Page last updated on February 5, 2013
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 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 4.9% in 2011 and 2.1% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% 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):
$326.7 billion (2012 est.)
country comparison to the world: 40
$320 billion (2011 est.)
$305.1 billion (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$267.9 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
2.1% (2012 est.)
country comparison to the world: 140
4.9% (2011 est.)
14.8% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$60,900 (2012 est.)
country comparison to the world: 6
$60,700 (2011 est.)
$58,900 (2010 est.)
note:
data are in 2012 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:
27.8%
services:
72.2% (2010 est.)
Labor force:
3.303 million
country comparison to the world: 99
note:
excludes non-residents (2012 est.)
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 0.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
19.6%
services:
80.3%
note:
excludes non-residents (2011)
Unemployment rate:
2% (2012 est.)
country comparison to the world: 14
2% (2011 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)
Distribution of family income - Gini index:
47.3 (2011)
country comparison to the world: 29
48.1 (2008)
[see also:
Distribution of family income - Gini index country ranks ]
Investment (gross fixed):
24.7% of GDP (2012 est.)
country comparison to the world: 52
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $39.86 billion
[see also: Budget revenues country ranks ]
expenditures:
$39.58 billion
note:
expenditures include both operational and development expenditures (2012 est.)
Taxes and other revenues:
14.9% of GDP (2012 est.)
country comparison to the world: 189
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
0.1% of GDP (2012 est.)
country comparison to the world: 37
[see also: Budget surplus (+) or deficit (-) country ranks ]
Public debt:
106.5% of GDP (2012 est.)
country comparison to the world: 14
118.2% of GDP (2011 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-tradable; the government has not borrowed to finance deficit expenditures since the 1980s
[see also:
Public debt country ranks ]
Inflation rate (consumer prices):
4.4% (2012 est.)
country comparison to the world: 122
5.2% (2011 est.)
[see also:
Inflation rate (consumer prices) country ranks ]
Commercial bank prime lending rate:
5.4% (31 December 2012 est.)
country comparison to the world: 153
5.38% (31 December 2011 est.)
[see also:
Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$120.7 billion (31 December 2012 est.)
country comparison to the world: 28
$99.27 billion (31 December 2011 est.)
[see also:
Stock of narrow money country ranks ]
Stock of broad money:
$400.8 billion (31 December 2012 est.)
country comparison to the world: 27
$340.9 billion (31 December 2011 est.)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$278.8 billion (31 December 2012 est.)
country comparison to the world: 37
$235.2 billion (31 December 2011 est.)
[see also:
Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$569.4 billion (31 December 2011)
country comparison to the world: 20
$620.5 billion (31 December 2010)
$474.3 billion (31 December 2009)
[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:
7.8% (2011 est.)
country comparison to the world: 30
[see also: Industrial production growth rate country ranks ]
Current account balance:
$44.87 billion (2012 est.)
country comparison to the world: 11
$50.16 billion (2011 est.)
[see also:
Current account balance country ranks ]
Exports:
$430.6 billion (2012 est.)
country comparison to the world: 14
$414.8 billion (2011 est.)
[see also:
Exports country ranks ]
Exports - commodities:
machinery and equipment (including electronics and telecommunications), pharmaceuticals and other chemicals, refined petroleum products
Exports - partners:
Malaysia 12.2%, Hong Kong 11%, Indonesia 10.4%, China 10.4%, US 5.5%, Japan 4.5% (2011)
Imports:
$390.4 billion (2012 est.)
country comparison to the world: 14
$366.3 billion (2011 est.)
[see also:
Imports country ranks ]
Imports - commodities:
machinery and equipment, mineral fuels, chemicals, foodstuffs, consumer goods
Imports - partners:
US 10.8%, Malaysia 10.7%, China 10.4%, Japan 7.2%, South Korea 5.9%, Indonesia 5.3%, Saudi Arabia 4.8% (2011)
Reserves of foreign exchange and gold:
$253.3 billion (31 December 2012 est.)
country comparison to the world: 11
