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 7.1% between 2004 and 2007. The
economy contracted 1.3% in 2009 as a result of
the global financial crisis, but rebounded
nearly 14.7% in 2010, 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 1% growth per year 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.
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|
GDP
(purchasing power parity):
|
$291.9
billion (2010 est.)
country
comparison to the world: 41
$255.1
billion (2009 est.)
$257
billion (2008 est.)
note:
data
are in 2010 US dollars
|
|
GDP
(official exchange rate):
|
$222.7
billion (2010 est.)
|
|
GDP -
real growth rate:
|
14.5% (2010
est.)
country
comparison to the world: 3
-0.8% (2009
est.)
1.5% (2008
est.)
|
|
GDP -
per capita (PPP):
|
$62,100
(2010 est.)
country
comparison to the world: 5
$54,800
(2009 est.)
$55,800
(2008 est.)
note:
data
are in 2010 US dollars
|
|
GDP -
composition by sector:
|
agriculture:
0%
industry: 28.3%
services: 71.7%
(2010 est.)
|
|
Labor
force:
|
3.156
million (2010 est.)
country
comparison to the world: 101 |
|
Labor
force - by occupation:
|
agriculture:
0.1%
industry: 30.2%
services: 69.7%
(2010)
|
|
Unemployment
rate:
|
2.2% (2010
est.)
country
comparison to the world: 17
3% (2009
est.)
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Population
below poverty line:
|
NA%
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Household
income or consumption by percentage share:
|
lowest 10%:
4.4%
highest
10%: 23.2%
(2008)
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Distribution
of family income - Gini index:
|
47.8 (2009)
country
comparison to the world: 27
48.1 (2008)
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Investment
(gross fixed):
|
25% of GDP
(2010 est.)
country
comparison to the world: 44 |
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Budget:
|
revenues: $32.7
billion
expenditures:
$32.31
billion
note:
expenditures
include both operational and development
expenditures (2010 est.)
|
|
Taxes
and other revenues:
|
14.7% of
GDP (2010 est.)
country
comparison to the world: 185 |
|
Budget
surplus (+) or deficit (-):
|
0.2% of GDP
(2010 est.)
country
comparison to the world: 39 |
|
Public
debt:
|
105.8% of
GDP (2010 est.)
country
comparison to the world: 9
109.3% of
GDP (2009 est.)
note:
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-tradeable;
the government has not borrowed to finance
deficit expenditures since the 1980s
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Inflation
rate (consumer prices):
|
2.8% (2010
est.)
country
comparison to the world: 98
0.6% (2009
est.)
|
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Commercial
bank prime lending rate:
|
5.38% (31
December 2010 est.)
country
comparison to the world: 163
5.38% (31
December 2009 est.)
|
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Stock of
narrow money:
|
$87.18
billion (31 December 2010 est.)
country
comparison to the world: 36
$66.77
billion (31 December 2009 est.)
|
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Stock of
broad money:
|
$294.4
billion (30 November 2010 est.)
country
comparison to the world: 30
$255.2
billion (31 December 2009 est.)
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Stock of
domestic credit:
|
$202.1
billion (31 December 2010 est.)
country
comparison to the world: 39
$172.4
billion (31 December 2009 est.)
|
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Market
value of publicly traded shares:
|
$620.5
billion (31 December 2010)
country
comparison to the world: 20
$474.3
billion (31 December 2009)
$268.6
billion (31 December 2008)
|
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Agriculture
- products:
|
orchids,
vegetables; poultry, eggs; fish, ornamental
fish
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Industries:
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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
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Industrial
production growth rate:
|
29.6% (2010
est.)
country
comparison to the world: 1 |
|
Electricity
- production:
|
39.21
billion kWh (2008 est.)
country
comparison to the world: 55 |
|
Electricity
- consumption:
|
37.11
billion kWh (2008 est.)
country
comparison to the world: 55 |
|
Electricity
- exports:
|
0 kWh (2009
est.)
|
|
Electricity
- imports:
|
0 kWh (2009
est.)
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Oil -
production:
|
10,910
bbl/day (2010 est.)
country
comparison to the world: 84 |
|
Oil -
consumption:
|
1.08
million bbl/day (2010 est.)
country
comparison to the world: 19 |
|
Oil -
exports:
|
1.374
million bbl/day (2009 est.)
country
comparison to the world: 19 |
|
Oil -
imports:
|
2.052
million bbl/day (2009 est.)
country
comparison to the world: 10 |
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Oil -
proved reserves:
|
0 bbl (1
January 2011 est.)
country
comparison to the world: 189 |
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Natural
gas - production:
|
0 cu m
(2009 est.)
country
comparison to the world: 121 |
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Natural
gas - consumption:
|
9.66
billion cu m (2009 est.)
country
comparison to the world: 47 |
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Natural
gas - exports:
|
0 cu m
(2009 est.)
country
comparison to the world: 177 |
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Natural
gas - imports:
|
9.66
billion cu m (2009 est.)
country
comparison to the world: 24 |
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Natural
gas - proved reserves:
|
0 cu m (1
January 2011 est.)
country
comparison to the world: 127 |
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Current
account balance:
|
$46.27
billion (2010 est.)
country
comparison to the world: 9
$32.63
billion (2009 est.)
|
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Exports:
|
$358.4
billion (2010 est.)
country
comparison to the world: 14
$273.4
billion (2009 est.)
|
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Exports
- commodities:
|
machinery
and equipment (including electronics),
consumer goods, pharmaceuticals and other
chemicals, mineral fuels
|
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Exports
- partners:
|
Malaysia
11.9%, Hong Kong 11.7%, China 10.4%, Indonesia
9.4%, US 6.5%, Japan 4.7%, South Korea 4.1%
(2010)
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Imports:
|
$310.4
billion (2010 est.)
country
comparison to the world: 15
$243.2
billion (2009 est.)
|
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Imports
- commodities:
|
machinery
and equipment, mineral fuels, chemicals,
foodstuffs, consumer goods
|
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Imports
- partners:
|
Malaysia
11.7%, US 11.5%, China 10.8%, Japan 7.9%,
South Korea 5.8%, Indonesia 5.4% (2010)
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Reserves
of foreign exchange and gold:
|
$225.7
billion (31 December 2010 est.)
country
comparison to the world: 11
$187.8
billion (31 December 2009 est.)
|
|
Debt -
external:
|
$21.82
billion (31 December 2010 est.)
country
comparison to the world: 70
$20.3
billion (31 December 2009 est.)
|
|
Stock of
direct foreign investment - at home:
|
$298.7
billion (31 December 2010 est.)
country
comparison to the world: 18
$260.5
billion (31 December 2009 est.)
|
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Stock of
direct foreign investment - abroad:
|
$173.2
billion (31 December 2010 est.)
country
comparison to the world: 21
$167.4
billion (31 December 2009 est.)
|
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Exchange
rates:
|
Singapore
dollars (SGD) per US dollar -
1.3702
(2010)
1.4545
(2009)
1.415
(2008)
1.507
(2007)
1.5889
(2006)
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