Economy of Singapore information

Economy of Singapore
	Skyline of Singapore's Downtown Core
Currency	Singapore dollar (SGD/S$)
Fiscal year	1 April – 31 March
Trade organisations	WTO, APEC, CPTPP, IOR-ARC, RCEP, ASEAN and others
Country group	Developed/advanced; High-income economy;
Statistics
Population	5,917,600 (Jun 2023)
GDP	$525.228 billion (nominal; 2024 est.); $794.179 billion (PPP; 2024 est.);
GDP rank	32nd (nominal; 2024); 38th (PPP; 2024);
GDP growth	2.1% (2024); 3.0% (2022f); 2.3% (2023f);
GDP per capita	$88,447 (nominal; March 2024 est.); $133,737 (PPP; 2024 est.);
GDP per capita rank	5th (nominal; 2024); 3rd (PPP; 2024);
GDP by sector	agriculture: 0.5%; industry: 24.8%; services: 75.2%; (2017 est.);
Inflation (CPI)	5.5% (Jan 2023)
Population below poverty line	N/A
Gini coefficient	45.9 medium (2017)
Human Development Index	0.949 very high (2022) (9th); 0.825 very high IHDI (26th) (2022);
Labour force	3,843,513 (2021); 65.1% employment rate (2018);
Labour force by occupation	agriculture: 0.7%; industry: 25.6%; services: 73.7%; (2017 est.); excludes non-residents;
Unemployment	1.8% (March 2024 est.);
Main industries	Electronics; Financial services; Information and communications technology; Civil engineering; Oil drilling and exploration; Petroleum refining; Chemical products; Cosmetic products; Biomedical products; Scientific instruments; Medical tourism; Telecommunications equipment; Rubber; Food and beverages products; Marine engineering and shipbuilding; Security services; Life sciences; Re-exportation; Waste management and recycling; Arts & entertainment; Fashion; Design; Small-scale agriculture and aquaculture;
External
Exports	US$942 billion (2022)
Export goods	Foodstuff, Cosmetics, Machinery and equipment; Electronics and telecommunications; Pharmaceuticals and other chemicals; Refined petroleum products; Chemical products;
Main export partners	United States 12.52%; China 12.08% Hong Kong 4.56%; ; Japan 10.34%; Australia 8.73%; (2021);
Imports	US$870 billion (2022)
Import goods	Machinery and equipment; Mineral fuels; Chemicals; Foodstuffs; Consumer goods;
Main import partners	United States 22.43%; China 10.65% Hong Kong 4.53%; ; Japan 4.71%; United Kingdom 3.59%; (2021);
FDI stock	$1.285 trillion (31 December 2017 est.); Abroad: $841.4 billion (31 December 2017 est.);
Current account	$60.99 billion (2017 est.)
Gross external debt	$168.3 billion (31 December 2017 est.)
Net international investment position	S$738.811 billion (Q1 2015)
Public finances
Government debt	167.8% of GDP (2022 est.)
Revenues	S$69.45 billion (2017 est.)
Expenses	S$75.07 billion (2017 est.)
Economic aid	N/A
Credit rating	Standard & Poor's:; AAA (Domestic); AAA (Foreign); AAA (T&C Assessment); Outlook: Stable; Moody's:; Aaa; Outlook: Stable; Fitch:; AAA; Outlook: Stable;
Foreign reserves	US$291.274 billion (November 2022)
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

The economy of Singapore is a highly developed mixed market economy with dirigiste characteristics.^[20]^[21]^[22]^[23] Singapore's economy has been consistently ranked as the most open in the world,^[24] the joint 4th-least corrupt,^[25] and the most pro-business.^[26] Singapore has low tax-rates^[27] and the highest per-capita GDP in the world in terms of purchasing power parity (PPP). The Asia-Pacific Economic Cooperation (APEC) is headquartered in Singapore.

