Economy - overview Singapore has an open economy with strong service and manufacturingsectors and excellent international trading links derived from its entrepothistory. A slump in global demand for electronics slowed Singapore's exportgrowth 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. Risinglabor costs continue to be a threat to Singapore's competitiveness, and thegovernment's strategy to address this problem includes increasing productivity,improving infrastructure, and encouraging higher value-added industries. Inapplied technology, per capita output, investment, and labor discipline, Singaporehas key attributes of a developed country.

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

Industries petroleum refining, electronics, oil drilling equipment, rubber processingand 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 Korea4% (1995)

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

NOTE: The information regarding Singapore on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Singapore Economy 1997 information contained here. All suggestions for corrections of any errors about Singapore Economy 1997 should be addressed to the CIA.