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Singapore Economy 2012

SOURCE: 2012 CIA WORLD FACTBOOK AND OTHER SOURCES











Singapore Economy 2012
SOURCE: 2012 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 8,

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 financial services sector. Real GDP growth averaged 7.1% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.5% in 2010 and 5.3% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to 1% growth per year in the last decade. Singapore 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):
$314.5 billion (2011 est.)
country comparison to the world: 40

$298.7 billion (2010 est.)
$260.9 billion (2009 est.)
note: data are in 2011 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$266.5 billion (2011 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5.3% (2011 est.)
country comparison to the world: 61

14.5% (2010 est.)
-0.8% (2009 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$59,900 (2011 est.)
country comparison to the world: 5

$57,800 (2010 est.)
$51,400 (2009 est.)
note: data are in 2011 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 0%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 28.3%
[see also: GDP - composition by sector - industry country ranks ]
services: 71.7% (2010 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
3.212 million (2011 est.)
country comparison to the world: 101
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 0.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 30.2%
[see also: Labor force - by occupation - industry country ranks ]
services: 69.7% (2010)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
1.9% (2011 est.)
country comparison to the world: 12

2.2% (2010 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 4.4%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 23.2% (2008)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
47.8 (2009)
country comparison to the world: 28

48.1 (2008)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
25.2% of GDP (2011 est.)
country comparison to the world: 63
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $39.33 billion
[see also: Budget revenues country ranks ]
expenditures: $38.52 billion
[see also: Budget expenditures country ranks ]
note: expenditures include both operational and development expenditures (2011 est.)

Taxes and other revenues:
14.8% of GDP (2011 est.)
country comparison to the world: 192
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0.3% of GDP (2011 est.)
country comparison to the world: 39
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
96.3% of GDP (2011 est.)
country comparison to the world: 15

105.8% of GDP (2010 est.)
note: for Singapore, 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-tradeable; the government has not borrowed to finance deficit expenditures since the 1980s
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
4.6% (2011 est.)
country comparison to the world: 109

2.8% (2010 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
NA% (31 December 2010 est.)
country comparison to the world: 142

0.27% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.4% (31 December 2011 est.)
country comparison to the world: 156

5.38% (31 December 2010 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$111.6 billion (31 December 2011 est.)
country comparison to the world: 31

$87.35 billion (31 December 2010 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$370.6 billion (31 December 2011 est.)
country comparison to the world: 26

$313.1 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$238.9 billion (31 December 2011 est.)
country comparison to the world: 39

$202.2 billion (31 December 2010 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$620.5 billion (31 December 2010)
country comparison to the world: 20

$474.3 billion (31 December 2009)
$268.6 billion (31 December 2008)
[see also: Market value of publicly traded shares country ranks ]

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:
3.4% (2011 est.)
country comparison to the world: 99
[see also: Industrial production growth rate country ranks ]

Electricity - production:
39.21 billion kWh (2008 est.)
country comparison to the world: 55
[see also: Electricity - production country ranks ]

Electricity - consumption:
37.11 billion kWh (2008 est.)
country comparison to the world: 55
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2009 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
0 kWh (2009 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
10,910 bbl/day (2010 est.)
country comparison to the world: 84
[see also: Oil - production country ranks ]

Oil - consumption:
1.08 million bbl/day (2010 est.)
country comparison to the world: 19
[see also: Oil - consumption country ranks ]

Oil - exports:
1.374 million bbl/day (2009 est.)
country comparison to the world: 19
[see also: Oil - exports country ranks ]

Oil - imports:
2.052 million bbl/day (2009 est.)
country comparison to the world: 10
[see also: Oil - imports country ranks ]

Natural gas - production:
0 cu m (2009 est.)
country comparison to the world: 124
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
9.66 billion cu m (2009 est.)
country comparison to the world: 47
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2009 est.)
country comparison to the world: 179
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
9.66 billion cu m (2009 est.)
country comparison to the world: 25
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
0 cu m (1 January 2011 est.)
country comparison to the world: 191
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
$42.11 billion (2011 est.)
country comparison to the world: 11

$46.27 billion (2010 est.)
[see also: Current account balance country ranks ]

Exports:
$432.1 billion (2011 est.)
country comparison to the world: 14

$358.4 billion (2010 est.)
[see also: Exports country ranks ]

Exports - commodities:
machinery and equipment (including electronics), consumer goods, pharmaceuticals and other chemicals, mineral fuels

Exports - partners:
Malaysia 11.9%, Hong Kong 11.7%, China 10.4%, Indonesia 9.4%, US 6.5%, Japan 4.7%, South Korea 4.1% (2010)

Imports:
$386.7 billion (2011 est.)
country comparison to the world: 14

$310.4 billion (2010 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, mineral fuels, chemicals, foodstuffs, consumer goods

Imports - partners:
Malaysia 11.7%, US 11.5%, China 10.8%, Japan 7.9%, South Korea 5.8%, Indonesia 5.4% (2010)

Reserves of foreign exchange and gold:
$248.7 billion (31 December 2011 est.)
country comparison to the world: 11

$225.7 billion (31 December 2010 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$23.59 billion (31 December 2011 est.)
country comparison to the world: 75

$21.82 billion (31 December 2010 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$318.2 billion (31 December 2011 est.)
country comparison to the world: 18

$298.7 billion (31 December 2010 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$178.7 billion (31 December 2011 est.)
country comparison to the world: 21

$173.2 billion (31 December 2010 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Singapore dollars (SGD) per US dollar -

1.234 (2011 est.)
1.3635 (2010 est.)
1.4545 (2009)
1.415 (2008)
1.507 (2007)


NOTE: 1) The information regarding Singapore on this page is re-published from the 2012 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Singapore Economy 2012 information contained here. All suggestions for corrections of any errors about Singapore Economy 2012 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 07-Mar-12
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