Economy of Singapore 1

Economy of Singapore

Economy of Singapore

Currency Singapore dollar (SGD)

Fiscal year 1 April - 31 March

Trade organisations WTO, APEC, IOR-ARC, ASEAN

Statistics

GDP S$235.7 billion (2009 est.)

GDP growth 17.9% (first half of 2010 est.)[1]

GDP per capita S$50,300 (2009 est.)

GDP by sector agriculture: 0%; industry: 26.8%; services: 73.2% (2009 est.)

Inflation (CPI) 0.2% (2009 est.)

Populationbelow poverty line

N/A

Gini index 48.1 (2008)

Labour force 3.03 million (2009 est.)

Labour forceby occupation

manufacturing 18%, construction 6%, transportation and communication 11%, financial, business, and other services39%, other 26% (2003)

Unemployment 3% (2009 est.)

Main industries electronics, chemicals, financial services, oil drilling equipment, petroleum refining, rubber processing and rubberproducts, processed food and beverages, ship repair, offshore platform construction, life sciences, entrepot trade

Ease of Doing BusinessRank

1st[2]

External

Exports S$268.9 billion (2009 est.)

Export goods machinery and equipment (including electronics), consumer goods, pharmaceuticals and other chemicals, mineral fuels

Main export partners Hong Kong 11.6%, Malaysia 11.5%, United States 11.2%, Indonesia 9.7%, China 9.7%, Japan 4.6% (2009 est.)

Imports S$245 billion (2009 est.)

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

Main import partners United States 14.7%, Malaysia 11.6%, China 10.5%, Japan 7.6%, Indonesia 5.8%, South Korea 5.7% (2009 est.)

Economy of Singapore 2

FDI stock $264.1 billion (31 December 2009 est.)

Gross external debt $19.2 billion (31 December 2009 est.)

Public finances

Public debt 117.6% of GDP (2009 est.)

Revenues S$21.29 billion (2009 est.)

Expenses S$24.14 billion (2009 est.)

Economic aid none

Credit rating • Standard & Poor's:[3]

AAA (Domestic)AAA (Foreign)AAA (T&C Assessment)Outlook: Stable[4]

• Moody's:[4]

AaaOutlook: Stable

• Fitch:[4]

AAAOutlook: Stable

Foreign reserves US$233.368 billion (March 2011)[5]

Main data source: CIA World Fact Book [6]

All values, unless otherwise stated, are in US dollars

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Transport

[7]

Singapore has a highly developed state capitalist mixed economy; the state owns stakes in firms that comprise perhaps 60% of the GDP through entities such as the sovereign wealth fund Temasek.[8] It has an open business environment, relatively corruption-free and transparent, stable prices, and one of the highest per-capita gross domestic products (GDP) in the world. Its innovative yet steadfast form of economics that combines economic planning with free-market[9] has given it the nickname the Singapore Model. Exports, particularly in electronics and

Economy of Singapore 3

chemicals, and services provide the main source of revenue for the economy, which allows it to purchase naturalresources and raw goods which it does not have.Most companies in Singapore are registered as private limited-liability companies (commonly known as "privatelimited companies"). A private limited company in Singapore is a separate legal entity, and shareholders are notliable for the company's debts beyond the amount of share capital they have contributed.[10]

Singapore could thus be said to rely on an extended concept of entrepot trade, by purchasing raw goods and refiningthem for re-export, such as in the wafer fabrication industry and oil refining. Singapore also has a strategic portwhich makes it more competitive than many of its neighbours in carrying out such entrepot activities. The Port ofSingapore is the busiest in the world, surpassing Rotterdam and Hong Kong.[11] In addition, Singapore's portinfrastructure and skilled workforce, which is due to the success of the country's education policy in producingskilled workers, is also fundamental in this aspect as they provide easier access to markets for both importing andexporting, and also provide the skill(s) needed to refine imports into exports.On 14 February 2007, the Singapore government announced that economic growth for the whole year of 2006 was7.9%, higher than the originally expected 7.7%. Singapore's unemployment rate is around 2.2% as of 20 February2009.[12] As of 8 August 2010, Singapore is the fastest growing economy in the world, with a growth rate of 17.9%for the first half of 2010.[1]

Macro-economic trendThis is a chart of trend of gross domestic product of Singapore at market prices estimated [13] by the InternationalMonetary Fund.

