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Economy - overview:
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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.
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GDP:
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purchasing power parity - $109.4 billion (2004 est.)
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GDP - real growth rate:
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1.1% (2004 est.)
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GDP - per capita:
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purchasing power parity - $23,700 (2004 est.)
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GDP - composition by sector:
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agriculture: negligible
industry: 32.2%
services: 67.8% (2004 est.)
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Investment (gross fixed):
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24.9% of GDP (2004 est.)
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Population below poverty line:
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NA
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Household income or consumption by percentage share:
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lowest 10%: NA
highest 10%: NA
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Inflation rate (consumer prices):
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0.5% (2004 est.)
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Labor force:
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2.2 million (2004 est.)
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Labor force - by occupation:
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manufacturing 18%, construction 6%, transportation and communication 11%, financial, business, and other services 49%, other 16% (2003)
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Unemployment rate:
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4.8% (2004 est.)
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Budget:
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revenues: $14.15 billion
expenditures: $15.61 billion, including capital expenditures of $5.6 billion (2004 est.)
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Public debt:
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106.4% of GDP (2004 est.)
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Agriculture - products:
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rubber, copra, fruit, orchids, vegetables, poultry, eggs, fish, ornamental fish
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Industries:
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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
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Industrial production growth rate:
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2.8% (2004 est.)
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Electricity - production:
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30.48 billion kWh (2001)
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Electricity - consumption:
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28.35 billion kWh (2001)
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Electricity - exports:
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0 kWh (2001)
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Electricity - imports:
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0 kWh (2001)
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Oil - production:
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0 bbl/day (2001 est.)
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Oil - consumption:
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700,000 bbl/day (2001 est.)
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Oil - exports:
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NA (2001)
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Oil - imports:
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NA (2001)
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Natural gas - production:
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0 cu m (2001 est.)
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Natural gas - consumption:
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2.5 billion cu m (2001 est.)
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Natural gas - exports:
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0 cu m (2001 est.)
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Natural gas - imports:
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2.5 billion cu m
: Note: from Indonesia and Malaysia (2001 est.)
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Current account balance:
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$26.15 billion (2004 est.)
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Exports:
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$142.4 billion f.o.b. (2004 est.)
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Exports - commodities:
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machinery and equipment (including electronics), consumer goods, chemicals, mineral fuels
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Exports - partners:
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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)
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Imports:
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$121.6 billion (2003 est.)
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Imports - commodities:
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machinery and equipment, mineral fuels, chemicals, foodstuffs
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Imports - partners:
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Malaysia 16.8%, US 14.1%, Japan 12%, China 8.7%, Taiwan 5.1%, Thailand 4.3% (2003)
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Reserves of foreign exchange & gold:
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$95.75 billion (2004 est.)
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Debt - external:
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$15.06 billion (2004 est.)
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Economic aid - recipient:
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NA
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Currency:
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Singapore dollar (SGD)
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Currency code:
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SGD
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Exchange rates:
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Singapore dollars per US dollar - 1.7422 (2003), 1.7906 (2002), 1.7917 (2001), 1.724 (2000), 1.695 (1999)
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Fiscal year:
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1 April - 31 March
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