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 nearly 10% growth in 1993 while stemming inflation. The construction and financial services industries and manufacturers of computer-related components have led economic growth. 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 equivalent - $42.4 billion (1993)

National product real growth rate: 9.9% (1993)

National product per capita: $15,000 (1993 est.)

Inflation rate (consumer prices): 2.4% (1993)

Unemployment rate: 2.7% (1993)

Budget:
revenues: $11.9 billion
expenditures: $10.5 billion, including capital expenditures of $3.9 billion (1994 est.)

Exports: $61.5 billion (f.o.b., 1992)
commodities: computer equipment, rubber and rubber products, petroleum products, telecommunications equipment
partners: US 21%, Malaysia 12%, Hong Kong 8%, Japan 8%, Thailand 6% (1992)

Imports: $66.4 billion (f.o.b., 1992)
commodities: aircraft, petroleum, chemicals, foodstuffs
partners: Japan 21%, US 16%, Malaysia 15%, Saudi Arabia 5%, Taiwan 4%

External debt: $0; Singapore is a net creditor

Industrial production: growth rate 2.3% (1992); accounts for 28% of GDP

Electricity:
capacity: 4,860,000 kW
production: 18 billion kWh
consumption per capita: 6,420 kWh (1992)

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

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 - 1.6032 (January 1994), 1.6158 (1993), 1.6290 (1992), 1.7276 (1991), 1.8125 (1990), 1.9503 (1989)

Fiscal year: 1 April - 31 March

NOTE: The information regarding Singapore on this page is re-published from the 1995 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Singapore Economy 1995 information contained here. All suggestions for corrections of any errors about Singapore Economy 1995 should be addressed to the CIA.