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Singapore Economy




Singapore    Economy Top of Page
Economy - overview: Singapore is blessed with a highly developed and successful free-market economy, a remarkably open and corruption-free business environment, stable prices, and the fifth highest per capita GDP in the world. Exports, particularly in electronics and chemicals, and services are the main drivers of the economy. Mainly because of robust exports, especially electronic goods, the economy grew 10.1% in 2000. Forecasters, however, are projecting only 4%-6% growth in 2001 largely because of weaker global demand, especially in the US. The government promotes high levels of savings and investment through a mandatory savings scheme and spends heavily in education and technology. It also owns government-linked companies (GLCs) - particularly in manufacturing - that operate as commercial entities. As Singapore looks to a future increasingly marked by globalization, the country is positioning itself as the region's financial and high-tech hub.
GDP: purchasing power parity - $109.8 billion (2000 est.)
GDP - real growth rate: 10.1% (2000 est.)
GDP - per capita: purchasing power parity - $26,500 (2000 est.)
GDP - composition by sector: agriculture:  NEGL%

industry:  30%

services:  70%
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%:  NA%

highest 10%:  NA%
Inflation rate (consumer prices): 1.4% (2000)
Labor force: 2.1 million (2000)
Labor force - by occupation: financial, business, and other services 35%, manufacturing 21%, construction 13%, transportation and communication 9%
Unemployment rate: 3% (2000 est.)
Budget: revenues:  $18.1 billion

expenditures:  $17.1 billion, including capital expenditures of $9.5 billion (FY99/00 est.)
Industries: electronics, chemicals, financial services, oil drilling equipment, petroleum refining, rubber processing and rubber products, processed food and beverages, ship repair, entrepot trade, biotechnology
Industrial production growth rate: 14% (2000 est.)
Electricity - production: 27.381 billion kWh (1999)
Electricity - production by source: fossil fuel:  100%

hydro:  0%

nuclear:  0%

other:  0% (1999)
Electricity - consumption: 25.464 billion kWh (1999)
Electricity - exports: 0 kWh (1999)
Electricity - imports: 0 kWh (1999)
Agriculture - products: rubber, copra, fruit, orchids, vegetables; poultry, eggs, fish, ornamental fish
Exports: $137 billion (f.o.b., 2000)
Exports - commodities: machinery and equipment (including electronics), chemicals, mineral fuels
Exports - partners: US 19%, Malaysia 17%, Hong Kong 8%, Japan 7%, Taiwan 5%, Thailand 4%, UK 4%, Netherlands 3.8%, China 3%, South Korea 3%, Germany 3% (1999)
Imports: $127 billion (f.o.b., 2000)
Imports - commodities: machinery and equipment, mineral fuels, chemicals, foodstuffs
Imports - partners: US 17%, Japan 17%, Malaysia 16%, Thailand 5%, China 5%, Taiwan 4%, Germany 3%, Saudi Arabia 3% (1999)
Debt - external: $9.7 billion (2000)
Economic aid - recipient: $NA
Currency: Singapore dollar (SGD)
Currency code: SGD
Exchange rates: Singapore dollars per US dollar - 1.7365 (January 2001), 1.7240 (2000), 1.6950 (1999), 1.6736 (1998), 1.4848 (1997), 1.4100 (1996)
Fiscal year: 1 April - 31 March

 

Countryfacts Information Courtesy: CIA Worldbook








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