Singapore:
Economy

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Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition 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)	Definition - World rank and map $228.1 billion (2007 est.)
GDP (official exchange rate)	Definition $161.3 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 7.7% (2007 est.)
GDP - per capita	Definition - World rank and map $49,700 (2007 est.)
GDP - composition by sector	Definition agriculture: 0% industry: 31.2% services: 68.8% (2007 est.)
Labor force	Definition 2.751 million (2007 est.)
Labor force - by occupation	Definition manufacturing 21%, construction 5%, transportation and communication 7%, financial, business, and other services 42%, other 25% (2006)
Unemployment rate	Definition - World rank and map 2.1% (2007 est.)
Population below poverty line	Definition NA%
Household income or consumption by percentage share	Definition lowest 10%: 1.9% highest 10%: 32.8% (1998)
Distribution of family income - Gini index	Definition - World rank and map 52.2 (2005)
Inflation rate (consumer prices)	Definition - World rank and map 2.1% (2007)
Investment (gross fixed)	Definition - World rank and map 24.9% of GDP (2007 est.)
Budget	Definition revenues: $27 billion expenditures: $21.5 billion (2007 est.)
Public debt	Definition - World rank and map 101.2% of GDP (2007 est.)
Agriculture - products	Definition rubber, copra, fruit, orchids, vegetables; poultry, eggs; fish, ornamental fish
Industries	Definition 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	Definition - World rank and map 7.4% (2007 est.)
Electricity - production	Definition - World rank and map 39.44 billion kWh (2006)
Electricity - consumption	Definition - World rank and map 35.92 billion kWh (2006)
Electricity - consumption per capita	Definition - World rank and map 7,794.9 kWh (2006)
Electricity - exports	Definition 0 kWh (2006)
Electricity - imports	Definition 0 kWh (2006)
Oil - production	Definition - World rank and map 9,836 bbl/day (2005 est.)
Oil - consumption	Definition - World rank and map 802,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 174 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 1.073 million bbl/day (2004)
Oil - imports	Definition - World rank and map 1.83 million bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 0 bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 0 cu m (2006 est.)
Natural gas - consumption	Definition - World rank and map 6.8 billion cu m (2006 est.)
Natural gas - consumption per capita	Definition - World rank and map 1,476 cu m (2006 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2006 est.)
Natural gas - imports	Definition - World rank and map 6.339 billion cu m note: from Indonesia and Malaysia (2005)
Natural gas - proved reserves	Definition - World rank and map 0 cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map $39.16 billion (2007 est.)
Exports	Definition - World rank and map $450.6 billion f.o.b. (2007 est.)
Exports - commodities	Definition machinery and equipment (including electronics), consumer goods, chemicals, mineral fuels
Exports - partners	Definition Malaysia 12.9%, Hong Kong 10.5%, Indonesia 9.8%, China 9.7%, US 8.9%, Japan 4.8%, Thailand 4.1% (2006)
Imports	Definition - World rank and map $396 billion (2007 est.)
Imports - commodities	Definition machinery and equipment, mineral fuels, chemicals, foodstuffs
Imports - partners	Definition Malaysia 13.1%, US 12.5%, China 12.1%, Japan 8.2%, Taiwan 5.9%, Indonesia 5.6%, South Korea 4.9% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $163 billion (31 December 2007 est.)
Debt - external	Definition - World rank and map $25.59 billion (31 December 2007 est.)
Stock of direct foreign investment - at home	Definition $214.5 billion (2007 est.)
Stock of direct foreign investment - abroad	Definition $111.2 billion (2005)
Market value of publicly traded shares	Definition $382.4 billion (2007)
Economic aid - recipient	Definition $0 (2007)
Currency (code)	Definition Singapore dollar (SGD)
Exchange rates	Definition Singapore dollars per US dollar - 1.507 (2007), 1.5889 (2006), 1.6644 (2005), 1.6902 (2004), 1.7422 (2003)
Fiscal year	Definition 1 April - 31 March

Singapore: Economy

Singapore:
Economy