Year Gross DomesticProduct

($ millions)

US Dollar Exchange Nominal Per CapitaGDP

(as % of USA)

PPP Per CapitaGDP

(as % of USA)

1980 25,117 2.14 Singapore Dollars 39.65 55.00

1985 39,036 2.20 Singapore Dollars 36.63 63.41

1990 66,778 1.81 Singapore Dollars 52.09 74.76

1995 119,470 1.41 Singapore Dollars 86.14 90.60

2000 159,840 1.72 Singapore Dollars 66.19 91.48

2005 194,360 1.64 Singapore Dollars 67.54 103.03

2007 224,412 1.42 Singapore Dollars 74.61 107.92

2008 235,632 1.37 Singapore Dollars 73.71 107.27

2009 268,900 1.50 Singapore Dollars 78.53 108.33

2010 309,400 1.32 Singapore Dollars 82.13 119.54

The government promotes high levels of savings and investment through a mandatory retirement savings schemeknown as the Central Provident Fund, and large portions of its budget are expended in education and technology,with the former having a current rate as of 21% in 2001 compared to spending in the United States of 4%. However,the figures may be misleading as the majority of US education funding comes from the state level, not federal. It alsoowns Temasek-linked companies (TLCs, companies that are linked to the government's investment arm) -particularly in manufacturing - that operate as commercial entities and account for 60% of GDP. As Singapore looksto a future increasingly marked by globalization, the country is positioning itself as the region's financial andhigh-tech centre in competition with other East Asian cities.Singapore's strategic location on major sea lanes and industrious population have given the country an economic importance in South-east Asia disproportionate to its small size. Upon separation from Malaysia in 1965, Singapore

Economy of Singapore 4

was faced with a lack of physical resources and a small domestic market. In response, the Singapore Governmentadopted a pro-business, pro-foreign investment, export-oriented economic policy combined with state-directedinvestments in strategic government-owned corporations. Whilst nominally socialist in the 1960s, the ruling partyincreasingly became openly capitalist but self-described itself as 'pragmatic', described by some as a euphemism forcapitalism with authoritarian social controls. Singapore's government moved towards guiding the economy andinvesting in medicine and infrastructure.Singapore's economic strategy produced real growth averaging 8.0% from 1960 to 1999. The economy picked up in1999 after the regional financial crisis, with a growth rate of 5.4%, followed by 9.9% for 2000. However, theeconomic slowdown in the United States, Japan and the European Union, as well as the worldwide electronicsslump, had reduced the estimated economic growth in 2001 to a negative 2.0%. The economy expanded by 2.2% thefollowing year, and by 1.1% in 2003 when Singapore was affected by the SARS outbreak. Subsequently, a majorturnaround occurred in 2004 allowed it to make a significant recovery of 8.3% growth in Singapore, although theactual growth fell short of the target growth for the year more than half with only 2.5%. In 2005, economic growthwas 6.4%; and in 2006, 7.9%.Singapore's largely corruption-free government, skilled workforce, and advanced and efficient infrastructure haveattracted investments from more than 3,000 multinational corporations (MNCs) from the United States, Japan, andEurope. Foreign firms are found in almost all sectors of the economy. MNCs account for more than two thirds ofmanufacturing output and direct export sales, although certain services sectors remain dominated bygovernment-linked corporations.Manufacturing and financial business services accounted for 26% and 22%, respectively, of Singapore's grossdomestic product in 2000. The electronics industry leads Singapore's manufacturing sector, accounting for 48% oftotal industrial output, but the government also is prioritising development of the chemicals and biotechnologyindustries.To maintain its competitive position despite rising wages, the government seeks to promote higher value-addedactivities in the manufacturing and services sectors. It also has opened, or is in the process of opening, the financialservices, telecommunications, and power generation and retailing sectors up to foreign service providers and greatercompetition. The government has also attempted some measures including wage restraint measures and release ofunused buildings in an effort to control rising commercial rents with the view to lowering the cost of doing businessin Singapore when central business district office rents tripled in 2006.

