Singapore:
Economy

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Other pages in this profile of Singapore:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


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 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 2004-06 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)	$141.2 billion (2006 est.)
GDP (official exchange rate)	$122.1 billion (2006 est.)
GDP - real growth rate	7.9% (2006 est.)
GDP - per capita	$31,400 (2006 est.)
GDP - composition by sector	agriculture: 0% industry: 34.8% services: 65.2% (2006 est.)
Labor force	2.47 million (2006 est.)
Labor force - by occupation	manufacturing 18%, construction 6%, transportation and communication 11%, financial, business, and other services 39%, other 26% (2003)
Unemployment rate	3.1% (2006 est.)
Population below poverty line	NA%
Household income or consumption by percentage share	lowest 10%: NA% highest 10%: NA% (1998)
Distribution of family income - Gini index	42.5 (1998)
Inflation rate (consumer prices)	1% (2006 est.)
Investment (gross fixed)	23.1% of GDP (2006 est.)
Budget	revenues: $19.56 billion expenditures: $18.8 billion (2006 est.)
Public debt	98.3% of GDP (2006 est.)
Agriculture - products	rubber, copra, fruit, orchids, vegetables; poultry, eggs; fish, ornamental fish
Industries	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
Electricity - production	35.92 billion kWh (2005)
Electricity - consumption	33.99 billion kWh (2005)
Electricity - exports	0 kWh (2005)
Electricity - imports	0 kWh (2005)
Oil - production	9,701 bbl/day (2004 est.)
Oil - consumption	800,000 bbl/day (2005 est.)
Oil - exports	NA bbl/day
Oil - imports	NA bbl/day
Oil - proved reserves	0 bbl (1 January 2006)
Natural Gas - production	0 cu m (2005 est.)
Natural Gas - consumption	6.339 billion cu m (2005 est.)
Natural Gas - exports	0 cu m (2005 est.)
Natural Gas - imports	6.339 billion cu m note: from Indonesia and Malaysia (2005)
Current account balance	$41.29 billion (2006 est.)
Exports	$289.4 billion f.o.b. (2006 est.)
Exports - commodities	machinery and equipment (including electronics), consumer goods, chemicals, mineral fuels
Exports - partners	Malaysia 13.1%, US 10.2%, Hong Kong 10.1%, China 9.7%, Indonesia 9.2%, Japan 5.5%, Thailand 4.2% (2006)
Imports	$244.6 billion (2006 est.)
Imports - commodities	machinery and equipment, mineral fuels, chemicals, foodstuffs
Imports - partners	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	$136.3 billion (2006 est.)
Debt - external	$24.36 billion (2006 est.)
Economic aid - recipient	$NA (2004)
Currency (code)	Singapore dollar (SGD)
Exchange rates	Singapore dollars per US dollar - 1.5889 (2006), 1.6644 (2005), 1.6902 (2004), 1.7422 (2003), 1.7906 (2002)
Fiscal year	1 April - 31 March

Singapore: Economy

Singapore:
Economy