Singapore has an open economy with strong service and manufacturing sectors and excellent international trading links derived from its entrepot history. A slump in global demand for electronics slowed Singapore's export growth in 1996, and as a result, real GDP grew 6.5%, down from 8.9% in 1995. The government predicts growth will be in the 5%-7% range in 1997. Rising labor costs continue to be a threat to Singapore's competitiveness, and the government's strategy to address this problem includes increasing productivity, improving infrastructure, and encouraging higher value-added industries. In applied technology, per capita output, investment, and labor discipline, Singapore has key attributes of a developed country.


GDP



    GDP: purchasing power parity - $72.2 billion (1996 est.) GDP - real growth rate: 6.5% (1996) GDP - per capita: purchasing power parity - $21,200 (1996 est.) GDP - composition by sector:




    • agriculture: NEGL%


    • industry: 28%


    • services : 72%

Inflation rate - consumer price index




  • 1.3% (1996)

Labor Force




  • total 1.801 million (1996 est.)


  • by occupation



    • financial, business, and other services 33.5%


    • manufacturing 25.6%,


    • commerce 22.9%


    • construction 6.6%


    • other 11.4% (1994)


  • Unemployment Rate: 2.7% (1996 est.)

Budget




  • revenues: $18.5 billion


  • expenditure: $13.5 billion, including capital expenditures of $4.4 billion (FY96/97est.)

Industries


petroleum refining, electronics, oil drilling equipment, rubber processing and rubber products, processed food and beverages, ship repair, entrepot trade, financial services, biotechnology




  • Industrial production growth rate: 7% (1996 est.)


  • Electricity - capacity: 4.51 million kW (1994)


  • Electricity - production: 22.1 billion kWh (1995)


  • Electricity - consumption per capita: 7,002 kWh (1995)


  • Agriculture - products: rubber, copra, fruit, vegetables; poultry

Exports




  • total value: $144.8 billion (1996 est.)


  • commodities: computer equipment, rubber and rubber products, petroleum products, telecommunications equipment


  • partners: Malaysia 19%, US 18%, Hong Kong 9%, Japan 8%, Thailand 6% (1995)

Imports




  • total value: $151.1 billion (1996 est., including goods for reexport)


  • commodities: aircraft, petroleum, chemicals, foodstuffs


  • partners: Japan 21%, Malaysia 15%, US 15%, Thailand 5%, Taiwan 4%, South Korea 4% (1995)

Miscellaneous




  • Debt - external: $NA


  • Economic aid: $NA


  • Currency: 1 Singapore dollar (S$) = 100 cents


  • Exchange rates: Singapore dollars (S$) per US$1 - 1.4061 (January 1997), 1.4100 (1996), 1.4174 (1995), 1.5274 (1994), 1.6158 (1993), 1.6290 (1992)


  • Fiscal year: 1 April - 31 March