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The Economy of Singapore

Singapore Economy

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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 service sector. Real GDP growth averaged 7% between 2004 and 2007, but dropped to 1.2% in 2008 as a result of the global financial crisis. The economy contracted in the last three quarters of 2008, and Prime Minister Lee and other senior officials have dampened expectations for a quick rebound in 2009. 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:

GDP - real growth rate: 1.2% (2008 est.) 7.7% (2007 est.) 8.2% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 0% industry: 33.2% services: 66.8% (2008 est.)

Population below poverty line:

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):

Labor force: 2.96 million (2008 est.)

Labor force - by occupation: agriculture 0%, industry 22.6%, services 77.4% (20062007)

Unemployment rate: 2.3% (2008 est.)

Budget: revenues: $28.6 billion expenditures: $27.5 billion (2008 est.)

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

Industrial production growth rate: -4.1% (2008 est.)

Electricity - production: 41.14 billion kWh (2007)

Electricity - production by source:

Electricity - consumption: 37.42 billion kWh (2007)

Electricity - exports: 0 kWh (2007 est.)

Electricity - imports: 0 kWh (2007 est.)

Oil - production: 8,550 bbl/day (2007)

Oil - consumption: 916,000 bbl/day (2007)

Oil - exports: 1.27 million bbl/day (2007)

Oil - imports: 2.44 million bbl/day (2007)

Oil - proved reserves: 0 bbl (1 January 2006 est.)

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 6.6 billion cu m (2008 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 6.6 billion cu m note: from Indonesia and Malaysia (2008 est.)

Natural gas - proved reserves: 0 cu m (1 January 2006 est.)

Agriculture - products: orchids, vegetables; poultry, eggs; fish, ornamental fish

Exports: $235.8 billion f.o.b. (2008 est.)

Exports - commodities: machinery and equipment (including electronics), consumer goods, pharmaceuticals and other chemicals, mineral fuels

Exports - partners: Malaysia 12.9%, Hong Kong 10.5%, Indonesia 9.8%, China 9.7%, US 8.9%, Japan 4.8%, Thailand 4.1% (2007)

Imports: $219.5 billion (2008 est.)

Imports - commodities: machinery and equipment, mineral fuels, chemicals, foodstuffs, consumer goods

Imports - partners: Malaysia 13.1%, US 12.5%, China 12.1%, Japan 8.2%, Taiwan 5.9%, Indonesia 5.6%, South Korea 4.9% (2007)

Debt - external: $25.54 billion (31 December 2008 est.)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Singapore dollars (SGD) per US dollar - 1.415 (2008 est.), 1.507 (2007), 1.5889 (2006), 1.6644 (2005), 1.6902 (2004)

Fiscal year: