Singapore Economy Profile 2009

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 service sector. Real GDP growth averaged 7% between 2004 and 2007, but dropped to 1.1% in 2008 as a result of the global financial crisis. The economy contracted in the last three quarters of 2008. Prime Minister LEE and other senior officials have dampened expectations for a quick rebound in 2009. Over the longer term, the government hopes to establish a new growth path that will be less vulnerable to global demand cycles especially 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)

$237.3 billion (2008 est.)
$234.8 billion (2007 est.)
$217.8 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$181.9 billion (2008 est.)

GDP - real growth rate

1.1% (2008 est.)
7.8% (2007 est.)
8.4% (2006 est.)

GDP - per capita (PPP)

$51,500 (2008 est.)
$51,600 (2007 est.)
$48,500 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 0%
industry: 27.8%
services: 72.2% (2008 est.)

Population below poverty line

NA%

Labor force

2.94 million (2008 est.)

Labor force - by occupation

agriculture 0%, industry 22.6%, services 77.4% (2007)

Unemployment rate

2.2% (2008 est.)
2.1% (2007 est.)

Household income or consumption by percentage share

lowest 10%: 4.4%
highest 10%: 23.2% (2008)

Distribution of family income - Gini index

48.1 (2008)

Investment (gross fixed)

28.5% of GDP (2008 est.)

Budget

revenues: $29.25 billion
expenditures: $26.48 billion (2008 est.)

Public debt

99.2% of GDP (2008 est.)
102.5% of GDP (2004 est.)

Inflation rate (consumer prices)

6.5% (2008 est.)
2.1% (2007 est.)

Commercial bank prime lending rate

5.38% (31 December 2008)

Stock of money

$52.57 billion (31 December 2008)
$44.4 billion (31 December 2007)

Stock of quasi money

$179 billion (31 December 2008)
$162.2 billion (31 December 2007)

Stock of domestic credit

$143.6 billion (31 December 2008)
$129.2 billion (31 December 2007)

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

-0.8% (2008 est.)

Electricity - production

41.14 billion kWh (2007)

Electricity - production by source

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (2001)

Electricity - consumption

37.42 billion kWh (2007)

Electricity - exports

0 kWh (2007 est.)

Electricity - imports

0 kWh (2007 est.)

Oil - production

8,550 bbl/day (2007)

Oil - consumption

916,000 bbl/day (2007)

Oil - imports

2.44 million bbl/day (2007)

Oil - exports

1.27 million bbl/day (2007)

Oil - proved reserves

0 bbl (1 January 2006 est.)

Natural gas - production

0 cu m (2007 est.)

Natural gas - consumption

6.6 billion cu m (2008 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

6.6 billion cu m
note: from Indonesia and Malaysia (2008 est.)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Current Account Balance

$25.78 billion (2008 est.)
$39.11 billion (2007 est.)

Agriculture - products

orchids, vegetables; poultry, eggs; fish, ornamental fish

Exports

$342.7 billion (2008 est.)
$303.1 billion (2007 est.)

Exports - commodities

machinery and equipment (including electronics), consumer goods, pharmaceuticals and other chemicals, mineral fuels

Exports - partners

Malaysia 12.1%, Indonesia 10.5%, Hong Kong 10.3%, China 9.2%, US 7.1%, Japan 4.9%, Australia 4.1% (2008)

Imports

$219.5 billion (2008 est.)
$254 billion (2007 est.)

Imports - commodities

machinery and equipment, mineral fuels, chemicals, foodstuffs, consumer goods

Imports - partners

Malaysia 11.9%, US 11.8%, China 10.5%, Japan 8.1%, South Korea 5.6%, Indonesia 5.5%, Saudi Arabia 4.6% (2008)

Reserves of foreign exchange and gold

$174.2 billion (31 December 2008 est.)
$163 billion (31 December 2007 est.)

Debt - external

$25.52 billion (31 December 2008 est.)
$25.59 billion (31 December 2007 est.)

Stock of direct foreign investment - at home

$250.2 billion (31 December 2008 est.)
$232.8 billion (31 December 2007 est.)

Stock of direct foreign investment - abroad

$173.9 billion (31 December 2008 est.)
$169.9 billion (31 December 2007 est.)

Market value of publicly traded shares

$268.6 billion (31 December 2008)
$353.5 billion (31 December 2007)
$276.3 billion (31 December 2006)

Economic aid - recipient

$0 (2007)

Currency (code)

Singapore dollar (SGD)

Currency (code)

SGD

Exchange rates

Singapore dollars (SGD) per US dollar - 1.415 (2008 est.), 1.507 (2007), 1.5889 (2006), 1.6644 (2005), 1.6902 (2004)

Fiscal year

1 April - 31 March