Singapore

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 equal to that of the four largest West European 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 (purchasing power parity):
$240 billion (2008 est.)
$237.2 billion (2007)
$216.4 billion (2006)
GDP (official exchange rate):
$154.5 billion (2008 est.)
GDP - real growth rate:
1.2% (2008 est.)
7.7% (2007 est.)
8.2% (2006 est.)
GDP - per capita (PPP):
$52,000 (2008 est.)
$51,200 (2007 est.)
$48,200 (2006 est.)
GDP - composition by sector:
agriculture: 0%
industry: 33.2%
services: 66.8% (2008 est.)
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.)
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)
Investment (gross fixed):
45% of GDP (2008 est.)
Budget:
revenues: $28.6 billion
expenditures: $27.5 billion (2008 est.)
Public debt:
113.7% of GDP (2008 est.)
Inflation rate (consumer prices):
4.3% (2008 est.)
Commercial bank prime lending rate:
5.38% (31 December 2008)
Stock of money:
$52.6 billion (31 December 2008)
Stock of quasi money:
$234.5 billion (31 December 2008)
Stock of domestic credit:
$171.3 billion (31 December 2008)
Market value of publicly traded shares:
$268.6 billion (31 December 2008)
Agriculture - products:
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:
-4.1% (2008 est.)
Electricity - production:
41.14 billion kWh (2007)
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.)
Current account balance:
$28.42 billion (2008 est.)
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)
Reserves of foreign exchange and gold:
$168.8 billion (31 December 2008 est.)
Debt - external:
$25.54 billion (31 December 2008 est.)
Stock of direct foreign investment - at home:
$225.7 billion (2008 est.)
Stock of direct foreign investment - abroad:
$142.4 billion (2006)
Exchange rates:
Singapore dollars (SGD) per US dollar - 1.415 (2008 est.), 1.507 (2007), 1.5889 (2006), 1.6644 (2005), 1.6902 (2004)