Singapore Economy 2008

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 and information technology products. It was hard hit from 2001-03 by the global recession, by the slump in the technology sector, and by an outbreak of Severe Acute Respiratory Syndrome (SARS) in 2003, which curbed tourism and consumer spending. Fiscal stimulus, low interest rates, a surge in exports, and internal flexibility led to vigorous growth in 2004-07 with real GDP growth averaging 7% annually. The government hopes to establish a new growth path that will be less vulnerable to the global demand cycle 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):
$222.7 billion (2007 est.)

GDP (official exchange rate):
$134.2 billion (2007 est.)

GDP - real growth rate:
7.4% (2007 est.)

GDP - per capita (PPP):
$48,900 (2007 est.)

GDP - composition by sector:
agriculture: 0%
industry: 33.7%
services: 66.3% (2007 est.)

Labor force:
2.48 million (2007 est.)

Labor force - by occupation:
manufacturing 18%, construction 6%, transportation and communication 11%, financial, business, and other services 39%, other 26% (2003)

Unemployment rate:
2.6% (2007 est.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: 1.9%
highest 10%: 32.8% (1998)

Distribution of family income - Gini index:
42.5 (1998)

Inflation rate (consumer prices):
1.8% (2007 est.)

Investment (gross fixed):
25.3% of GDP (2007 est.)

Budget:
revenues: $22.34 billion
expenditures: $21.88 billion (2007 est.)

Public debt:
95.3% of GDP (2007 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:
6.8% (2007 est.)

Electricity - production:
35.92 billion kWh (2005)

Electricity - consumption:
33.99 billion kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
9,836 bbl/day (2005 est.)

Oil - consumption:
802,000 bbl/day (2005 est.)

Oil - exports:
1.073 million bbl/day (2004)

Oil - imports:
1.83 million bbl/day (2004)

Oil - proved reserves:
0 bbl (1 January 2006 est.)

natural gas - production:
0 cu m (2005 est.)

natural gas - consumption:
6.339 billion cu m (2005 est.)

natural gas - exports:
0 cu m (2005 est.)

natural gas - imports:
6.339 billion cu m
note: from Indonesia and Malaysia (2005)

natural gas - proved reserves:
0 cu m (1 January 2006 est.)

Current account balance:
$41.39 billion (2007 est.)

Exports:
$317.6 billion f.o.b. (2007 est.)

Exports - commodities:
machinery and equipment (including electronics), consumer goods, chemicals, mineral fuels

Exports - partners:
Malaysia 13.1%, US 10.2%, Hong Kong 10.1%, China 9.7%, Indonesia 9.2%, Japan 5.5%, Thailand 4.2% (2006)

Imports:
$273 billion (2007 est.)

Imports - partners:
Malaysia 13%, US 12.7%, China 11.4%, Japan 8.3%, Taiwan 6.4%, Indonesia 6.2%, South Korea 4.4% (2006)

Economic aid - recipient:
$9.14 million (2004)

Reserves of foreign exchange and gold:
$155.3 billion (31 December 2007 est.)

Debt - external:
$25.53 billion (31 December 2007 est.)

Stock of direct foreign investment - at home:
$189.7 billion (2006 est.)

Stock of direct foreign investment - abroad:
$NA

Market value of publicly traded shares:
$208.3 billion (2005)

Currency (code):
Singapore dollar (SGD)

Exchange rates:
Singapore dollars per US dollar - 1.507 (2007), 1.5889 (2006), 1.6644 (2005), 1.6902 (2004), 1.7422 (2003)