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. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing service sector. Real GDP growth averaged 7% between 2004 and 2007, but dropped to 1.2% in 2008 as a result of the global financial crisis. The economy contracted in the last three quarters of 2008, and Prime Minister LEE and other senior officials have dampened expectations for a quick rebound in 2009. Over the longer term, the government hopes to establish a new growth path that will be less vulnerable to global demand cycles, especially for information technology products - it has attracted major investments in pharmaceuticals and medical technology production - and will continue efforts to establish Singapore as Southeast Asia`s financial and high-tech hub.

GDP (purchasing power parity):

$240 billion (2008 est.)

$237.2 billion (2007)

$216.4 billion (2006)

note: data are in 2008 US dollars

GDP (official exchange rate):

$154.5 billion (2008 est.)

GDP - real growth rate:

1.2% (2008 est.)

7.7% (2007 est.)

8.2% (2006 est.)

GDP - per capita (PPP):

$52,000 (2008 est.)

$51,200 (2007 est.)

$48,200 (2006 est.)

note: data are in 2008 US dollars

GDP - composition by sector:

agriculture: 0%

industry: 33.2%

services: 66.8% (2008 est.)

Labor force:

2.96 million (2008 est.)

Labor force - by occupation:

agriculture 0%, industry 22.6%, services 77.4% (2007)

Unemployment rate:

2.3% (2008 est.)

2.1% (2007 est.)

Population below poverty line:

NA%

Household income or consumption by percentage share:

lowest 10%: 4.4%

highest 10%: 23.2% (2008)

Distribution of family income - Gini index:

48.1 (2008)

Investment (gross fixed):

45% of GDP (2008 est.)

Budget:

revenues: $28.6 billion

expenditures: $27.5 billion (2008 est.)

Public debt:

113.7% of GDP (2008 est.)

Inflation rate (consumer prices):

4.3% (2008 est.)

2.1% (2007 est.)

Commercial bank prime lending rate:

5.38% (31 December 2008)

Stock of money:

$52.6 billion (31 December 2008)

Stock of quasi money:

$234.5 billion (31 December 2008)

Stock of domestic credit:

$171.3 billion (31 December 2008)

Market value of publicly traded shares:

$268.6 billion (31 December 2008)

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:

-4.1% (2008 est.)

Electricity - production:

41.14 billion kWh (2007)

Electricity - consumption:

37.42 billion kWh (2007)

Electricity - exports:

0 kWh (2007 est.)

Electricity - imports:

0 kWh (2007 est.)

Oil - production:

8,550 bbl/day (2007)

Oil - consumption:

916,000 bbl/day (2007)

Oil - exports:

1.27 million bbl/day (2007)

Oil - imports:

2.44 million bbl/day (2007)

Oil - proved reserves:

0 bbl (1 January 2006 est.)

Natural gas - production:

0 cu m (2007 est.)

Natural gas - consumption:

6.6 billion cu m (2008 est.)

Natural gas - exports:

0 cu m (2007 est.)

Natural gas - imports:

6.6 billion cu m

note: from Indonesia and Malaysia (2008 est.)

Natural gas - proved reserves:

0 cu m (1 January 2006 est.)

Current account balance:

$28.42 billion (2008 est.)

Exports:

$235.8 billion f.o.b. (2008 est.)

Exports - commodities:

machinery and equipment (including electronics), consumer goods, pharmaceuticals and other chemicals, mineral fuels

Exports - partners:

Malaysia 12.9%, Hong Kong 10.5%, Indonesia 9.8%, China 9.7%, US 8.9%, Japan 4.8%, Thailand 4.1% (2007)

Imports:

$219.5 billion (2008 est.)

Imports - commodities:

machinery and equipment, mineral fuels, chemicals, foodstuffs, consumer goods

Imports - partners:

Malaysia 13.1%, US 12.5%, China 12.1%, Japan 8.2%, Taiwan 5.9%, Indonesia 5.6%, South Korea 4.9% (2007)

Reserves of foreign exchange and gold:

$168.8 billion (31 December 2008 est.)

Debt - external:

$25.54 billion (31 December 2008 est.)

Stock of direct foreign investment - at home:

$225.7 billion (2008 est.)

Stock of direct foreign investment - abroad:

$142.4 billion (2006)

Exchange rates:

Singapore dollars (SGD) per US dollar - 1.415 (2008 est.), 1.507 (2007), 1.5889 (2006), 1.6644 (2005), 1.6902 (2004)