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Singapore Economy 2009
https://geographic.org/wfb2009/singapore/singapore_economy.html
SOURCE: 2009 CIA WORLD FACTBOOK

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Singapore Economy 2009
SOURCE: 2009 CIA WORLD FACTBOOK


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. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing service sector. Real GDP growth averaged 7% between 2004 and 2007, but dropped to 1.2% in 2008 as a result of the global financial crisis. The economy contracted in the last three quarters of 2008, and Prime Minister Lee and other senior officials have dampened expectations for a quick rebound in 2009. Over the longer term, the government hopes to establish a new growth path that will be less vulnerable to global demand cycles, especially for information technology products - it 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):
$240 billion (2008 est.)
$237.2 billion (2007)
$216.4 billion (2006)
note: data are in 2008 US dollars

GDP (official exchange rate):
$154.5 billion (2008 est.)

GDP - real growth rate:
1.2% (2008 est.)
7.7% (2007 est.)
8.2% (2006 est.)

GDP - per capita (PPP):
$52,000 (2008 est.)
$51,200 (2007 est.)
$48,200 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector:
agriculture: 0%
industry: 33.2%
services: 66.8% (2008 est.)

Labor force:
2.96 million (2008 est.)

Labor force - by occupation:
agriculture 0%, industry 22.6%, services 77.4% (20062007)

Unemployment rate:
2.3% (2008 est.)

Household income or consumption by percentage share:
lowest 10%: 4.4%
highest 10%: 23.2% (2008)

Distribution of family income - Gini index:
48.1 (2008)

Investment (gross fixed):
45% of GDP (2008 est.)

Budget:
revenues: $28.6 billion
expenditures: $27.5 billion (2008 est.)

Public debt:
113.7% of GDP (2008 est.)

Inflation rate (consumer prices):
4.3% (2008 est.)

Commercial bank prime lending rate:
5.38% (31 December 2008)

Stock of money:
$52.6 billion (31 December 2008)

Stock of quasi money:
$234.5 billion (31 December 2008)

Stock of domestic credit:
$171.3 billion (31 December 2008)

Market value of publicly traded shares:
$268.6 billion (31 December 2008)

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:
-4.1% (2008 est.)

Electricity - production:
41.14 billion kWh (2007)

Electricity - consumption:
37.42 billion kWh (2007)

Electricity - exports:
0 kWh (2007 est.)

Electricity - imports:
0 kWh (2007 est.)

Oil - production:
8,550 bbl/day (2007)

Oil - consumption:
916,000 bbl/day (2007)

Oil - exports:
1.27 million bbl/day (2007)

Oil - imports:
2.44 million bbl/day (2007)

Oil - proved reserves:
0 bbl (1 January 2006 est.)

Natural gas - production:
0 cu m (2007 est.)

Natural gas - consumption:
6.6 billion cu m (2008 est.)

Natural gas - exports:
0 cu m (2007 est.)

Natural gas - imports:
6.6 billion cu m
note: from Indonesia and Malaysia (2008 est.)

Natural gas - proved reserves:
0 cu m (1 January 2006 est.)

Current account balance:
$28.42 billion (2008 est.)

Exports:
$235.8 billion f.o.b. (2008 est.)

Exports - commodities:
machinery and equipment (including electronics), consumer goods, pharmaceuticals and other chemicals, mineral fuels

Exports - partners:
Malaysia 12.9%, Hong Kong 10.5%, Indonesia 9.8%, China 9.7%, US 8.9%, Japan 4.8%, Thailand 4.1% (2007)

Imports:
$219.5 billion (2008 est.)

Imports - commodities:
machinery and equipment, mineral fuels, chemicals, foodstuffs, consumer goods

Imports - partners:
Malaysia 13.1%, US 12.5%, China 12.1%, Japan 8.2%, Taiwan 5.9%, Indonesia 5.6%, South Korea 4.9% (2007)

Reserves of foreign exchange and gold:
$168.8 billion (31 December 2008 est.)

Debt - external:
$25.54 billion (31 December 2008 est.)

Stock of direct foreign investment - at home:
$225.7 billion (2008 est.)

Stock of direct foreign investment - abroad:
$142.4 billion (2006)

Exchange rates:
Singapore dollars (SGD) per US dollar - 1.415 (2008 est.), 1.507 (2007), 1.5889 (2006), 1.6644 (2005), 1.6902 (2004)


NOTE: The information regarding Singapore on this page is re-published from the 2009 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Singapore Economy 2009 information contained here. All suggestions for corrections of any errors about Singapore Economy 2009 should be addressed to the CIA.






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