Economy of Singapore

Economy of Singapore
Singapore Marina-Bay-Panorama-02.jpg
Skyline of Singapore's CBD
CurrencySingapore dollar (SGD/S$)
1 April – 31 March
Trade organisations
WTO, APEC, IOR-ARC, ASEAN
Statistics
GDPUS$349.7 billion (nominal; 2018 est.)[1]
US$554.9 billion (PPP; 2018 est.)[1]
GDP rank
GDP growth
Increase 3.6% (2017)[2][3]
GDP per capita
US$61,766 (nominal; 2018 est.)[1]
US$98,014 (PPP; 2018 est.)[1]
GDP per capita rank
GDP by sector
Agriculture: 0%
Industry: 26.6%
Services: 73.4% (2016 est.)
0.4% (August 2017)
Population below poverty line
N/A
46.4 (2014)
Labour force
3.661 million (2016 est.)[4]
Labour force by occupation
Agriculture: 0.96%
Industry: 15.5%
Services: 83.5% (2016 est)
Unemployment2.1% (December 2017)
Main industries
2nd (2018)[5]
External
ExportsUS$329.7 billion (2016)[6]
Export goods
Main export partners
ImportsUS$282.9 billion (2016)[6]
Import goods
Main import partners
FDI stock
Inward: US$1.096 trillion
Outward: US$682.4 billion (2016)[7]
US$61.172 billion (2015 est.) [8]
US$1.32 trillion (30 June 2017)[9]
S$738.811 billion (Q1 2015) [10]
Public finances
110.5% of GDP (2016 est.)
RevenuesS$69.45 billion (2017 est.)[11]
ExpensesS$75.07 billion (2017 est.) [11]
Economic aidNone
Foreign reserves
US$279 billion (October 2017)[14]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The economy of Singapore is a highly developed free-market economy.[15][16] Singapore's economy has been ranked as the most open in the world,[17] 7th least corrupt,[18] most pro-business,[19] with low tax rates (14.2% of Gross Domestic Product, GDP)[20] and has the third highest per-capita GDP in the world in terms of Purchasing Power Parity (PPP). APEC is headquartered in Singapore.

Government-linked companies play a substantial role in Singapore's economy. 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 Singaporean economy 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 its highly attractive investment climate and a stable political environment.[21]

Exports, particularly in electronics, chemicals and services including Singapore's position as the regional hub for wealth management[22][23][24] provide the main source of revenue for the economy, which allows it to purchase natural resources and raw goods which it lacks. Moreover, water is scarce in Singapore[25] therefore it is defined as a precious resource along with the scarcity of land to be treated with land fill of Pulau Semakau. Singapore has limited arable land,[26] meaning that Singapore has to rely on the agrotechnology park[27] for agricultural production and consumption. Human resources is another vital issue for the health of the Singaporean economy.[28] The economy of Singapore ranks 2nd overall in the Scientific American Biotechnology ranking in 2014,[29] with the featuring of Biopolis.

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 strategic port which makes it more competitive than many of its neighbours in carrying out such entrepot activities. Singapore's trade to GDP ratio is among the highest in the world, averaging around 400% during 2008–11.[30][31] The Port of Singapore is the second-busiest in the world by cargo tonnage.

To preserve its international standing and further its economic prosperity in the 21st century, Singapore has taken measures to promote innovation, encourage entrepreneurship and re-train its workforce. [32] The Ministry of Manpower (Singapore) (MoM) is primarily responsible for setting, adjusting, and enforcing foreign worker immigration rules. There are approximately 243,000 Foreign Domestic Workers (FDWs) in Singapore.[33]

Nuvola Singaporean flag.svg
Life in Singapore

Economy statistics

Economy statistics (Recent Years) : Year 2011 To Year 2014
Sources:[34][35][36][37][38][39][40][41]
Year Nominal
(Billion)
GDP
Nominal
Per Capita
GDP Real
(Billion)
Nominal
(Billion)
GNI
Nominal
Per Capita
Reserves
(Billion)
Avg.
Exchange Rate
(1US$ to S$)
2011 US$275.369
S$346.353
US$53,122
S$66,816
S$342.371 US$250.515
S$338.452
S$65,292 US$237.737 S$1.2573
2012 US$289.941
S$362.332
US$54,578
S$68,205
S$354.061 US$273.022
S$351.765
S$66,216 US$259.307 S$1.2498
2013 US$302.245
S$378.200
US$55,979
S$70,047
S$324.592 US$294.692
S$366.618
S$67,902 US$273.065 S$1.2513
2014 US$308.051
S$390.089
US$56,319
S$71,318
S$380.585 US$301.638
S$378.329
S$69,168 US$256.860 S$1.2671
Economy statistics Since Year 1970 To Year 2010
Sources:[42][43][44][45][46][47][48][49]
Year Nominal
(Billion)
GDP
Nominal
Per Capita
Nominal
(Billion)
GNI
Nominal
Per Capita
Reserves
(Billion)
Avg.
Exchange Rate
(1US$ to S$)
1970 US$1.919
S$5.876
US$925
S$2,832
US$1.937
S$5.932
US$934
S$2,860
US$1.750 N/A
1975 US$5.789
S$13.728
US$2,559
S$6,067
US$5.841
S$13.851
US$2,582
S$6,122
US$3.007 N/A
1980 US$12.078
S$25.863
US$5,004
S$10,714
US$11.899
S$24.536
US$4,747
S$10,165
US$6.571 N/A
1985 US$18.555
S$40.823
US$6,782
S$14,921
US$19.220
S$41.161
US$6,838
S$15,045
US$12.860 S$2.1213
1990 US$38.899
S$70.507
US$12,766
S$23,139
US$36.675
S$69.798
US$12,638
S$22,907
US$27.789 S$1.8125
1995 US$87.891
S$124.575
US$24,937
S$35,346
US$83.220
S$125.475
US$25,117
S$35,601
US$68.819 S$1.4174
2000 US$95.835
S$165.217
US$23,794
S$41,018
US$95.330
S$164.205
US$23,648
S$40,767
US$80.169 S$1.7239
2005 US$127.417
S$212.074
US$29,866
S$49,715
US$121.000
S$198.050
US$27,891
S$46,428
US$116.172 S$1.6646
2010 US$236.420
S$322.361
US$46,569
S$63,498
US$227.377
S$235,076
US$46,305
S$63,137
US$225.754 S$1.3635
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