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Singapore: Economy

Economy Singapore
Economy - overview:
Singapore, a highly developed and successful free market economy, enjoys a remarkably open and corruption-free environment, stable prices, and one of the highest per capita GDPs in the world. The economy depends heavily on exports, particularly in electronics and manufacturing. It was hard hit in 2001-2002 by the global recession and the slump in the technology sector. The government hopes to establish a new growth path that will be less vulnerable to the external business cycle than the current export-led model but is unlikely to abandon efforts to establish Singapore as Southeast Asia's financial and high-tech hub.
GDP:
purchasing power parity - $112.4 billion (2002 est.)
GDP - real growth rate:
2.2% (2002 est.)
GDP - per capita:
purchasing power parity - $25,200 (2002 est.)
GDP - composition by sector:
agriculture: NEGL%
industry: 33%
services: 67% (2001 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
-0.4% (2002 est.)
Labor force:
2.19 million (2000)
Labor force - by occupation:
financial, business, and other services 35%, manufacturing 21%, construction 13%, transportation and communication 9%, other 22%
Unemployment rate:
4.6% (2002 est.)
Budget:
revenues: $27.9 billion
expenditures: $19.5 billion, including capital expenditures of $5.4 billion (FY 00/01 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:
-9.8% (2002 est.)
Electricity - production:
30.48 billion kWh (2001)
Electricity - production by source:
fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
28.35 billion kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
700,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Natural gas - production:
0 cu m (2001 est.)
Natural gas - consumption:
2.5 billion cu m (2001 est.)
Natural gas - exports:
0 cu m (2001 est.)
Natural gas - imports:
2.5 billion cu m (2001 est.)
Agriculture - products:
rubber, copra, fruit, orchids, vegetables; poultry, eggs, fish, ornamental fish
Exports:
$127 billion f.o.b. (2002 est.)
Exports - commodities:
machinery and equipment (including electronics), consumer goods, chemicals, mineral fuels
Exports - partners:
Malaysia 17.4%, US 15.3%, Hong Kong 9.2%, Japan 7.1%, China 5.5%, Taiwan 4.9%, Thailand 4.6%, South Korea 4.2% (2002)
Imports:
$113 billion (2002 est.)
Imports - commodities:
machinery and equipment, mineral fuels, chemicals, foodstuffs
Imports - partners:
Malaysia 18.2%, US 14.3%, Japan 12.5%, China 7.6%, Thailand 4.6%, Taiwan 4.6% (2002)
Debt - external:
$8.2 billion (2002 est.)
Economic aid - recipient:
$NA
Currency:
Singapore dollar (SGD)
Currency code:
SGD
Exchange rates:
Singapore dollars per US dollar - 1.79 (2002), 1.79 (2001), 1.72 (2000), 1.69 (1999), 1.67 (1998)
Fiscal year:
1 April - 31 March

Also See:

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Economy
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Source: The CIA World Fact Book 2003

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