Singapore Economy
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Singapore Economy Singapore’s far-sighted economic policies have helped to transform the Singapore economy into an Asian powerhouse. Exciting developments such as the integrated resorts will continue to change the face of the Republic. A snapshot of the Singapore economy in 2007:
GDP-purchasing power parity
US $222.7 billion
GDP-real growth rate
7.5%
GDP per-capita (purchasing power parity)
US $48,900
Investment (gross fixed)
24.4% of the GDP
Industrial Production Growth Rate
5.6%
Exports
US $450.6 billion
Imports
US $396 billion
Rate of Inflation
4.4%
Singapore Economy •
The Singapore economy is an example of a vibrant free-market economy that is developing at a rapid pace.
•
Singapore’s economy is heavily dependent on export activities.
•
Singapore government has invested heavily in diversifying the economy.
•
The government of Singapore follows a particular policy to promote savings and investment in the country.
•
Singapore has one of the busiest seaports in the world and is used for both import and export activities.
Structure of the Economy Different policy initiatives are being undertaken for diversifying the economic base of Singapore The service sector account for around two thirds of the value added today. Value added by services as percentage of total GDP is estimated at 65 percent in 2003. Value added by industries as percentage of total GDP is estimated at 34.9 percent in 2003. The manufacturing sector has retained its position as the single largest sector in the economy. The gross capital formation as a percentage of total GDP has increased to 18.3 percent in 2004 in comparison to 14.8 percent in the previous year.
Index of Economic Freedom
Business Freedom - 97.8% • Overall freedom to start, operate, and close a business is strongly protected • Starting a business takes an average of five days compared to the world average of 43 days. Trade Freedom - 90% • Singapore’s tariff rate was zero percent in 2005. Freedom from Government - 93.9% Total government expenditures, including consumption and transfer payments, are low. In the most recent year, government spending equaled 14.4 percent of GDP. Investment Freedom - 80% Foreign and domestic businesses are treated equally and nearly all sectors are open to 100 percent foreign ownership. Freedom from Corruption - 94% Corruption is perceived as almost nonexistent. Singapore ranks 5th out of 163 countries in Transparency International's Corruption Perceptions Index for 2006
GDP-purchasing power parity
US $222.7 billion
GDP-real growth rate
7.5%
GDP per-capita (purchasing power parity)
US $48,900
Investment (gross fixed)
24.4% of the GDP
Industrial Production Growth Rate
5.6%
Exports
US $450.6 billion
Imports
US $396 billion
Rate of Inflation
4.4%
Singapore Economy •
The Singapore economy is an example of a vibrant free-market economy that is developing at a rapid pace.
•
Singapore’s economy is heavily dependent on export activities.
•
Singapore government has invested heavily in diversifying the economy.
•
The government of Singapore follows a particular policy to promote savings and investment in the country.
•
Singapore has one of the busiest seaports in the world and is used for both import and export activities.
Structure of the Economy Different policy initiatives are being undertaken for diversifying the economic base of Singapore The service sector account for around two thirds of the value added today. Value added by services as percentage of total GDP is estimated at 65 percent in 2003. Value added by industries as percentage of total GDP is estimated at 34.9 percent in 2003. The manufacturing sector has retained its position as the single largest sector in the economy. The gross capital formation as a percentage of total GDP has increased to 18.3 percent in 2004 in comparison to 14.8 percent in the previous year.
Index of Economic Freedom
Business Freedom - 97.8% • Overall freedom to start, operate, and close a business is strongly protected • Starting a business takes an average of five days compared to the world average of 43 days. Trade Freedom - 90% • Singapore’s tariff rate was zero percent in 2005. Freedom from Government - 93.9% Total government expenditures, including consumption and transfer payments, are low. In the most recent year, government spending equaled 14.4 percent of GDP. Investment Freedom - 80% Foreign and domestic businesses are treated equally and nearly all sectors are open to 100 percent foreign ownership. Freedom from Corruption - 94% Corruption is perceived as almost nonexistent. Singapore ranks 5th out of 163 countries in Transparency International's Corruption Perceptions Index for 2006
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