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Singapore Economy 1996

Overview:

Singapore has an open entrepreneurial economy with strong service and manufacturing sectors and excellent international trading links derived from its entrepot history. The economy registered 10.1% growth in 1994, with prospects for 7.5%-8.5% growth in 1995. In 1994, the manufacturing and financial and business services sectors have led economic growth. Exports boomed, led by the electronics sector, particularly US demand for disk drives. Rising labor costs continue to be a threat to Singapore's competitiveness, but there are indications that productivity is keeping up. In applied technology, per capita output, investment, and labor discipline, Singapore has key attributes of a developed country.

National product:

GDP - purchasing power parity - $57 billion (1994 est.)

National product real growth rate:

10.1% (1994)

National product per capita:

$19,940 (1994 est.)

Inflation rate (consumer prices):

3.6% (1994)

Unemployment rate:

2.6% (1994)

Budget:

revenues:

$11.9 billion

expenditures:

$10.5 billion, including capital expenditures of $3.9 billion (FY93/94 est.)

Exports:

$96.4 billion (f.o.b., 1994)

commodities:

computer equipment, rubber and rubber products, petroleum products, telecommunications equipment

partners:

Malaysia 20%, US 19%, Hong Kong 9%, Japan 7%, Thailand 6% (1994)

Imports:

$102.4 billion (c.i.f., 1994)

commodities:

aircraft, petroleum, chemicals, foodstuffs

partners:

Japan 22%, Malaysia 16%, US 15%, Taiwan 4%, Saudi Arabia 4% (1994)

External debt:

$20 million (1993 est.)

Industrial production:

growth rate 13% (1994 est.); accounts for 28% of GDP (1993)

Electricity:

capacity:

4,510,000 kW

production:

17 billion kWh

consumption per capita:

5,590 kWh (1993)

Industries:

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

Agriculture:

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

Illicit drugs:

transit point for Golden Triangle heroin going to the US, Western Europe, and the Third World; also a major money-laundering center

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-83), $590 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $1 billion

Currency:

1 Singapore dollar (S$) = 100 cents

Exchange rates:

Singapore dollars (S$) per US$1 - 1.4524 (January 1995), 1.5275 (1994), 1.6158 (1993), 1.6290 (1992), 1.7276 (1991), 1.8125 (1990)

Fiscal year:

1 April - 31 March

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