Economy of 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 higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. Singapore 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)
$318.9 billion (2011 est.)
$265 billion (2009 est.)
data are in 2011 US dollars
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GDP (official exchange rate)
$259.8 billion (2011 est.)
GDP - real growth rate
4.9% (2011 est.)
-1% (2009 est.)
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GDP - per capita (PPP)
$60,500 (2011 est.)
$52,200 (2009 est.)
data are in 2011 US dollars
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GDP - composition by sector
agriculture:
0%
industry:
26.6%
services:
73.4% (2011 est.)
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Labor force
3.237 million
rank:
100
excludes non-residents (2011 est.)
Labor force - by occupation
agriculture:
0.1%
industry:
19.6%
services:
80.3%
excludes non-residents (2011)
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Unemployment rate
2% (2011 est.)
2.2% (2010 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%:
4.4%
highest 10%:
23.2% (2008)
Distribution of family income - Gini index
47.3 (2011)
48.1 (2008)
Investment (gross fixed)
23.4% of GDP (2011 est.)
rank:
54
Budget
revenues:
$40.53 billion
expenditures:
$37.18 billion
expenditures include both operational and development expenditures (2011 est.)
Taxes and other revenues
15.6% of GDP (2011 est.)
rank:
192
Budget surplus (+) or deficit (-)
1.3% of GDP (2011 est.)
rank:
32
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Public debt
118.2% of GDP (2011 est.)
112.4% of GDP (2010 est.)
for Singapore, public debt consists largely of Singapore Government Securities (SGS) issued to assist the Central Provident Fund (CPF), which administers Singapore's defined contribution pension fund; special issues of SGS are held by the CPF, and are non-tradable; the government has not borrowed to finance deficit expenditures since the 1980s
Inflation rate (consumer prices)
5.2% (2011 est.)
2.8% (2010 est.)
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Commercial bank prime lending rate
5.38% (31 December 2011 est.)
5.38% (31 December 2010 est.)
Stock of narrow money
$99.27 billion (31 December 2011 est.)
$82.48 billion (31 December 2010 est.)
Stock of broad money
$340.9 billion (31 December 2011 est.)
$300.8 billion (31 December 2010 est.)
Stock of domestic credit
$334.2 billion (31 December 2011 est.)
$236.7 billion (31 December 2010 est.)
Market value of publicly traded shares
$569.4 billion (31 December 2011)
$474.3 billion (31 December 2009)
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
7.8% (2011 est.)
rank:
30
Electricity - production
45.37 billion kWh (2010 est.)
rank:
52
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Electricity - consumption
41.2 billion kWh (2010 est.)
rank:
52
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Electricity - exports
0 kWh (2010 est.)
Electricity - imports
0 kWh (2010 est.)
Oil - production
10,910 bbl/day (2010 est.)
rank:
86
Oil - consumption
1.08 million bbl/day (2010 est.)
rank:
19
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Oil - exports
1.374 million bbl/day (2009 est.)
rank:
19
Oil - imports
2.052 million bbl/day (2009 est.)
rank:
10
Oil - proved reserves
0 bbl (1 January 2011 est.)
rank:
191
Natural gas - production
0 cu m (2009 est.)
rank:
124
Natural gas - consumption
8.4 billion cu m (2010 est.)
rank:
50
Natural gas - exports
0 cu m (2009 est.)
rank:
178
Natural gas - imports
8.4 billion cu m (2010 est.)
rank:
27
Natural gas - proved reserves
0 cu m (1 January 2011 est.)
rank:
127
Current account balance
$56.98 billion (2011 est.)
$49.56 billion (2010 est.)
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Exports
$414.8 billion (2011 est.)
$358.5 billion (2010 est.)
Exports - commodities
machinery and equipment (including electronics and telecommunications), pharmaceuticals and other chemicals, refined petroleum products
Exports - partners
Malaysia 12.2%, Hong Kong 11%, China 10.4%, Indonesia 10.4%, US 5.4%, Japan 4.5% (2011 est.)
Imports
$NA $366.3 billion
$311.7 billion (2010 est.)
Imports - commodities
machinery and equipment, mineral fuels, chemicals, foodstuffs, consumer goods
Imports - partners
Malaysia 10.7%, US 10.7%, China 10.4%, Japan 7.2%, South Korea 5.9%, Taiwan 5.9% (2011 est.)
Reserves of foreign exchange and gold
$237.9 billion (31 December 2011 est.)
$225.7 billion (31 December 2010 est.)
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Debt - external
$23.58 billion (31 December 2011 est.)
$21.82 billion (31 December 2010 est.)
Stock of direct foreign investment - at home
$NA $497 billion (31 December 2011 est.)
$461.4 billion (31 December 2010 est.)
Stock of direct foreign investment - abroad
$NA $336.2 billion (31 December 2011 est.)
$317.9 billion (31 December 2010 est.)
Exchange rates
1.507 (2007)
Fiscal year
1 April - 31 March
Data source 1: All Above textual data, maps and flags were extracted from The World Factbook which was prepared by the Central Intelligence Agency and made available on the following link: The World Factbook. Lebanese Economy Forum is not sponsered or affiliated, in any way, by the US Central Intelligence Agency
Data source 2: Plots and Charts are constructed using the world bank public data catalog which can be viewed by visiting the following link: World Bank Data Catalog. Lebanese Economy Forum is not sponsored or affiliated, in any way, by the worldbank

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