TaxationSingapore introduced a Goods and Services Tax (GST) with an initial rate of 3% on 1 April 1994, increasinggovernment revenue by S$1.6 billion (US$1b, €800m) and stabilising government finances.[14] The taxable GSTwas increased to 4% in 2003, to 5% in 2004, and to 7% in 2007.[15]

BiotechnologySingapore is aggressively promoting and developing its biotechnology industry. Hundred of millions of dollars wereinvested into the sector to build up infrastructure, fund research and development and to recruit top internationalscientists to Singapore. Leading drug makers, such as GlaxoSmithKline (GSK), Pfizer and Merck & Co., have set upplants in Singapore. On 8 June 2006, GSK announced that it is investing another S$300 million to build anotherplant to produce pediatric vaccines, its first such facility in Asia.[16] Pharmaceuticals now account for more than 16%of the country's manufacturing production.

Economy of Singapore 5

High techWhilst praise has been given to efforts to promote the Singaporean biotechnology sector, the traditional tech sectorremains larger and could benefit from similar public-private sector efforts to promote Singaporean high-techcompanies. Whilst the government will not consider a "Buy Singaporean Tech" campaign, the spending power of thegovernment and government-linked companies alone could impact sales and company value of Singaporeanhigh-tech companies. Some believe more tax holidays for high-tech hardware companies and government loans forthe more innovative ones will lead Singapore to surpass other tech centres in East Asia, although competing withinventors and product designers in Japan and South Korea may prove difficult due to Singapore's small base. Thisline of thinking suggests that the nation needs skilled foreign tech talent and should make it easier for those with thelatest tech skills to come to Singapore from China and South Asia as well as from Japan, South Korea and Westerncountries.

Trade, investment and aid

Singaporean exports in 2006

Singapore's total trade in 2000 amounted to S$373 billion, an increaseof 21% from 1999. Despite its small size, Singapore is currently thefifteenth-largest trading partner of the United States.[17] In 2000,Singapore's imports totaled $135 billion, and exports totaled $138billion. Malaysia was Singapore's main import source, as well as itslargest export market, absorbing 18% of Singapore's exports, with theUnited States close behind. Re-exports accounted for 43% ofSingapore's total sales to other countries in 2000. Singapore's principal exports are petroleum products,food/beverages, chemicals, textile/garments, electronic components, telecommunication apparatus, and transportequipment. Singapore's main imports are aircraft, crude oil and petroleum products, electronic components, radioand television receivers/parts, motor vehicles, chemicals, food/beverages, iron/steel, and textile yarns/fabrics.

The Singapore Economic Development Board (EDB) continues to attract investment funds on a large-scale for thecountry despite the city's relatively high-cost operating environment. The U.S. leads in foreign investment,accounting for 40% of new commitments to the manufacturing sector in 2000. As of 1999, cumulative investmentfor manufacturing and services by American companies in Singapore reached approximately $20 billion (totalassets). The bulk of U.S. investment is in electronics manufacturing, oil refining and storage, and the chemicalindustry. More than 1,500 U.S. firms operate in Singapore.The government also has encouraged firms to invest outside Singapore, with the country's total direct investmentsabroad reaching $39 billion by the end of 1998. The People's Republic of China was the top destination, accountingfor 14% of total overseas investments, followed by Malaysia (10%), Hong Kong (8.9%), Indonesia (8.0%) and U.S.(4.0%). The rapidly growing economy of India, especially the high technology sector, is becoming an expandingsource of foreign investment for Singapore. The United States provides no bilateral aid to Singapore, but the U.S.appears keen to improve bilateral trade and signed the U.S.-Singapore Free Trade Agreement. Singapore corporatetax is 18[18]%.

Economy of Singapore 6

Year Total trade Imports Exports % Change

2000 $273 $135 $138 21%

2001 -9.4%

2002 $432 1.5%

2003 $516 $237 $279 9.6%

2004 $629 $293 $336 21.9%

2005 $716 $333 $383 14%

2006 $810 $379 $431 13.2%

All figures in billions of Singapore dollars.

