Singapore - Economy

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.)

Labour Force: 2.48 million (2007 est.)

Labour 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 the 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) 

Natural Gas Production: 0 cu m (2005 est.) 

Natural Gas Consumption: 6.339 billion cu m (2005 est.)

Natural Gas Imports: 6.339 billion cu m
note: from Indonesia and Malaysia (2005) 

Natural Gas Exports: 0 cu m (2005 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 Commodities: machinery and equipment, mineral fuels, chemicals, foodstuffs 

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

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

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

Economic Aid-Recipient: $9.14 million (2004) 

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)

Fiscal year: 1 April - 31 March 

This information comes from the CIA World Factbook January 2008.