Alongside the business-friendly reputation for global and local privately held companies and public companies, various national state-owned enterprises play a substantial role in Singapore's economy. The sovereign wealth fund Temasek Holdings holds majority stakes in several of the nation's largest bellwether companies, such as Singapore Airlines, Singtel, ST Engineering and Mediacorp. With regards to foreign direct investment (FDI), the Singaporean economy is a major FDI outflow-financier in the world. In addition, throughout its history, Singapore has benefited from the large inward flows of FDI from global investors, financial institutions and multinational corporations (MNCs) due to its highly attractive investment climate along with a stable and conducive political environment throughout its modern years.^[28]

^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
^ "Population and Population Structure". Singstat. Department of Statistics Singapore. Retrieved 29 September 2023.
^ ^a ^b ^c ^d "World Economic Outlook Database, March 2024". IMF.org. International Monetary Fund. Retrieved 11 March 2024.
^ ^a ^b ^c https://www.imf.org/external/datamapper/profile/SGP
^ ^a ^b ^c ^d ^e ^f ^g ^h "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 6 April 2019.
^ "International Investment Position". singstat.gov.sg. Department of Statistics Singapore. Retrieved 4 December 2023.
^ ^a ^b "Human Development Report 2023/2024" (PDF). United Nations Development Programme. 13 March 2024. Archived (PDF) from the original on 13 March 2024. Retrieved 30 April 2024.
^ ^a ^b "Summary Table: Unemployment". IMF. Retrieved 12 February 2021.
^ "Employment to population ratio, 15+, total (%) (national estimate) – Singapore". data.worldbank.org. World Bank. Retrieved 6 October 2019.
^ "Singapore – WTO Statistics Database". World Trade Organization. Archived from the original on 4 October 2017. Retrieved 1 March 2017.
^ ^a ^b "Where did Singapore export to in 2018?". Retrieved 24 September 2021.
^ "Exports Of Services By Major Trading Partner". Retrieved 9 May 2023.
^ "Imports Of Services By Major Trading Partner". Retrieved 9 May 2023.
^ "Net international investment position as at Q1 2015". Department Of Statistics Singapore. 2015. Archived from the original on 1 May 2016. Retrieved 16 September 2015.
^ ^a ^b "Operating Revenue and Total Expenditure as at 2017 estimate" (PDF). Singapore Budget 2017. 20 February 2017. Archived from the original (PDF) on 23 February 2017. Retrieved 23 February 2017.
^ "Sovereigns rating list". Standard & Poor's. Archived from the original on 28 September 2011. Retrieved 26 May 2011.
^ ^a ^b ^c Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Archived from the original on 1 August 2013. Retrieved 28 May 2011.
^ "Official Foreign Reserves". Monetary Authority of Singapore. Archived from the original on 10 September 2022. Retrieved 19 January 2023.
^ Central Intelligence Agency (6 August 2012). "The World Factbook". cia.gov. Retrieved 13 August 2012.
^ Ministry of Trade and Industry Singapore. "Free Market System". mti.gov.sg. Archived from the original on 7 October 2015. Retrieved 11 December 2018.
^ Huff, W.G. (1 December 1995). "What is the Singapore model of economic development?". Cambridge Journal of Economics. doi:10.1093/oxfordjournals.cje.a035339. ISSN 1464-3545.
^ Nolan, Peter (1990). "Assessing economic growth in the Asian NICs". Journal of Contemporary Asia. 20 (1): 41–63. doi:10.1080/00472339080000031. ISSN 0047-2336.
^ World Economic Forum. "Global Enabling Trade Report" (PDF). Archived from the original (PDF) on 29 July 2012.
^ "Corruption Perceptions Index 2018 Executive Summary p. 8" (PDF). transparency.org. Transparency International. Archived (PDF) from the original on 21 April 2019. Retrieved 27 April 2019.
^ "World Bank Doing Business Report 2012". World Bank. Archived from the original on 24 May 2013. Retrieved 27 May 2013.
^ "Country Rankings". 2013 Index of Economic Freedom. The Heritage Foundation. 2013. Archived from the original on 20 July 2009. Retrieved 18 April 2013.
^ "World Investment Report, Chapter 1: Global Investment Trends" (PDF). unctad-docs.org. United Nations Conference on Trade and Development. Archived from the original (PDF) on 21 October 2012. Retrieved 1 June 2013.

Cite error: There are <ref group=lower-alpha> tags or {{efn}} templates on this page, but the references will not show without a {{reflist|group=lower-alpha}} template or {{notelist}} template (see the help page).

[1] "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.

[2] "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.

[Population_and_Population_Structure-3] "Population and Population Structure". Singstat. Department of Statistics Singapore. Retrieved 29 September 2023.

[IMFWEODE-4] "World Economic Outlook Database, March 2024". IMF.org. International Monetary Fund. Retrieved 11 March 2024.

