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Singapore Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Singapore Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
Singapore has a highly developed and successful free-market economy. It enjoys an open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and on Singapore’s vibrant transportation, business, and financial services sectors.

The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010. Growth from 2012-2017 was slower than during the previous decade, a result of slowing structural growth - as Singapore reached high-income levels - and soft global demand for exports. Growth recovered to 3.6% in 2017 with a strengthening global economy.

The government is attempting to restructure Singapore’s economy to reduce its dependence on foreign labor, raise productivity growth, and increase wages amid slowing labor force growth and an aging population. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a signatory of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and a party to the Regional Comprehensive Economic Partnership (RCEP) negotiations with nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.

GDP (purchasing power parity):
$528.1 billion (2017 est.)
$509.7 billion (2016 est.)
$497.8 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 38
[see also: GDP country ranks ]

GDP (official exchange rate):
$323.9 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.6% (2017 est.)
2.4% (2016 est.)
2.2% (2015 est.)
country comparison to the world: 96
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$94,100 (2017 est.)
$90,900 (2016 est.)
$89,900 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 7
[see also: GDP - per capita country ranks ]

Gross national saving:
46.5% of GDP (2017 est.)
46% of GDP (2016 est.)
45.7% of GDP (2015 est.)
country comparison to the world: 5
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 35.6% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 10.9% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 24.8% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 2.8% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 173.3% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -149.1% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 0% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 24.8% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 75.2% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
vegetables; poultry, eggs; fish, ornamental fish, orchids

Industries:
electronics, chemicals, financial services, oil drilling equipment, petroleum refining, biomedical products, scientific instruments, telecommunication equipment, processed food and beverages, ship repair, offshore platform construction, entrepot trade

Industrial production growth rate:
5.7% (2017 est.)
country comparison to the world: 46
[see also: Industrial production growth rate country ranks ]

Labor force:
3.657 million (2017 est.)
note: excludes non-residents
country comparison to the world: 99
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 0.7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 25.6%
[see also: Labor force - by occupation - industry country ranks ]
services: 73.7% (2017)
note: excludes non-residents

Unemployment rate:
2.2% (2017 est.)
2.1% (2016 est.)
country comparison to the world: 21
[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%: 1.6%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 27.5% (2017)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
45.9 (2017)
45.8 (2016)
country comparison to the world: 38
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 50.85 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 51.87 billion (2017 est.)
note: expenditures include both operational and development expenditures

Taxes and other revenues:
15.7% (of GDP) (2017 est.)
country comparison to the world: 187
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-0.3% (of GDP) (2017 est.)
country comparison to the world: 55
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
111.1% of GDP (2017 est.)
106.8% of GDP (2016 est.)
note: Singapore's 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; Singapore has no external public debt
country comparison to the world: 11
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
0.6% (2017 est.)
-0.5% (2016 est.)
country comparison to the world: 33
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
2.15% (2017 est.)
1.17% (2016 est.)
country comparison to the world: 118
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.28% (31 December 2017 est.)
5.35% (31 December 2016 est.)
country comparison to the world: 143
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$137.4 billion (31 December 2017 est.)
$119.4 billion (31 December 2016 est.)
country comparison to the world: 31
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$137.4 billion (31 December 2017 est.)
$119.4 billion (31 December 2016 est.)
country comparison to the world: 31
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$471.2 billion (31 December 2017 est.)
$383.3 billion (31 December 2016 est.)
country comparison to the world: 27
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$809.4 billion (31 December 2017 est.)
$712.3 billion (31 December 2016 est.)
$696 billion (31 December 2015 est.)
country comparison to the world: 14
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$60.99 billion (2017 est.)
$58.85 billion (2016 est.)
country comparison to the world: 8
[see also: Current account balance country ranks ]

Exports:
$396.8 billion (2017 est.)
$338 billion (2016 est.)
country comparison to the world: 13
[see also: Exports country ranks ]

Exports - partners:
China 14.7%, Hong Kong 12.6%, Malaysia 10.8%, US 6.6%, Indonesia 5.8%, Japan 4.7%, South Korea 4.6%, Thailand 4% (2017)

Exports - commodities:
machinery and equipment (including electronics and telecommunications), pharmaceuticals and other chemicals, refined petroleum products, foodstuffs and beverages

Imports:
$312.1 billion (2017 est.)
$277.6 billion (2016 est.)
country comparison to the world: 16
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, mineral fuels, chemicals, foodstuffs, consumer goods

Imports - partners:
China 13.9%, Malaysia 12%, US 10.7%, Japan 6.3%, South Korea 5% (2017)

Reserves of foreign exchange and gold:
$279.9 billion (31 December 2017 est.)
$271.8 billion (31 December 2016 est.)
country comparison to the world: 11
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$566.1 billion (31 December 2017 est.)
$464.1 billion (30 September 2017 est.)
country comparison to the world: 20
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$1.285 trillion (31 December 2017 est.)
$1.22 trillion (31 December 2016 est.)
country comparison to the world: 9
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$841.4 billion (31 December 2017 est.)
$759.2 billion (31 December 2016 est.)
country comparison to the world: 13
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Singapore dollars (SGD) per US dollar -
1.3 (2017 est.)
1.35 (2016 est.)
1.3815 (2015 est.)
1.3748 (2014 est.)
1.2671 (2013 est.)


NOTE: 1) The information regarding Singapore on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Singapore Economy 2019 information contained here. All suggestions for corrections of any errors about Singapore Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 08-Feb-19
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