Economy of Singapore

Infobox Economy
country = Singapore

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width = 300px
caption = Notes of the Singapore dollar
currency = Singapore dollar (SGD)
year = 1 April - 31 March
organs = WTO, APEC
rank = 48th
gdp = $222.7 billion (2007 est.)
growth = 7.5% (2007)
per capita = $48,900 (2007 est.)
sectors = agriculture: 0%, industry: 33.7%, services: 66.3% (2007 est.)
inflation = 7.5% (April 2008)
poverty = N/A
labor = 2.67 million (2007 est.)
occupations = manufacturing 18%, construction 6%, transportation and communication 11%, financial, business, and other services 39%, other 26% (2003)
unemployment = 1.7% (2007 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
exports = $289.4 billion f.o.b. (2006 est.)
export-goods = machinery and equipment (including electronics), consumer goods, chemicals, mineral fuels
export-partners = Malaysia 13.1%, US 10.2%, Hong Kong 10.1%, China 9.7%, Indonesia 9.2%, Japan 5.5%, Thailand 4.2% (2006)
imports = $244.6 billion (2006 est.)
import-goods = machinery and equipment, mineral fuels, chemicals, foodstuffs
import-partners = Malaysia 13%, US 12.7%, China 11.4%, Japan 8.3%, Taiwan 6.4%, Indonesia 6.2%, South Korea 4.4% (2006)
debt = $24.3 billion (2006 est.)
revenue = $19.71 billion (2006 est.)
expenses = $19.85 billion; including capital expenditures of $5.1 billion (2006 est.)
aid = none
cianame = snThe economy of Singapore is a highly developed capitalist mixed economy. While government intervention is kept at a minimum, government entities such as the sovereign wealth fund Temasek control corporations responsible for 60% of GDP. It has an open business environment, relatively corruption-free and transparent, stable prices, and one of the highest per capita gross domestic products (GDP) in the world. Exports, particularly in electronics and chemicals, and services provide the main source of revenue for the economy, which allows it to purchase natural resources and raw goods which it does not have. Singapore could thus be said to rely on an extended concept of entrepot trade, by purchasing raw goods and refining them for re-export, such as in the wafer fabrication industry and oil refining. Singapore also has a strategic port which makes it more competitive than many of its neighbours to carry out such entrepot activities. The Port of Singapore is one of the busiest in the world, surpassing Hong Kong and Shanghai. [ [http://www.iht.com/articles/1997/06/25/port.t.php Singapore Banks on Its Port - International Herald Tribune ] ] In addition, Singapore's port infrastructure and skilled workforce, which is due to the success of the country's education policy in producing skilled workers, is also fundamental in this aspect as they provide easier access to markets for both importing and exporting, and also provide the skill(s) needed to refine imports into exports.

On 14 February 2007, the Singapore government announced that economic growth for the whole year of 2006 was 7.9%, higher than the originally expected 7.7%. [cite news | title = Singapore's economy grows by 7.7% in 2006 | publisher = Channel NewsAsia | date = 31 December 2006 | url = http://www.channelnewsasia.com/stories/singaporelocalnews/view/250028/1/.html By Dominique Loh. ]

Macro-economic trend

This is a chart of trend of gross domestic product of Singapore at market prices [http://www.imf.org/external/pubs/ft/weo/2006/01/data/dbcselm.cfm?G=2001 estimated] by the International Monetary Fund.

ingapore workforce and dependence on foreign workers

In 2000, Singapore had a workforce of about 2.2 million. The National Trades Union Congress (NTUC), the sole trade union federation which has a symbiotic relationship with the ruling party, comprises almost 99% of total organized labour. Government policy and pro-activity rather than labour legislation controls general labour and trade union matters. The Employment Act offers little protection to white collar workers due to an income threshold. The Industrial Arbitration Court handles labour-management disputes that cannot be resolved informally through the Ministry of Labour. The Singapore Government has stressed the importance of cooperation between unions, management and government ("tripartism"), as well as the early resolution of disputes. There has been only one strike in the past 15 years.

Singapore has enjoyed virtually full employment for long periods of time. Amid an economic slump, the unemployment rate rose to 4.0% by the end of 2001, from 2.4% early in the year. Unemployment has since declined and in 2005, the unemployment rate is 2.7% in 2006, the lowest in the last four years, with 2.3 million people being employed. [" [http://www.singstat.gov.sg/keystats/mqstats/indicators.html Latest Data (1 February 2006)] - "Singapore Department of Statistics". URL accessed on 2 February 2009. ] cite news | title = Singapore's employment hits all-time high of 2.3 m in 2005 | publisher = Channel NewsAsia | date = 1 February 2006 | url = http://www.channelnewsasia.com/stories/singaporebusinessnews/view/191175/1/.html By May Wong. ]

The Singapore Government and the NTUC have tried a range of programs to increase lagging productivity and boost the labour force participation rates of women and older workers. But labour shortages persist in the service sector and in many low-skilled positions in the construction and electronics industries. Foreign workers help make up this shortfall. In 2000, there were about 600,000 foreign workers in Singapore, constituting 27% of the total work force. As a result, wages are relatively suppressed or do not rise for all workers. In order to have some controls, the government imposes a foreign worker levy payable by employers for low end workers like domestic help and construction workers.

Facts & figures

Percentage of economic growth in Year 2007:7.4%

Industrial production growth rate:6.8% (2007 est.)

Electricity - production:41.137.7 billion kWh (2007)

Electricity - production by source:
"fossil fuel:"100%
"hydro:"0%
"nuclear:"0%
"other:"0% (1998)

Electricity - consumption:37.420.3 billion kWh (2007)

Electricity - exports:0 kWh (2007)

Electricity - imports:0 kWh (2007)

Agriculture - products:
rubber, copra, fruit, vegetables; poultry, eggs, fish, orchids, ornamental fish

Currency:1 Singapore dollar (S$ or SGD) = 100 cents

Exchange rates:

References

ee also

*Four Asian Tigers
*5 C's of Singapore
*Biopolis
*Dual economy
*Immigrant workers in Singapore