Economy Of Singapore - Singapore Information

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Economy Of Singapore
Singapore Information - Country Guides

Economy overview	Singapore, a highly developed and successful free market economy, enjoys a remarkably open and corruption-free environment, stable prices, and a high per capita GDP. The economy depends heavily on exports, particularly in electronics and manufacturing. It was hard hit in 2001-03 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 but is unlikely to abandon efforts to establish Singapore as Southeast Asia's financial and high-tech hub. Fiscal stimulus, low interest rates, and global economic recovery should lead to much improved growth in 2004.
GDP	purchasing power parity - $109.4 billion (2004 est.)
GDP - real growth rate	1.1% (2004 est.)
GDP - per capita	purchasing power parity - $23,700 (2004 est.)
GDP - composition by sector	agriculture: negligible industry: 32.2% services: 67.8% (2004 est.)
Investment gross fixed	24.9% of GDP (2004 est.)
Population below poverty line	NA
Household income or consumption by percentage share	lowest 10%: na highest 10%: na
Distribution of family income - Gini index
Inflation rate consumer prices	0.5% (2004 est.)
Labor force	2.2 million (2004 est.)
Labor force by occupation	manufacturing 18%, construction 6%, transportation and communication 11%, financial, business, and other services 49%, other 16% (2003)
Unemployment rate	4.8% (2004 est.)
Budget	revenues: $14.15 billion expenditures: $15.61 billion, including capital expenditures of $5.6 billion (2004 est.)
Public debt	106.4% 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	2.8% (2004 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)
Oil proved reserves
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 : note: from indonesia and malaysia (2001 est.)
Natural gas proved reserves
Current account balance	$26.15 billion (2004 est.)
Exports	$142.4 billion f.o.b. (2004 est.)
Exports commodities	machinery and equipment (including electronics), consumer goods, chemicals, mineral fuels
Exports partners	Malaysia 15.8%, US 14.3%, Hong Kong 10%, China 7%, Japan 6.7%, Taiwan 4.7%, Thailand 4.3%, South Korea 4.2% (2003)
Imports	$121.6 billion (2003 est.)
Imports commodities	machinery and equipment, mineral fuels, chemicals, foodstuffs
Imports partners	Malaysia 16.8%, US 14.1%, Japan 12%, China 8.7%, Taiwan 5.1%, Thailand 4.3% (2003)
Reserves of foreign exchange gold	$95.75 billion (2004 est.)
Debt external	$15.06 billion (2004 est.)
Economic aid recipient	NA
Currency	Singapore dollar (SGD)
Currency code	SGD
Exchange rates	Singapore dollars per US dollar - 1.7422 (2003), 1.7906 (2002), 1.7917 (2001), 1.724 (2000), 1.695 (1999)
Fiscal year	1 April - 31 March

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Economy Of SingaporeSingapore Information - Country Guides

Economy Of Singapore
Singapore Information - Country Guides