Overview: Singapore has an open entrepreneurial economy with strong service and manufacturing sectors and excellent international trading links derived from its entrepot history. During the 1970s and early 1980s, the economy expanded rapidly, achieving an average annual growth rate of 9%. Per capita GDP is among the highest in Asia. In 1985 the economy registered its first drop in 20 years and achieved less than a 2% increase in 1986. Recovery was strong based on rising demand for Singapore's products in OECD countries and improved competitiveness of domestic manufactures. The economy grew 8.3% in 1990. Singapore's position as a major oil refining and services center helped it weather the Persian Gulf crisis.

GDP: $34.6 billion, per capita $12,700; real growth rate 8.3% (1990)

Inflation rate (consumer prices): 3.4% (1990)

Unemployment rate: 1.7% (1990)

Budget: revenues $8.0 billion; expenditures $7.2 billion, including capital expenditures of $2.4 billion (FY90 est.)

Exports: $52.5 billion (f.o.b., 1990); commodities--includes transshipments to Malaysia--petroleum products, rubber, electronics, manufactured goods; partners--US 21%, EC 14%, Malaysia 13%, Japan 9%

Imports: $60.6 billion (c.i.f., 1990); commodities--includes transshipments from Malaysia--capital equipment, petroleum, chemicals, manufactured goods, foodstuffs; partners--Japan 20%, US 16%, Malaysia 14%, EC 13%

External debt: $3.9 billion (1990)

Industrial production: growth rate 9% (1990 est.); accounts for 29% of GDP (1989)

Electricity: 4,000,000 kW capacity; 14,400 million kWh produced, 5,300 kWh per capita (1990)

Industries: petroleum refining, electronics, oil drilling equipment, rubber processing and rubber products, processed food and beverages, ship repair, entrepot trade, financial services, biotechnology

Agriculture: occupies a position of minor importance in the economy; self-sufficient in poultry and eggs; must import much of other food; major crops--rubber, copra, fruit, vegetables

Economic aid: US commitments, including Ex-Im (FY70-83), $590 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $882 million

Currency: Singapore dollar (plural--dollars); 1 Singapore dollar (S$) = 100 cents

Exchange rates: Singapore dollars per US$1--1.7454 (January 1991), 1.8125 (1990), 1.9503 (1989), 2.0124 (1988), 2.1060 (1987), 2.1774 (1986), 2.2002 (1985)

Fiscal year: 1 April-31 March

NOTE: The information regarding Singapore on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Singapore Economy 1991 information contained here. All suggestions for corrections of any errors about Singapore Economy 1991 should be addressed to the CIA.