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ECONOMY
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Economy
- Overview:
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Singapore
has an open economy with strong service and manufacturing sectors
and excellent international trading links derived from its entrepot
history. Extraordinarily strong fundamentals allowed Singapore
to weather the effects of the Asian financial crisis better than
its neighbors, but the crisis did pull GDP growth down to 1.3%
in 1998 from 6% in 1997. Projections for 1999 GDP growth are in
the -1% to 1% range. Rising labor costs and appreciation of the
Singapore dollar against its neighbors' currencies continue to
be a threat to Singapore's competitiveness. The government's strategy
to address this problem includes cutting costs, increasing productivity,
improving infrastructure, and encouraging higher value-added industries.
In applied technology, per capita output, investment, and labor
discipline, Singapore has key attributes of a developed country.
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GDP:
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purchasing
power parity?$91.7 billion (1998 est.) |
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GDP
- Real Growth Rate:
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1.3%
(1998 est.) |
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GDP
- Per Capita:
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purchasing
power parity?$26,300 (1998 est.) |
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CGP
- Composition by Sector:
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agriculture:
NEGL%
industry: 28%
services: 72% |
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Population
Below Poverty Level:
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NA% |
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Household
Income or Consumption by Percentage Share:
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lowest
10%: NA%
highest 10%: NA% |
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Inflation
Rate :
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-0.5%
(1998 est.) |
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Labor
Force :
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31.3
million (1998 est.) |
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Labor
Force - by Occupation:
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financial,
business, and other services 33.5%, manufacturing 25.6%, commerce
22.9%, construction 6.6%, other 11.4% (1994) |
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Unemployment
Rate:
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5% (1999 est.) |
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Budget:
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revenues:
$16.3 billion
expenditures: $13.6 billion, including capital expenditures
of $NA (FY97/98 est.) |
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Industries:
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electronics,
financial services, oil drilling equipment, petroleum refining,
rubber processing and rubber products, processed food and beverages,
ship repair, entrepot trade, biotechnology |
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Industrial
Production Growth Rate:
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3%
(1998 est.) |
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Electricity
- Production:
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28
billion kWh (1998) |
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Electricity
- Production by Source:
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fossil
fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1996) |
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Electricity
- Consumption:
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28
billion kWh (1998) |
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Electricity
- Exports:
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0
kWh (1998) |
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Electricity
- Imports:
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0
kWh (1998) |
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Agriculture
- Products:
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rubber,
copra, fruit, vegetables; poultry |
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Exports:
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$128
billion (1998 est.) |
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Exports
- Commodities:
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computer
equipment, rubber and rubber products, petroleum products, telecommunications
equipment |
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Exports
- Partners:
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Malaysia
19%, US 18%, Hong Kong 9%, Japan 8%, Thailand 6% (1995) |
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Imports:
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$133.9
billion (1997 est.) |
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Imports
-Commodities:
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aircraft, petroleum, chemicals, foodstuffs |
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Imports
- Partners:
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Japan
21%, Malaysia 15%, US 15%, Thailand 5%, Taiwan 4%, South Korea
4% (1995) |
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Debt
- External:
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$NA
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Economic
Aid - Recipient:
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$NA
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Currency:
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1
Singapore dollar (S$) = 100 cents |
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Exchange
Rates :
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Singapore
dollars (S$) per US$1?1.6781 (January 1999), 1.6736 (1998), 1.4848
(1997), 1.4100 (1996), 1.4174 (1995), 1.5274 (1994) |
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Fiscal
Year :
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1
April?31 March |
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