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Singapore Economy 2017
http://www.theodora.com/wfbcurrent/singapore/singapore_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Singapore Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

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. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its 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 on the strength of renewed exports. Growth in 2014-15 was slower at under 3%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector.The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, as well as the Regional Comprehensive Economic Partnership negotiations with the 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):
$486.9 billion (2016 est.) $478.8 billion (2015 est.) $469.4 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 41
[see also: GDP country ranks ]

GDP (official exchange rate):
$296.6 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.7% (2016 est.) 2% (2015 est.) 3.3% (2014 est.)
country comparison to the world: 153
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$87,100 (2016 est.) $86,500 (2015 est.) $85,800 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 5
[see also: GDP - per capita country ranks ]

Gross national saving:
46% of GDP (2016 est.) 46.1% of GDP (2015 est.) 46.4% of GDP (2014 est.)
country comparison to the world: 2
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 36.1%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 10.8%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 23.4%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 2%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 176.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -149.2% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 0%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 26.6%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 73.4% (2016 est.)
[see also: GDP - composition, by sector of origin - services 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:
1% (2016 est.)
country comparison to the world: 145
[see also: Industrial production growth rate country ranks ]

Labor force:
3.661 million
note: excludes non-residents (2016 est.)
country comparison to the world: 97
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 1.3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 14.8%
[see also: Labor force - by occupation - industry country ranks ]
services: 83.9%
[see also: Labor force - by occupation - services country ranks ]
note: excludes non-residents (2014)

Unemployment rate:
2.1% (2016 est.) 1.9% (2015 est.)
country comparison to the world: 14
[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%: 2.3%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 11% (2014)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
46.4 (2014) 46.3 (2013)
country comparison to the world: 32
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $46.86 billion
[see also: Budget revenues country ranks ]
expenditures: $44.83 billion
[see also: Budget expenditures country ranks ]
note: expenditures include both operational and development expenditures (2016 est.)

Taxes and other revenues:
15.8% of GDP (2016 est.)
country comparison to the world: 181
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0.7% of GDP (2016 est.)
country comparison to the world: 20
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
110.5% of GDP (2016 est.) 104.7% of GDP (2015 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-tr
country comparison to the world: 9
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
-0.8% (2016 est.) -0.5% (2015 est.)
country comparison to the world: 9
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.25% (2014) 0.07% (2013)
country comparison to the world: 136
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.4% (31 December 2016 est.) 5.35% (31 December 2015 est.)
country comparison to the world: 134
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$115.1 billion (31 December 2016 est.) $113.5 billion (31 December 2015 est.)
country comparison to the world: 33
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$413.7 billion (31 December 2014 est.) $405.1 billion (31 December 2013 est.)
country comparison to the world: 26
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$353.7 billion (31 December 2016 est.) $344.6 billion (31 December 2015 est.)
country comparison to the world: 33
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$640 billion (31 December 2015 est.) $752.8 billion (31 December 2014 est.) $744.4 billion (31 December 2013 est.)
country comparison to the world: 18
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$57.26 billion (2016 est.) $57.92 billion (2015 est.)
country comparison to the world: 9
[see also: Current account balance country ranks ]

Exports:
$353.3 billion (2016 est.) $377.1 billion (2015 est.)
country comparison to the world: 14
[see also: Exports country ranks ]

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

Exports - partners:
China 13.7%, Hong Kong 11.5%, Malaysia 10.8%, Indonesia 8.2%, US 6.9%, Japan 4.4%, South Korea 4.1% (2015)

Imports:
$271.3 billion (2016 est.) $294.5 billion (2015 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 14.2%, US 11.2%, Malaysia 11.2%, Japan 6.3%, South Korea 6.1%, Indonesia 4.8% (2015)

Reserves of foreign exchange and gold:
$249.7 billion (31 December 2016 est.) $247.7 billion (31 December 2015 est.)
country comparison to the world: 12
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$467.4 billion (31 December 2016 est.) $465.5 billion (31 December 2015 est.)
country comparison to the world: 27
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$1.041 trillion (31 December 2016 est.) $978.4 billion (31 December 2015 est.)
country comparison to the world: 11
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$673 billion (31 December 2016 est.) $625.3 billion (31 December 2015 est.)
country comparison to the world: 15
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Singapore dollars (SGD) per US dollar - 1.379 (2016 est.) 1.3748 (2015 est.) 1.3748 (2014 est.) 1.2671 (2013 est.) 1.25 (2012 est.)


NOTE: The information regarding Singapore on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Singapore Economy 2017 information contained here. All suggestions for corrections of any errors about Singapore Economy 2017 should be addressed to the CIA.




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