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Singapore
Introduction
Key Economic Facts
Singapore is an island country off the southern tip of the
Malay Peninsula in Southeast Asia. It is separated from
Malaysia by the Straits of Johor, and from Indonesia's Riau
Islands by the Singapore Strait. Singapore
has a strategic location for Southeast
Asian sea routes. The government system
is a parliamentary republic; the chief of
state is the president, and the head of
government is the prime minister. Singapore has a highly
development free market economy in which the economy is
open and corruption-free. Singapore is a member of the
Asia-Pacific Economic
Cooperation (APEC), the
Association of Southeast Asian
Nations (ASEAN), and the
Trans-Pacific Partnership
(TPP).
Income Level (by per capita
GNI):
Level of Development:
GDP, PPP (current international
$):
GDP growth (annual %):
GDP per capita, PPP (current
international $):
Manufacturing, value added (%
of GDP):
Current account balance (BoP,
current US$):
Inflation, consumer prices
(annual %):
Labor force, total:
Unemployment, total (% of
total labor force) (modeled ILO
estimate):
Imports of goods and services
(current US$):
Exports of goods and services
(current US$):
Location:
Capital City:
Chief of State:
Head of Govt.:
Currency:
Major Languages:
South-Eastern Asia
Singapore (+8 GMT)
President Tony Tan Keng Yam
Prime Minister Lee Hsien Loong
Singapore Dollar (SGD)
Mandarin (official) 36.3%, English
(official) 29.8%, Malay (official) 11.9%,
Hokkien 8.1%, Tamil (official) 4.4%,
Cantonese 4.1%, Teochew 3.2%,
other Indian languages 1.2%, other
Chinese dialects 1.1%, other 1.1%
Primary Religions: Buddhist 33.9%, Muslim 14.3%,
Taoist 11.3%, Catholic 7.1%, Hindu
5.2%, other Christian 11%, other
0.7%, none 16.4%
Calling Code: 65
Voltage: 230
Key Websites
Main Government Page:
Commerce Ministry:
Export Promotion Agency:
Investment Promotion
Agency:
gov.sg
mti.gov.sg
iesingapore.gov.sg
edb.gov.sg
Risk Assessment (Provided by Coface)
High Income
Developing
$472.59 billion (2015)
2.01% (2015)
$85,382.30 (2015)
19.81% (2015)
$53.76 billion (2015)
-0.50% (2016)
3,189,210 (2016)
1.83% (2016)
$438.00 billion (2015)
$516.67 billion (2015)
GDP Composition %
Agriculture
Industry
Manufacturing
26
20
Services
74
0
*Although Manufacturing is included in the Industry figures, it is also separately
reported because it plays a critical role in economy.
Rankings
Index
Corruption Perceptions Index
EY Globalization Index
Global Competitiveness Index
Global Enabling Trade Index
Global Manufacturing Competitiveness Index
(GMCI)
Global Services Location Index
Index of Economic Freedom
International Logistics Performance Index (LPI)
Inward FDI Potential Index
KOF Index of Globalization
Networked Readiness Index (NRI)
Rank
7 / 176
2 / 60
2 / 138
1 / 136
10 / 40
Country rating: A3 - Changes in generally good but
somewhat volatile political and economic environment can
affect corporate payment behavior. A basically secure
business environment can nonetheless give rise to
occasional difficulties for companies. Corporate default
probability is quite acceptable on average.
Business Climate rating: A2 - The business environment
is good. When available, corporate financial information is
reliable. Debt collection is reasonably efficient. Institutions
generally perform efficiently. Intercompany transactions
usually run smoothly in the relatively stable environment
rated A2.
Strengths
• Very high competitiveness quality
• Development of high added value sectors (chemicals,
pharmaceuticals, finance)
• Large FDI inflows thanks to the advantageous tax
regime, political stability and an excellent business
climate
• Leading exporter of capital in Asia through the
Temasek and Government of Singapore Investment
Corporation (GIC) sovereign funds
Weaknesses
• Economy dependent on exports
• Shortages of skilled labor
• Aging population
• Vulnerability to slowdown in the Chinese economy
U.S. Embassy
27 Napier Road
Singapore 258508
FPO AP 96507-0001
Tel: (65) 6476-9100
http://singapore.usembassy.gov/
50 / 55
2 / 180
5 / 160
2 / 139
6 / 187
1 / 139
Country Memo Provided by: globalEDGE.msu.edu and EXPORT.GOV