,135 bbl/day per capita |
Oil - consumption:
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802,000 bbl/day (2005 est.) |
Oil - consumption - per capita:
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63.52 bbl/year per capita |
Oil - exports:
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1.073 million bbl/day (2004) |
Oil - imports:
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1.83 million bbl/day (2004) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2006 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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6.8 billion cu m (2006 est.) |
Natural gas - consumption - per capita:
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1,476 cu m per capita |
Natural gas - exports:
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0 cu m (2006 est.) |
Natural gas - imports:
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6.339 billion cu m
note: from Indonesia and Malaysia (2005) |
Natural gas - proved reserves:
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0 cu m (1 January 2006 est.) |
Agriculture - products:
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rubber, copra, fruit, orchids, vegetables; poultry, eggs; fish, ornamental fish |
Current account balance:
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$41.39 billion (2007 est.) |
Current account balance - per capita:
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8,982 USD per capita |
Exports:
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$450.6 billion f.o.b. (2007 est.) |
Exports per capita:
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97,783 USD per capita |
Exports - commodities:
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machinery and equipment (including electronics), consumer goods, chemicals, mineral fuels |
Exports - partners:
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Malaysia 13.1%, US 10.2%, Hong Kong 10.1%, China 9.7%, Indonesia 9.2%, Japan 5.5%, Thailand 4.2% (2006) |
Imports:
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$396 billion (2007 est.) |
Imports per capita:
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85,935 USD per capita |
Imports - commodities:
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machinery and equipment, mineral fuels, chemicals, foodstuffs |
Imports - partners:
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Malaysia 13%, US 12.7%, China 11.4%, Japan 8.3%, Taiwan 6.4%, Indonesia 6.2%, South Korea 4.4% (2006) |
Reserves of foreign exchange and gold:
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$157 billion (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
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34,070 USD per capita |
Debt - external:
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$25.53 billion (31 December 2007 est.) |
Debt - external - per capita:
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5,541 USD per capita |
Stock of direct foreign investment - at home:
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$189.7 billion (2006 est.) |
Stock of direct foreign investment - abroad:
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$111.2 billion (2005) |
Market value of publicly traded shares:
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$382.4 billion (2007) |
Economic aid - donor:
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void |
Economic aid - recipient:
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$0 (2007) |
Economic aid - recipient per capita:
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void |
Currency (code):
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Singapore dollar (SGD) |
Exchange rates:
|
Singapore dollars per US dollar - 1.507 (2007), 1.5889 (2006), 1.6644 (2005), 1.6902 (2004), 1.7422 (2003) |
Fiscal year:
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1 April - 31 March |
|
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