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