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| Currency | Singapore dollar (SGD); Brunei Dollar(B$) |
|---|---|
| Fiscal year | 1 April - 31 March |
| Trade organisations | WTO, APEC, IOR-ARC, ASEAN |
| Statistics | |
| GDP | $318.9 billion (2011 est. PPP) |
| GDP growth | 5.8% (Q3 2013) |
| GDP per capita | $62,100 (PPP, 2012 est.),[1]$51,709(nominal, 2012 est.)[2] |
| GDP by sector | agriculture: 0%; industry: 26.6%;services: 73.4% (2011 est.) |
| Inflation (CPI) | 5.2% (2011 est.) |
| Population below poverty line | N/A |
| Gini coefficient | 47.3 (2011) |
| Labour force | 3.237 million (2011 est.) |
| Labour force by occupation | agriculture 0.1%, industry 19.6% 18%, services 80.3% (2011) |
| Unemployment | 1.9% (2012 est.) |
| Main industries | electronics, chemicals, financial services, oil drilling equipment,petroleum refining, rubber processing and rubber products, processed foodand beverages, ship repair, offshore platform construction, life sciences,entrepot trade |
| Ease of doing business rank | 1st[3] |
| External | |
| Exports | $414.8 billion (2011 est.)[1] |
| Export goods | machinery and equipment (including electronics and telecommunications), pharmaceuticals and other chemicals, refined petroleum products |
| Main export partners |  Malaysia 12.2% Hong Kong 10.9% China 10.7% Indonesia 10.5% United States 5.5% Japan 4.6% Australia 4.2% South Korea 4.0% (2012 est.)[4] |
| Imports | $311.7 billion (2011 est.)[1] |
| Import goods | machinery and equipment, mineral fuels, chemicals, foodstuffs, consumer goods |
| Main import partners | Malaysia 10.6% China 10.3% United States 10.2% South Korea 6.8% Japan 6.2% Indonesia 5.3% Saudi Arabia 4.5% United Arab Emirates 4.1% (2012 est.)[5] |
| FDI stock | $497 billion (31 December 2011 est.) |
| Gross external debt | $23.58 billion (31 December 2011 est.) |
| Public finances | |
| Public debt | 118.2% of GDP (2011 est.) |
| Revenues | S$40.53 billion (2011 est] |
| Expenses | S$37.18 billion (2011 est.) note: expenditures include both operational and development expenditures |
| Economic aid | none |
| Credit rating | |
| Foreign reserves | |
Singapore is a highly developed trade-oriented market economy.[9][10] Singapore's economy has been ranked as the most open in the world,[11] least corrupt,[12]most pro-business,[13] with low tax rates (14.2% of Gross Domestic Product, GDP)[14] and has the highest per-capita GDP in the world; in terms of Purchasing Power Parity (PPP). Singapore's sovereign wealth fund, Temasek Holdings, holds majority stakes in several of the nation's largest companies, such as Singapore Airlines, SingTel, ST Engineering and MediaCorp. The economy of Singapore is a major Foreign Direct Investment(FDI) outflow financier in the world. Singapore has also benefited from the inward flow of FDI from global investors and institutions due to her highly attractive investment climate and a stable political environment.[15]
Exports, particularly in electronics, chemicals and services including the posture that Singapore is the regional hub for wealth management[16][17][18] provide the main source of revenue for the economy, which allows it to purchase natural resources and raw goods which she lacks. Moreover, water is scarce in Singapore[19] therefore water is defined as a precious resource in Singapore along with the scarcity of land to be treated with land fill of Pulau Semakau. Singapore has limited arable land[20] that Singapore has to rely on the agrotechnologypark[21] for agricultural production and consumption. Human Resource is another vital issue for the health of Singaporean economy.[22]
Singapore could thus be said to rely on an extended concept of intermediary trade to Entrepôt trade, by purchasing raw goods and refining them for re-export, such as in the wafer fabrication industry and oil refining. Singapore also has a strategicport which makes it more competitive than many of its neighbours in carrying out such entrepot activities. Singapore has the highest trade to GDP ratio in the world, averaging around 400% during 2008-11.[23] The Port of Singapore is the second-busiest in the world by cargo tonnage. In addition, Singapore's port infrastructureand skilled workforce, which is due to the success of the country's education policy in producing skilled workers, is also fundamental in this aspect as they provide easier access to markets for both importing and exporting, and also provide the skill(s) needed to refine imports into exports.
Singapore's government promotes high levels of savings and investment through policies such as the Central Provident Fund, which is used to fund its citizen's healthcare and retirement needs. Since the nation has no Welfare State, its economy has maintained high savings rates, these savings rates have translated to higher investment and economic growth.[citation needed] Singapore today follows what could be described as free-market economics, with individualized social security programs and near-flat taxes on its population. Singapore's savings rates have remained among the highest in the world since the 1970s.[24] Most companies in Singapore are registered as private limited-liability companies (commonly known as "private limited companies"). A private limited company in Singapore is a separate legal entity, and shareholders are not liable for the company's debts beyond the amount of share capital they have contributed. Economists have attributed its successes to its practice of free trade and economic freedom[citation needed].
To preserve its international standing and further its economic prosperity in the 21st century, Singapore has taken measures to promote innovation, encourage entrepreneurship, re-train her workforce, and even attract foreign talents. These measures aim to boost Singapore's productivity, so that Singapore remains competitive and ready for the challenges of an information-driven global economy.
Contents
[hide]Economic history[edit]
This is a chart of trend of gross domestic product of Singapore at market pricesestimated by the International Monetary Fund.
| Year | Gross Domestic Product ($ millions) | US Dollar Exchange | Nominal Per Capita GDP (as % of USA) | PPP Per Capita GDP (as % of USA) |
|---|---|---|---|---|
| 1980 | 25,117 | 2.14 Singapore Dollars | 39.65 | 55.00 |
| 1985 | 39,036 | 2.20 Singapore Dollars | 36.63 | 63.41 |
| 1990 | 66,778 | 1.81 Singapore Dollars | 52.09 | 74.76 |
| 1995 | 119,470 | 1.41 Singapore Dollars | 86.14 | 90.60 |
| 2000 | 159,840 | 1.72 Singapore Dollars | 66.19 | 91.48 |
| 2005 | 194,360 | 1.64 Singapore Dollars | 67.54 | 103.03 |
| 2007 | 224,412 | 1.42 Singapore Dollars | 74.61 | 107.92 |
| 2008 | 235,632 | 1.37 Singapore Dollars | 73.71 | 107.27 |
| 2009 | 268,900 | 1.50 Singapore Dollars | 78.53 | 108.33 |
| 2010 | 309,400 | 1.32 Singapore Dollars | 82.13 | 119.54 |
| 2011 | 270,020 | 1.29 Singapore Dollars | - | - |
| 2013 | - | 1.25 Singapore Dollars | - | - |
