Economy of Singapore

Economy of Singapore

Skyline of Singapore's CBD
Currency	Singapore dollar (SGD/S$)
Fiscal year	1 April – 31 March
Trade organisations	WTO, APEC, IOR-ARC, ASEAN
Statistics
GDP	US$307.9 billion (nominal; 2015 est.) Int$470.551 billion (PPP; 2015 est.)
GDP rank	36th (nominal, 2014) / 40th (PPP, 2014)
GDP growth	1.1% (Q3 2016)
GDP per capita	US$53,604 (nominal, 2015 est.) Int$85,127 (PPP, 2015 est.)
GDP by sector	(2014) Services: 75% Industry: 25% Agriculture: 0%
Inflation (CPI)	1% (2014 est.)
Population below poverty line	N/A
Gini coefficient	46.4 (2014)
Labour force	3.6275 million (June 2015)
Labour force by occupation	(2014) Services: 83.9% Industry: 14.8% Agriculture: 1.3%
Unemployment	2% (2015 est.)
Main industries	List Financial Services Electronics Chemicals Oil Drilling Equipment Petroleum Refining Rubber Processing and Products Processed Food and Beverages Ship Repair Offshore Platform Construction Life Sciences Entrepot Trade Tourism Manufacturing
Ease-of-doing-business rank	2nd (2017)
External
Exports	S$518.922 billion (2014)
Export goods	List Machinery and Equipment Electronics and Telecommunications Pharmaceuticals and Other Chemicals Refined Petroleum Products
Main export partners	(2013)  Malaysia 12.2%  China 11.8%  Hong Kong 11.2%  Indonesia 9.9%  United States 5.8%  Japan 4.3%  South Korea 4.1%  Canada 3.7%
Imports	S$463.779 billion (2014)
Import goods	List Machinery and Equipment Mineral Fuels Chemicals Foodstuffs Consumer Goods
Main import partners	(2013)  China 11.7%  Malaysia 10.9%  United States 10.4%  South Korea 6.4%  Japan 5.5%  Indonesia 5.2%  United Arab Emirates 4.4%
FDI stock	US$900.2 billion (2014 est. – Home) US$517.8 billion (2014 est.- Abroad)
Current account	US$61.172 billion (2015 est.)
Gross external debt	S$1.813 trillion (Q1 2015)
Net international investment position	S$738.811 billion (Q1 2015)
Public finances
Public debt	103.2% of GDP (2014 est.)
Revenues	S$69.45 billion (2017 est.)
Expenses	S$75.07 billion (2017 est.)
Economic aid	None
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$251.6 billion (31 September 2015)
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

Singapore has a highly developed trade-oriented market economy. Singapore's economy has been ranked as the most open in the world, 7th least corrupt, most pro-business, with low tax rates (14.2% of Gross Domestic Product, GDP) and has the third highest per-capita GDP in the world in terms of Purchasing Power Parity (PPP). APEC is headquartered in Singapore.

Government-linked companies play a substantial role in Singapore's economy, which are owned through the sovereign wealth fund Temasek Holdings, which holds majority stakes in several of the nation's largest companies, such as Singapore Airlines, SingTel, ST Engineering and MediaCorp.

The economy of Singapore is a major Foreign Direct Investment (FDI) outflow financier in the world. Singapore has also benefited from the inward flow of FDI from global investors and institutions due to its highly attractive investment climate and a stable political environment.

Exports, particularly in electronics, chemicals and services including Singapore's position as the regional hub for wealth management provide the main source of revenue for the economy, which allows it to purchase natural resources and raw goods which it lacks. Moreover, water is scarce in Singapore therefore water is defined as a precious resource in Singapore along with the scarcity of land to be treated with land fill of Pulau Semakau. Singapore has limited arable land, meaning that Singapore has to rely on the agrotechnology park for agricultural production and consumption. Human resources is another vital issue for the health of the Singaporean economy. The economy of Singapore ranks 2nd overall in the Scientific American Biotechnology ranking in 2014, with the featuring of Biopolis.