Economy - overview: | Singapore, a highly-developed and successful free-market economy, enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP equal to that of the Big 4 West European countries. The economy depends heavily on exports, particularly in electronics and manufacturing. It was hard hit in 2001-03 by the global recession, by the slump in the technology sector, and by an outbreak of Severe Acute Respiratory Syndrome in 2003, which curbed tourism and consumer spending. The government hopes to establish a new growth path that will be less vulnerable to the external business cycle and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub. Fiscal stimulus, low interest rates, a surge in exports, and internal flexibility led to vigorous growth in 2004, with real GDP rising by 8% by far the economy's best performance since 2000, but growth slowed to 4.5% in 2005. |
GDP - per capita | $29,700 (2005 est.) |
GDP - real growth rate (%) | 4.5% (2005 est.) |
Agriculture - products | rubber, copra, fruit, orchids, vegetables, poultry, eggs, fish, ornamental fish |
GDP - composition by sector (%) | agriculture: 0% negligible, industry: 33.6%, services: 66.4% (2005 est.) |
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 |
Economic aid - recipient | NA |
Debt - external | $24.67 billion (2005 est.) |
Population below poverty line (%) | NA |
Labor force - by occupation (%) | manufacturing 18%, construction 6%, transportation and communication 11%, financial, business, and other services 49%, other 16% (2003) |