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Singapore

Singapore Economy Stats

Overview:

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 7.1% between 2004 and 2008. The economy contracted 1.3% in 2009 as a result of the global financial crisis, but rebounded nearly 14.7% in 2010, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to 1% growth per year in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Definitions

  • Budget > Revenues: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Budget surplus > + or deficit > -: This entry records the difference between national government revenues and expenditures, expressed as a percent of GDP. A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money. Countries with high budget deficits (relative to their GDPs) generally have more difficulty raising funds to finance expenditures, than those with lower deficits.
  • Debt > Government debt > Public debt, share of GDP: Public debt as % of GDP (CIA).

    No date was available from the Wikipedia article, so we used the date of retrieval.

  • Exports: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • Exports per capita: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms. Figures expressed per capita for the same year.
  • Fiscal year: The beginning and ending months for a country's accounting period of 12 months, which often is the calendar year but which may begin in any month. All yearly references are for the calendar year (CY) unless indicated as a noncalendar fiscal year (FY).
  • GDP: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.
  • GDP > Composition by sector > Industry: The gross domestic product (GDP) or value of all final goods produced by the industrial sector within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • GDP > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
  • GDP > Purchasing power parity per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Figures expressed per capita for the same year.
  • GDP per capita: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Figures expressed per capita for the same year.
  • Gross National Income: GNI, Atlas method (current US$). GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and prop).
  • Public debt: This entry records the cumulatiive total of all government borrowings less repayments that are denominated in a country's home currency. Public debt should not be confused with external debt, which reflects the foreign currency liabilities of both the private and public sector and must be financed out of foreign exchange earnings.
  • Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
STAT AMOUNT DATE RANK HISTORY
Budget > Revenues $43.44 billion 2013 56th out of 223
Budget surplus > + or deficit > - 2.1% of GDP 2012 20th out of 182
Debt > Government debt > Public debt, share of GDP 111.4 CIA 2014 13th out of 153
Exports $435.80 billion 2012 13th out of 189
Exports per capita $82,034.49 2012 1st out of 189
Fiscal year 1 2013
GDP $274.70 billion 2012 34th out of 177
GDP > Composition by sector > Industry 27.8% 2012 94th out of 217
GDP > Per capita $57,596.47 per capita 2010 3rd out of 118
GDP > Per capita > PPP $60,800.00 2012 3rd out of 188
GDP > Purchasing power parity per capita $57,596.47 2010 3rd out of 181
GDP per capita $51,709.45 2012 9th out of 177
Gross National Income $88.81 billion 2001 33th out of 158
Public debt 111.4% of GDP 2012 12th out of 149
Unemployment rate 1.9% 2012 109th out of 112

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; CIA World Factbooks 2010, 2011, 2012, 2013; Wikipedia: List of countries by public debt (List) (Public debt , The World Factbook , United States Central Intelligence Agency , accessed on March 21, 2013.); CIA World Factbooks 2010, 2011, 2012, 2013. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; All CIA World Factbooks 18 December 2003 to 18 December 2008; World Bank national accounts data, and OECD National Accounts data files.; CIA World Factbook 2010, 2011, 2012, 2013; CIA World Factbooks 18 December 2003 to 28 March 2011. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; World Bank national accounts data, and OECD National Accounts data files. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.

Citation

"Singapore Economy Stats", NationMaster. Retrieved from http://www.nationmaster.com/country-info/profiles/Singapore/Economy

NationMaster

Singapore Economy Profiles (Subcategories)

Adjusted savings 3 Inflation 9
Aid 5 Innovation 34
Balance of payments 27 Intellectual property 4
Budget 15 Interest payments 3
Business 3 International tourism 4
Changes in net 4 Labor force 3
Commercial service 4 Market capitalization of listed companies 4
Commercial service imports 4 Merchandise 4
Companies 32 Merchandise imports 4
Consumption 8 Micro 4
Currency 13 National accounts 91
Current account balance 5 Natural gas 8
Current transfers 4 Net capital account 4
Debt 42 Net current transfers 4
Economic aid 3 Net current transfers from abroad 5
Electricity 8 Net errors and omissions 4
Entrepreneurship 12 Net income 4
Exports 3 Net income from abroad 5
External balance on goods and services 7 Net incurrence of liabilities 3
Final 14 Net trade in goods 4
Financial sector 35 Net trade in goods and services 4
Foreign aid 42 Official development assistance and official aid 4
Foreign direct investment 10 Oil 10
GDP 42 Portfolio investment 4
GDP growth 3 Poverty and inequality 6
GDP per capita 4 Purchasing power parity 11
GNI 12 Reserves 6
Goods 4 Retail 3
Goods imports 4 Royalty and license fees 8
Government 12 Savings 42
Government debt 8 Service 4
Government spending 5 Service imports 4
Gross capital formation 7 Services 10
Gross domestic savings 5 Spending 73
Gross fixed capital formation 7 Stock of direct foreign investment 4
Gross national expenditure 6 Stocks traded 5
Gross savings 6 Tax 59
Gross value added at factor cost 9 Total 9
High-technology 4 Tourism 18
Household final 15 Tourism expenditures 5
Income 24 Tourism receipts 5
Income payments 4 Tourist arrivals by region of origin 8
Income receipts 4 Trade 1617
Inequality 8 Trademark applications 4
  • Singapore ranked second for exports amongst Hot countries in 2012.
  • Singapore ranked first for GDP > per capita > PPP amongst Heavily indebted countries in 2012.
  • Singapore has had the highest trade > imports > goods and services > current US$ > per $ GDP since 1960.
  • Singapore has had the highest high-technology > exports > current US$ > per capita since 1989.
  • Singapore ranked second for GDP per capita amongst East Asia and Pacific in 2012.
  • Singapore ranked first for GDP > composition, by end use > exports of goods and services amongst Former British colonies in 2013.
  • Singapore ranked first for trade > exports > per $ GDP globally in 2006.
  • Singapore has had the highest total > reserves minus gold > current US$ per capita since 1984.
  • Singapore has had the highest total > reserves minus gold > current US$ > per capita since 1984.
  • Singapore has had the highest total > reserves > includes gold > current US$ per capita since 1991.