Economy - overview:
Singapore, a highly developed and successful free market economy,
enjoys a remarkably open and corruption-free environment, stable
prices, and a high per capita GDP. The economy depends heavily on
exports, particularly in electronics and manufacturing. It was hard
hit in 2001-03 by the global recession and the slump in the
technology sector. The government hopes to establish a new growth
path that will be less vulnerable to the external business cycle but
is unlikely to abandon efforts to establish Singapore as Southeast
Asia's financial and high-tech hub. Fiscal stimulus, low interest
rates, and global economic recovery should lead to much improved
growth in 2004.
GDP:
purchasing power parity - $109.4 billion (2003 est.)
GDP - real growth rate:
1.1% (2003 est.)
GDP - per capita:
purchasing power parity - $23,700 (2003 est.)
GDP - composition by sector: agriculture: negligible industry: 32.2% services: 67.8% (2003 est.)
Investment (gross fixed):
24.9% of GDP (2003)
Population below poverty line:
NA
Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA
Inflation rate (consumer prices):
0.5% (2003 est.)
Labor force:
2.2 million (2003)