Singapore Economy
Is Singapore a rich country?
Singapore has a highly developed and successful free-market economy. It enjoys an open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and on Singapore’s vibrant transportation, business, and financial services sectors.
The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010. Growth from 2012-2017 was slower than during the previous decade, a result of slowing structural growth - as Singapore reached high-income levels - and soft global demand for exports. Growth recovered to 3.6% in 2017 with a strengthening global economy.
The government is attempting to restructure Singapore’s economy to reduce its dependence on foreign labor, raise productivity growth, and increase wages amid slowing labor force growth and an aging population. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a signatory of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and a party to the Regional Comprehensive Economic Partnership (RCEP) negotiations with nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.
Singapore Economy Data
What is the GDP of Singapore?
| GDP - Gross Domestic Product (PPP) | $454,300,000,000 (USD) |
| GDP - official exchange rate | $294,000,000,000 (USD) |
| GDP - real growth rate | 2.2% |
| GDP Per Capita | $85,700.00 (USD) |
| GDP by Sector- Industry | 23.8% |
| GDP by Sector- services | 76.2% |
| GDP - composition, by end use |
household consumption: 38.8% government consumption: 10.1% investment in fixed capital: 26.2% investment in inventories: -0.5% exports of goods and services: 184.3% imports of goods and services: -158.9% |
| Inflation Rate | 2.8% |
| Labor Force | 3,075,000 |
| Labor Force By Occupation- agriculture | 1.3% |
| Labor Force By Occupation- industry | 18.6% |
| Labor Force By Occupation- services | 80.1% |
| Labor Force by Occupation - note | data excludes non-residents |
| Unemployment Rate | 2.1% |
| Fiscal Year | 1 April - 31 March |
| Annual Budget | $29,870,000,000 (USD) |
| Budget Surplus or Deficit - percent of GDP | 1.3% |
| Public Debt (% of GDP) | 102% |
| Taxes and other revenues - percent of GDP | 15.4% |
| Major 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 Growth Rate | 25% |
| Agriculture Products | rubber, copra, fruit, orchids, vegetables, poultry, eggs, fish, ornamental fish |
| Currency Code | Singapore dollar (SGD) |
| Commercial Bank Prime Lending Rate | 5.38% |