Singapore Economy:
Singapore, a highly developed and successful free market economy, enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP equal to that of the Big 4 West European countries. The economy depends heavily on exports, particularly in electronics and manufacturing. It was hard hit in 2001-03 by the global recession, by the slump in the technology sector, and by an outbreak of Severe Acute Respiratory Syndrome in 2003, which curbed tourism and consumer spending. The government hopes to establish a new growth path that will be less vulnerable to the external business cycle and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub. Fiscal stimulus, low interest rates, a surge in exports, and internal flexibility led to vigorous growth in 2004, with real GDP rising by 8 percent, by far the economy's best performance since 2000.
GDP (purchasing power parity):
$120.9 billion (2004 est.)
GDP real growth rate:
8.1% (2004 est.)
GDP per capita:
purchasing power parity: $27,800 (2004 est.)
GDP composition by sector:
agriculture: 0%
industry: 32.6%
services: 67.4%
(2004)
Labor force:
2.18 million (2004 est.)
Labor force by occupation:
financial, business, and other services: 35%, manufacturing: 18%, construction: 6%, transportation and communication: 11%, financial, business, and other services: 49%, other: 16% (2003 est.)
Unemployment rate:
3.4% (2004 est.)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
1.7% (2004 est.)
Investment (gross fixed):
27.4% of GDP (2004 est.)
Budget:
revenues: $17.05 billion (2004 est.)
expenditures: $18.45 billion including capital expenditures of $5.8 billion (2004 est.)
Public debt:
102.5% of GDP (2004 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
Industrial production growth rate:
11.1% (2004 est.)
Electricity production:
35.33 billion kWh (2003 est.)
Electricity consumption:
32 billion kWh (2003 est.)
Electricity exports:
0 kWh (2003 est.)
Electricity imports:
0 kWh (2003 est.)
Oil production:
0 bbl/day (2001 est.)
Oil consumption:
700,000 bbl/day (2001 est.)
Oil exports:
NA
Oil imports:
NA
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.)
Current account balance:
$8.8 billion (2004 est.)
Exports:
$174 billion (f.o.b. 2004 est.)
Exports commodities:
machinery and equipment, consumer goods, chemicals, mineral fuels
Exports partners:
Malaysia 15.2%, US 13%, Hong Kong 9.8%, China 8.6%, Japan 6.4%, Taiwan 4.6%, Thailand 4.3%, South Korea 4.1%, , (2004)
Imports:
$155.2 billion (2004 est.)
Imports commodities:
machinery and equipment, mineral fuels, chemicals, foodstuffs
Imports partners:
Malaysia 15.3%, US 12.7%, Japan 11.7%, China 9.9%, Taiwan 5.7%, South Korea 4.3%, Thailand 4.1%, , , (2004)
Reserves of foreign exchange and gold:
$112.8 billion (2004 est.)
Debt external:
$19.4 billion (2004 est.)
Economic aid recipient:
NA
Currency:
Singapore dollar (SGD)
Exchange rates:
Singapore dollars per US$: 1.69 (2004 est.), 1.74 (2003 est.), 1.79 (2002 est.), 1.79 (2001 est.), 1.72 (2000 est.)
Fiscal year:
1 April - 31 March
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