International trade agreements

Economy Agreement Abbreviation Concluded Signed Effective Legaltext

New Zealand Agreement between New Zealand andSingapore on a Closer Economic Partnership

ANZSCEP 18 August2000

14 November2000

1 January2001

[19]

European FreeTrade Association

Agreement between the EFTA States andSingapore

EFTA-SingaporeFTA

11 April 2002 26 June 2002 1 January2003

[20]

Japan Agreement between Japan and the Republic ofSingapore for a New-Age Economic Partnership

JSEPA October 2001 13 Ja[21]

United States United States-Singapore Free Trade Agreement USSFTA 19 November2002

6 May 2003 1 January2004

[22]

Jordan Singapore Jordan Free Trade Agreement SJFTA 29 April 2004 16 May 2004 [23]

Brunei Trans-Pacific Strategic Economic PartnershipAgreement

Trans-Pacific SEP August 2005 1 January2006

[22]Chile 18 July 2005

New Zealand 18 July 2005

India India - Singapore Comprehensive EconomicCooperation Agreement

India-SingaporeCECA

November2004

29 June 2005 1 August2005

[24]

Korea Korea-Singapore Free Trade Agreement KSFTA 28 November2004

4 August2005

End 2005 [25]

Peru Peru-Singapore Free Trade Agreement PesFTA September2007

29 May 2008 Early 2009

Singapore workforce and dependence on foreign workersIn 2000, Singapore had a workforce of about 2.2 million. The National Trades Union Congress (NTUC), the soletrade union federation which has a symbiotic relationship with the ruling party, comprises almost 99% of totalorganized labour. Government policy and pro-activity rather than labour legislation controls general labour and tradeunion matters. The Employment Act offers little protection to white collar workers due to an income threshold. TheIndustrial Arbitration Court handles labour-management disputes that cannot be resolved informally through theMinistry of Labour. The Singapore Government has stressed the importance of cooperation between unions,management and government (tripartism), as well as the early resolution of disputes. There has been only one strikein the past 15 years.

Economy of Singapore 7

Singapore has enjoyed virtually full employment for long periods of time. Amid an economic slump, theunemployment rate rose to 4.0% by the end of 2001, from 2.4% early in the year. Unemployment has since declinedand in 2005, the unemployment rate is 2.7% in 2006, the lowest in the last four years, with 2.3 million people beingemployed.[26] [27]

The Singapore Government and the NTUC have tried a range of programs to increase lagging productivity and boostthe labour force participation rates of women and older workers. But labour shortages persist in the service sectorand in many low-skilled positions in the construction and electronics industries. Foreign workers help make up thisshortfall. In 2000, there were about 600,000 foreign workers in Singapore, constituting 27% of the total work force.As a result, wages are relatively suppressed or do not rise for all workers. In order to have some controls, thegovernment imposes a foreign worker levy payable by employers for low end workers like domestic help andconstruction workers.

Facts & figuresPercentage of economic growth in Year 2007: 7.4%Industrial production growth rate: 6.8% (2007 est.)Electricity - production: 41.137.7 billion kWh (2007)Electricity - production by source:fossil fuel: 100%hydro: 0%nuclear: 0%other: 0% (1998)Electricity - consumption: 37.420.3 billion kWh (2007)Electricity - exports: 0 kWh (2007)Electricity - imports: 0 kWh (2007)Agriculture - products: rubber, copra, fruit, vegetables; poultry, eggs, fish, orchids, ornamental fishCurrency: 1 Singapore dollar (S$ or SGD) = 100 centsExchange rates:

Year Singapore Dollars per US$1

1981 2.0530

1985 2.1213

1990 1.7275

1995 1.4148

2000 1.7361

2005 1.6738

2008 (April) 1.3643

2009 (March) 1.5123

2010 1.2844

2011 (May) 1.2336

Economy of Singapore 8

International rankings

International rankings of Singapore

Political Rankings

Organization Survey Ranking

Freedom House Civil and political liberties "Partly Free"[28]

Freedom House Press freedom "Not Free"[29]

Reporters Without Borders Press freedom 133rd out of 175 [30]

The Economist Level of democracy 82nd out of 167 (Hybrid regime)[31]

Transparency International Perceived level of corruption 1st out of 180 (for year 2010)[32]

Privacy International and ElectronicPrivacy Information Center

Privacy from corporative andgovernment surveillance

"Endemic surveillance society" status[33]

Economic Rankings

Organization Survey Ranking

International Monetary Fund GDP (nominal) per capita 23rd out of 180 [34]

International Monetary Fund GDP (PPP) per capita 5th out of 181[35]

