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Singapore |
DKK |
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 electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and on Singapore’s 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. Growth from 2012-2017 was slower than during the previous decade, a result of slowing structural growth - as Singapore reached high-income levels - and soft global demand for exports. Growth recovered to 3.6% in 2017 with a strengthening global economy. The government is attempting to restructure Singapore’s economy to reduce its dependence on foreign labor, raise productivity growth, and increase wages amid slowing labor force growth and an aging population. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a signatory of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and a party to the Regional Comprehensive Economic Partnership (RCEP) negotiations with 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. |
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GDP (purchasing power parity) |
$513.7 billion (2017 est.) $501.1 billion (2016 est.) $491.3 billion (2015 est.) note: data are in 2017 dollars country comparison to the world: 41 |
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GDP (official exchange rate) |
$305.8 billion (2017 est.) |
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GDP - real growth rate |
2.5% (2017 est.) 2% (2016 est.) 1.9% (2015 est.) country comparison to the world: 134 |
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GDP - per capita (PPP) |
$90,500 (2017 est.) $89,400 (2016 est.) $88,800 (2015 est.) note: data are in 2017 dollars country comparison to the world: 7 |
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Gross national saving |
45% of GDP (2017 est.) 44.4% of GDP (2016 est.) 44.9% of GDP (2015 est.) country comparison to the world: 5 |
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GDP - composition, by end use |
household consumption: 34.7% government consumption: 11.4% investment in fixed capital: 23.5% investment in inventories: 1.9% exports of goods and services: 179.2% imports of goods and services: -150.6% (2017 est.) |
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GDP - composition, by sector of origin |
agriculture: 0% industry: 26% services: 74% (2016 est.) |
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Agriculture - products |
vegetables; poultry, eggs; fish, ornamental fish, orchids |
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Industries |
electronics, chemicals, financial services, oil drilling equipment, petroleum refining, biomedical products, scientific instruments, telecommunication equipment, processed food and beverages, ship repair, offshore platform construction, entrepot trade |
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Industrial production growth rate |
3% (2017 est.) country comparison to the world: 101 |
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Labor force |
3.668 million note: excludes non-residents (2017 est.) country comparison to the world: 99 |
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Labor force - by occupation |
agriculture: 0.96% industry: 15.5% services: 83.5% note: excludes non-residents (2016 est.) |
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Unemployment rate |
2.2% (2017 est.) 2.1% (2016 est.) country comparison to the world: 18 |
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Population below poverty line |
NA% |
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Household income or consumption by percentage share |
lowest 10%: 1.7% highest 10%: 26% (2016 est.) |
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Distribution of family income - Gini index |
45.8 (2016 est.) 46.3 (2015 est.) country comparison to the world: 37 |
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Budget |
revenues: $53.4 billion expenditures: $56.49 billion note: expenditures include both operational and development expenditures (2017 est.) |
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Taxes and other revenues |
17.5% of GDP (2017 est.) country comparison to the world: 174 |
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Budget surplus (+) or deficit (-) |
-1% of GDP (2017 est.) country comparison to the world: 60 |
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Public debt |
114.6% of GDP (2017 est.) 112.9% of GDP (2016 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-tradable; the government has not borrowed to finance deficit expenditures since the 1980s; Singapore has no external public debt country comparison to the world: 11 |
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Fiscal year |
1 April - 31 March |
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Inflation rate (consumer prices) |
0.9% (2017 est.) -0.5% (2016 est.) country comparison to the world: 33 |
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Central bank discount rate |
1.17% (2016 est.) 1.21% (2015 est.) country comparison to the world: 127 |
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Commercial bank prime lending rate |
5.4% (31 December 2017 est.) 5.35% (31 December 2016 est.) country comparison to the world: 136 |
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Stock of narrow money |
$134.3 billion (31 December 2017 est.) $119.4 billion (31 December 2016 est.) country comparison to the world: 32 |
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Stock of broad money |
$437.6 billion (31 December 2017 est.) $388.6 billion (31 December 2016 est.) country comparison to the world: 25 |
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Stock of domestic credit |
$455.4 billion (31 December 2017 est.) $383.3 billion (31 December 2016 est.) country comparison to the world: 28 |
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Market value of publicly traded shares |
$654.8 billion (31 December 2016 est.) $640 billion (31 December 2015 est.) $752.8 billion (31 December 2014 est.) country comparison to the world: 17 |
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Current account balance |
$59.79 billion (2017 est.) $56.5 billion (2016 est.) country comparison to the world: 9 |
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Exports |
$396.4 billion (2017 est.) $361.6 billion (2016 est.) country comparison to the world: 14 |
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Exports - commodities |
machinery and equipment (including electronics and telecommunications), pharmaceuticals and other chemicals, refined petroleum products, foodstuffs and beverages |
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Exports - partners |
China 12.8%, Hong Kong 12.6%, Malaysia 10.5%, Indonesia 7.8%, US 6.8%, Japan 4.5%, South Korea 4.4% (2016) |
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Imports |
$309.7 billion (2017 est.) $278.8 billion (2016 est.) country comparison to the world: 16 |
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Imports - commodities |
machinery and equipment, mineral fuels, chemicals, foodstuffs, consumer goods |
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Imports - partners |
China 14.3%, Malaysia 11.4%, US 10.8%, Japan 7%, South Korea 6.1%, Indonesia 4.8% (2016) |
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Reserves of foreign exchange and gold |
$266.3 billion (31 December 2017 est.) $246.6 billion (31 December 2016 est.) country comparison to the world: 12 |
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Debt - external |
$482.8 billion (31 December 2017 est.) $504.2 billion (31 December 2016 est.) country comparison to the world: 26 |
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Stock of direct foreign investment - at home |
$1.158 trillion (31 December 2017 est.) $1.096 trillion (31 December 2016 est.) country comparison to the world: 10 |
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Stock of direct foreign investment - abroad |
$725.9 billion (31 December 2017 est.) $682.4 billion (31 December 2016 est.) country comparison to the world: 15 |
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Exchange rates |
Singapore dollars (SGD) per US dollar - 1.39 (2017 est.) 1.38 (2016 est.) 1.38 (2015 est.) 1.37 (2014 est.) 1.27 (2013 est.) |
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