Salient Features: Export-oriented economy with
government role. Dependent on international trade, sale of
services, export of manufactures. Consistently high rates
economic growth (11 percent in 1988), balance of payments
large foreign investment, large foreign reserves (S$33
1988), minimal foreign debt.
Gross Domestic Product (GDP): S$47.9 billion in
S$17,950 per capita. Manufacturing contributed 29 percent,
financial and business services 27 percent, commerce 18
transport and communications 14 percent, other services 12
Industry: Major industries: electronics,
refining and petrochemicals, machinery, shipbuilding, and
Foreign Trade: S$167.3 billion in 1988. Usual
merchandise trade offset by surplus in services for
balance of trade. Major exports: electronics, machinery,
petroleum products. Major imports: machinery and
components, chemicals, fuels, and food. Major trading
United States, Japan, Malaysia, and European Community.
Exchange Rates: Singapore dollar allowed to
1973. In late 1989, US$1=S$1.94.
Data as of December 1989