International Monetary Fund Amount of foreign exchangereserves

9th out of 156[36]

United Nations GINI coefficient Gini Coefficient of "42.5" (High incomeinequality country)[37]

World Bank Ease of Doing Business 1st out of 183[38]

World Economic Forum Ease of conducting Trade 1st out of 118[39]

World Economic Forum Global Competitiveness 3rd out of 133[40]

Social Rankings

United Nations Human Development Index 23rd in the world ("Developed country"status)[41]

The Economist Quality of life 11th out of 111[42]

United Nations Population density 2nd out of 239(Macau is not a country)[43]

The Economist Cost of Living 11th out of 111[42]

United Nations Number of immigrants 7th out of 192 (42.6% of Singapore'spopulation are foreigners)[44]

International Energy Agency Carbon dioxide emissions per capita 23rd out of 210[45]

Center for Strategic and InternationalStudies

Number of troops 62nd out of 166[46]

United Nations Fertility rate 221st out of 223[47]

Economy of Singapore 9

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191175/ 1/ . html). Channel NewsAsia. 1 February 2006. . By May Wong.[28] Freedom in the World (report)[29] Freedom of the Press (report)[30] Press Freedom Index[31] Democracy Index[32] [ (http:/ / en. wikipedia. org/ wiki/ Corruption_Perceptions_Index)][33] Privacy International[34] List of countries by GDP (nominal) per capita[35] List of countries by GDP (PPP) per capita[36] List of countries by foreign exchange reserves[37] List of countries by income equality[38] Ease of Doing Business Index[39] Global Enabling Trade Report[40] Global Competitiveness Report[41] Human Development Index[42] Quality-of-life index[43] List of countries and dependencies by population density[44] List of countries by immigrant population

Economy of Singapore 10

[45] List of countries by carbon dioxide emissions per capita[46] List of countries by number of troops[47] List of countries and territories by fertility rate

Article Sources and Contributors 11

Article Sources and ContributorsEconomy of Singapore  Source: http://en.wikipedia.org/w/index.php?oldid=434149942  Contributors: 24630, ASDFGH, AXRL, Aboriginal Noise, Acebulf, Alansohn, Alarics, Alex.tan, AndyMarchbanks, Anwar saadat, Archangel626, Benjamin Barenblat, Bgs022, BlueStream, Bobblewik, BrendelSignature, CDBB (DK), CalJW, Ceecookie, Cenwin88lee, CommonsDelinker,Conversion script, D6, Darth Panda, Davi086, Deiz, DivineBurner, Dougofborg, EDGE, Erud, Eug.galeotti, EurekaLott, FayssalF, Frank, Frankchn, Fudoreaper, GSlicer, Gene.arboit, Georgious,Gikü, Gilliam, Gniniv, Graham87, Hemanshu, Hmains, HongQiGong, Huaiwei, I dream of horses, Ivanl, J.delanoy, Jasonlim, Jerryseinfeld, Jiang, Joao Xavier, John Riemann Soong, Joolz,Jorunn, Joseph Solis in Australia, Kbdank71, Kjallen, Kkm010, Konstantin, Koyaanis Qatsi, La goutte de pluie, Lent1999, Lightmouse, Ligulem, LittleDan, LondonBVE, LondonBVE2, Lst27,MASQUERAID, Mailer diablo, Mangostar, Markaci, MeltBanana, Michael Hardy, Mistakefinder, Mugunth Kumar, Nadav1, Nakon, Nicholas Tan, Niduzzi, Nikai, Nishant ram2007,Nosushionsundays, Nowthenews, Olivier, PTSE, Paliku, Pawcio, Petrb, Philly jawn, Piotrus, Profesor Hilliard, R'n'B, RamBow, Recognizance, Rich Farmbrough, RoadTrain, RobertG, Robth,Sam Hocevar, SchmuckyTheCat, Scoys7, Skomorokh, Snowybeagle, Spiritia, Squids and Chips, Ssstringer, Sumos23, SunCreator, Suryoye, Tar-ba-gan, Terence, The Epopt, Theintuitus,Thelegend2101, Travisyoung, Urhixidur, Vsion, Wavelength, Win.monroe, Woahwoah1 6, Wonglkd, Worldwidescribe, Xaiver0510, Yuhui, Zscout370, 177 anonymous edits

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