[Global_Economic_Prospects-5] ttps://www.imf.org/external/datamapper/profile/SGP

[CIAWFSN-6] ^ ^a ^b ^c ^d ^e ^f ^g ^h "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 6 April 2019.

[DOSIIP-7] "International Investment Position". singstat.gov.sg. Department of Statistics Singapore. Retrieved 4 December 2023.

[sghdi-9] "Human Development Report 2023/2024" (PDF). United Nations Development Programme. 13 March 2024. Archived (PDF) from the original on 13 March 2024. Retrieved 30 April 2024.

[IMFEMP-10] "Summary Table: Unemployment". IMF. Retrieved 12 February 2021.

[11] "Employment to population ratio, 15+, total (%) (national estimate) – Singapore". data.worldbank.org. World Bank. Retrieved 6 October 2019.

[wto_stat-12] "Singapore – WTO Statistics Database". World Trade Organization. Archived from the original on 4 October 2017. Retrieved 1 March 2017.

[ATLAS-13] "Where did Singapore export to in 2018?". Retrieved 24 September 2021.

[Exports-14] "Exports Of Services By Major Trading Partner". Retrieved 9 May 2023.

[Imports-15] "Imports Of Services By Major Trading Partner". Retrieved 9 May 2023.

[17] "Net international investment position as at Q1 2015". Department Of Statistics Singapore. 2015. Archived from the original on 1 May 2016. Retrieved 16 September 2015.

[auto1-19] "Operating Revenue and Total Expenditure as at 2017 estimate" (PDF). Singapore Budget 2017. 20 February 2017. Archived from the original (PDF) on 23 February 2017. Retrieved 23 February 2017.

[20] "Sovereigns rating list". Standard & Poor's. Archived from the original on 28 September 2011. Retrieved 26 May 2011.

[guardian-21] Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Archived from the original on 1 August 2013. Retrieved 28 May 2011.

[22] "Official Foreign Reserves". Monetary Authority of Singapore. Archived from the original on 10 September 2022. Retrieved 19 January 2023.

[23] Central Intelligence Agency (6 August 2012). "The World Factbook". cia.gov. Retrieved 13 August 2012.

[24] Ministry of Trade and Industry Singapore. "Free Market System". mti.gov.sg. Archived from the original on 7 October 2015. Retrieved 11 December 2018.

[25] Huff, W.G. (1 December 1995). "What is the Singapore model of economic development?". Cambridge Journal of Economics. doi:10.1093/oxfordjournals.cje.a035339. ISSN 1464-3545.

[26] Nolan, Peter (1990). "Assessing economic growth in the Asian NICs". Journal of Contemporary Asia. 20 (1): 41–63. doi:10.1080/00472339080000031. ISSN 0047-2336.

[27] World Economic Forum. "Global Enabling Trade Report" (PDF). Archived from the original (PDF) on 29 July 2012.

[28] "Corruption Perceptions Index 2018 Executive Summary p. 8" (PDF). transparency.org. Transparency International. Archived (PDF) from the original on 21 April 2019. Retrieved 27 April 2019.

[29] "World Bank Doing Business Report 2012". World Bank. Archived from the original on 24 May 2013. Retrieved 27 May 2013.

[30] "Country Rankings". 2013 Index of Economic Freedom. The Heritage Foundation. 2013. Archived from the original on 20 July 2009. Retrieved 18 April 2013.

[31] "World Investment Report, Chapter 1: Global Investment Trends" (PDF). unctad-docs.org. United Nations Conference on Trade and Development. Archived from the original (PDF) on 21 October 2012. Retrieved 1 June 2013.

Economy of Singapore information

and 27 Related for: Economy of Singapore information

Economy of Singapore

Singapore Airlines

List of companies of Singapore

Singapore dollar

Singapore

List of largest companies in Singapore

Monetary Authority of Singapore

Singapore Airlines fleet

Immigration to Singapore

Singapore Exchange

Tiger Cub Economies

Planned economy

Four Asian Tigers

Enterprise Singapore

Stock Exchange of Singapore

History of Singapore

Economy of China

Economy of Rwanda

Dirigisme

Singapore and the World Bank

Economy of India

Culture of Singapore

Economic statistics of Singapore

1997 Asian financial crisis

SPRING Singapore

Aviation in Singapore

List of Singapore Airlines destinations