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    Singapore Economy - 1989

      Overview: Singapore has an open economy with strong service and manufacturing sectors and an excellent international trading link 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. Estimates for 1988 suggest a 10.9% growth rate based on rising demand for Singapore's products in OECD countries, a strong Japanese yen, and improved competitiveness of domestic manufactures. In 1988 the inflation rate was insignificant at 1.5%, and unemployment dropped below 4%.

      GDP: $23.7 billion, per capita $8,870; real growth rate 10.9% (1988 est.)

      Inflation rate (consumer prices): 1.5% (1988 est.)

      Unemployment rate: 3.3% (1988 est.)

      Budget: revenues $5.8 billion; expenditures $6.2 billion, including capital expenditures of $2.4 billion (FY88)

      Exports: $39 billion (f.o.b., 1988 est.); @m5commodities--includes transshipments to Malaysia--petroleum products, rubber, electronics, manufactured goods; @m5partners--US 24%, Malaysia 13%, Japan 9%, Hong Kong 6%, Thailand 6%, Australia 3%, FRG 3%

      Imports: $42.5 billion (c.i.f., 1988 est.); @m5commodities--includes transshipments from Malaysia--capital equipment, petroleum, chemicals, manufactured goods, foodstuffs; @m5partners--Japan 22%, US 16%, Malaysia 14%, EC 12%, Kuwait 1%

      External debt: $5.2 billion (December 1988)

      Industrial production: growth rate 17% (1987)

      Electricity: 3,900,000 kW capacity; 11,500 million kWh produced, 4,350 kWh per capita (1988)

      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

      Aid: US commitments, including Ex-Im (FY70-83), $590 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-86), $730 million

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

      Exchange rates: Singapore dollars per US$1--1.9401 (January 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 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Singapore Economy 1989 information contained here. All suggestions for corrections of any errors about Singapore Economy 1989 should be addressed to the CIA.

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    Revised 15-Apr-03
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