Singapore

Singapore was founded as a British trading colony in 1819. It joined the Malaysian Federation in 1963 but separated two years later and became independent. Singapore subsequently became one of the world’s most prosperous countries with strong international trading links (its port is one of the world’s busiest in terms of tonnage handled) and with per capita GDP equal to that of the leading nations of Western Europe.

Singapore map

Capital: Singapore

Area: 719.1 km2

Population: 5,674,472 (July 2015 est.)

Currency: Singapore dollar

Languages: English, Tamil, Malay, Standard Mandarin (official)

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 financial services sector.

The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. Singapore 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):

$339 billion (2013 est.)

country comparison to the world: 41

$327.4 billion (2012 est.)

$323.2 billion (2011 est.)

note: data are in 2013 US dollars

GDP (official exchange rate):

$287.4 billion (2013 est.)

GDP – real growth rate:

3.5% (2013 est.)

country comparison to the world: 91

1.3% (2012 est.)

5.2% (2011 est.)

GDP – per capita (PPP):

$62,400 (2013 est.)

country comparison to the world: 7

$61,600 (2012 est.)

$62,300 (2011 est.)

note: data are in 2013 US dollars

Gross national saving:

48.3% of GDP (2013 est.)

country comparison to the world: 5

45.6% of GDP (2012 est.)

46.8% of GDP (2011 est.)

GDP – composition, by end use:

household consumption: 41%

government consumption: 9.7%

investment in fixed capital: 25.6%

investment in inventories: 4.5%

exports of goods and services: 195.8%

imports of goods and services: -176.7%

(2013 est.)

GDP – composition, by sector of origin:

agriculture: 0%

industry: 27.3%

services: 72.7% (2013 est.)

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:

3.5% (2013 est.)

country comparison to the world: 83

Labor force:

3.428 million

country comparison to the world: 99

note: excludes non-residents (2013 est.)

Labor force – by occupation:

agriculture: 0.1%

industry: 19.6%

services: 80.3%

note: excludes non-residents (2011)

Unemployment rate:

2.1% (2013 est.)

country comparison to the world: 15

1.9% (2012 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:

47.8 (2012)

country comparison to the world: 27

48.1 (2008)

Budget:

revenues: $44.48 billion

expenditures: $42.47 billion

note: expenditures include both operational and development expenditures (2013 est.)

Taxes and other revenues:

15.5% of GDP (2013 est.)

country comparison to the world: 190

Budget surplus (+) or deficit (-):

0.7% of GDP (2013 est.)

country comparison to the world: 31

Public debt:

113.6% of GDP (2013 est.)

country comparison to the world: 10

111.4% of GDP (2012 est.)

note: for Singapore, 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

Fiscal year:

1 April – 31 March

Inflation rate (consumer prices):

2.4% (2013 est.)

country comparison to the world: 88

4.6% (2012 est.)

Commercial bank prime lending rate:

5.4% (31 December 2013 est.)

country comparison to the world: 151

5.38% (31 December 2012 est.)

Stock of narrow money:

$124.8 billion (31 December 2013 est.)

country comparison to the world: 29

$115 billion (31 December 2012 est.)

Stock of broad money:

$400.9 billion (31 December 2013 est.)

country comparison to the world: 26

$388.6 billion (31 December 2012 est.)

Stock of domestic credit:

$302.7 billion (31 December 2013 est.)

country comparison to the world: 35

$281.1 billion (31 December 2012 est.)

Market value of publicly traded shares:

$414.1 billion (31 December 2012 est.)

country comparison to the world: 26

$308.3 billion (31 December 2011)

$370.1 billion (31 December 2010 est.)

Current account balance:

$52.19 billion (2013 est.)

country comparison to the world: 13

$51.44 billion (2012 est.)

Exports:

$442.9 billion (2013 est.)

country comparison to the world: 15

$435.8 billion (2012 est.)

Exports – commodities:

machinery and equipment (including electronics and telecommunications), pharmaceuticals and other chemicals, refined petroleum products, food and beverages

Exports – partners:

Malaysia 12.3%, Hong Kong 10.9%, China 10.8%, Indonesia 10.6%, US 5.5%, Japan 4.6%, Australia 4.2%, South Korea 4% (2012)

Imports:

$380.3 billion (2013 est.)

country comparison to the world: 15

$374.9 billion (2012 est.)

Imports – commodities:

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

Imports – partners:

Malaysia 10.6%, China 10.3%, US 10.2%, South Korea 6.8%, Japan 6.2%, Indonesia 5.3%, Saudi Arabia 4.5%, UAE 4.1% (2012)

Reserves of foreign exchange and gold:

$270.5 billion (31 December 2013 est.)