Short facts about the economy in Singapore
| Economy -
overview: |
Singapore is blessed with a highly
developed and successful free-market economy, a remarkably open and
corruption-free business environment, stable prices, and the fifth highest per
capita GDP in the world. Exports, particularly in electronics and chemicals, and
services are the main drivers of the economy. Mainly because of robust exports,
especially electronic goods, the economy grew 10.1% in 2000. Forecasters,
however, are projecting only 4%-6% growth in 2001 largely because of weaker
global demand, especially in the US. The government promotes high levels of
savings and investment through a mandatory savings scheme and spends heavily in
education and technology. It also owns government-linked companies (GLCs) -
particularly in manufacturing - that operate as commercial entities. As
Singapore looks to a future increasingly marked by globalization, the country is
positioning itself as the region's financial and high-tech
hub. |
| GDP: |
purchasing power parity - $109.8
billion (2000 est.) |
| GDP - real
growth rate: |
10.1% (2000
est.) |
| GDP - per
capita: |
purchasing power parity - $26,500 (2000
est.) |
| GDP -
composition by sector: |
agriculture: NEGL%
industry: 30%
services:
70% |
| Population
below poverty line: |
NA% |
| Household
income or consumption by percentage share: |
lowest 10%: NA%
highest 10%:
NA% |
| Inflation
rate (consumer prices): |
1.4%
(2000) |
| Labor
force: |
2.1 million
(2000) |
| Labor force
- by occupation: |
financial, business, and other services
35%, manufacturing 21%, construction 13%, transportation and communication
9% |
| Unemployment
rate: |
3% (2000
est.) |
| Budget: |
revenues: $18.1 billion
expenditures: $17.1 billion, including
capital expenditures of $9.5 billion (FY99/00
est.) |
| Industries: |
electronics, chemicals, financial
services, oil drilling equipment, petroleum refining, rubber processing and
rubber products, processed food and beverages, ship repair, entrepot trade,
biotechnology |
| Industrial
production growth rate: |
14% (2000
est.) |
| Electricity
- production: |
27.381 billion kWh
(1999) |
| Electricity
- production by source: |
fossil fuel: 100%
hydro: 0%
nuclear:
0%
other: 0% (1999) |
| Electricity
- consumption: |
25.464 billion kWh
(1999) |
| Electricity
- exports: |
0 kWh
(1999) |
| Electricity
- imports: |
0 kWh
(1999) |
| Agriculture
- products: |
rubber, copra, fruit, orchids,
vegetables; poultry, eggs, fish, ornamental
fish |
| Exports: |
$137 billion (f.o.b.,
2000) |
| Exports -
commodities: |
machinery and equipment (including
electronics), chemicals, mineral fuels |
| Exports -
partners: |
US 19%, Malaysia 17%, Hong Kong 8%,
Japan 7%, Taiwan 5%, Thailand 4%, UK 4%, Netherlands 3.8%, China 3%, South Korea
3%, Germany 3% (1999) |
| Imports: |
$127 billion (f.o.b.,
2000) |
| Imports -
commodities: |
machinery and equipment, mineral fuels,
chemicals, foodstuffs |
| Imports -
partners: |
US 17%, Japan 17%, Malaysia 16%,
Thailand 5%, China 5%, Taiwan 4%, Germany 3%, Saudi Arabia 3%
(1999) |
| Debt -
external: |
$9.7 billion
(2000) |
| Economic aid
- recipient: |
$NA |
| Currency: |
Singapore dollar
(SGD) |
| Exchange
rates: |
Singapore dollars per US dollar -
1.7365 (January 2001), 1.7240 (2000), 1.6950 (1999), 1.6736 (1998), 1.4848
(1997), 1.4100 (1996) |
| Fiscal
year: |
1 April - 31 March | Source: World Factbook |
