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 higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors.The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014-15 was slower at under 3%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector.
The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, as well as the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.
Economic Facts#
| GDP (purchasing power parity) | $486.9 billion (2016 est.) $478.8 billion (2015 est.) $469.4 billion (2014 est.) note: data are in 2016 dollars |
|---|---|
| GDP (official exchange rate) | $296.6 billion (2015 est.) |
| GDP - real growth rate | 1.7% (2016 est.) 2% (2015 est.) 3.3% (2014 est.) |
| GDP - per capita (PPP) | $87,100 (2016 est.) $86,500 (2015 est.) $85,800 (2014 est.) note: data are in 2016 dollars |
| Gross national saving | 46% of GDP (2016 est.) 46.1% of GDP (2015 est.) 46.4% of GDP (2014 est.) |
| GDP - composition, by end use | household consumption: 36.1% government consumption: 10.8% investment in fixed capital: 23.4% investment in inventories: 2% exports of goods and services: 176.9% imports of goods and services: -149.2% (2016 est.) |
| GDP - composition, by sector of origin | agriculture: 0% industry: 26.6% services: 73.4% (2016 est.) |
| Agriculture - products | 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 | 1% (2016 est.) |
| Labor force | 3.661 million note: excludes non-residents (2016 est.) |
| Labor force - by occupation | agriculture: 1.3% industry: 14.8% services: 83.9% note: excludes non-residents (2014) |
| Unemployment rate | 2.1% (2016 est.) 1.9% (2015 est.) |
| Population below poverty line | NA% |
| Household income or consumption by percentage share | lowest 10%: 2.3% highest 10%: 11% (2014) |
| Distribution of family income - Gini index | 46.4 (2014) 46.3 (2013) |
| Budget | revenues: $46.86 billion expenditures: $44.83 billion note: expenditures include both operational and development expenditures (2016 est.) |
| Taxes and other revenues | 15.8% of GDP (2016 est.) |
| Budget surplus (+) or deficit (-) | 0.7% of GDP (2016 est.) |
| Public debt | 110.5% of GDP (2016 est.) 104.7% of GDP (2015 est.) note: Singapore's public debt consists largely of Singapore Government Securities (SGS) issued to assist the Central Provident Fund (CPF), which administers Singapore's defined contribution pension fund; special issues of SGS are held by the CPF, and are non-tr |
| Fiscal year | 1 April - 31 March |
| Inflation rate (consumer prices) | -0.8% (2016 est.) -0.5% (2015 est.) |
| Central bank discount rate | 0.25% (2014) 0.07% (2013) |
| Commercial bank prime lending rate | 5.4% (31 December 2016 est.) 5.35% (31 December 2015 est.) |
| Stock of narrow money | $115.1 billion (31 December 2016 est.) $113.5 billion (31 December 2015 est.) |
| Stock of broad money | $413.7 billion (31 December 2014 est.) $405.1 billion (31 December 2013 est.) |
| Stock of domestic credit | $353.7 billion (31 December 2016 est.) $344.6 billion (31 December 2015 est.) |
| Market value of publicly traded shares | $640 billion (31 December 2015 est.) $752.8 billion (31 December 2014 est.) $744.4 billion (31 December 2013 est.) |
| Current account balance | $57.26 billion (2016 est.) $57.92 billion (2015 est.) |
| Exports | $353.3 billion (2016 est.) $377.1 billion (2015 est.) |
| Exports - commodities | machinery and equipment (including electronics and telecommunications), pharmaceuticals and other chemicals, refined petroleum products, foodstuffs and beverages |
| Exports - partners | China 13.7%, Hong Kong 11.5%, Malaysia 10.8%, Indonesia 8.2%, US 6.9%, Japan 4.4%, South Korea 4.1% (2015) |
| Imports | $271.3 billion (2016 est.) $294.5 billion (2015 est.) |
| Imports - commodities | machinery and equipment, mineral fuels, chemicals, foodstuffs, consumer goods |
| Imports - partners | China 14.2%, US 11.2%, Malaysia 11.2%, Japan 6.3%, South Korea 6.1%, Indonesia 4.8% (2015) |
| Reserves of foreign exchange and gold | $249.7 billion (31 December 2016 est.) $247.7 billion (31 December 2015 est.) |
| Debt - external | $467.4 billion (31 December 2016 est.) $465.5 billion (31 December 2015 est.) |
| Stock of direct foreign investment - at home | $1.041 trillion (31 December 2016 est.) $978.4 billion (31 December 2015 est.) |
| Stock of direct foreign investment - abroad | $673 billion (31 December 2016 est.) $625.3 billion (31 December 2015 est.) |
| Exchange rates | Singapore dollars (SGD) per US dollar - 1.379 (2016 est.) 1.3748 (2015 est.) 1.3748 (2014 est.) 1.2671 (2013 est.) 1.25 (2012 est.) |