Singapore Economic Indicators |
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Singapore is the world's 17th wealthiest country in the world in terms of per capita gross domestic product (GDP), and is a haven of stability. Singapore has established itself as a reputable international financial and trading hub. In our opinion, these traits make Singapore an attractive jurisdiction for international entrepreneurs to invest in. The following indicators will help you determine whether Singapore can enhance your international business objectives. |
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GDP |
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Singapore’s economy grew at 7.9% in 2006 (6.6% in 2005). |
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Per capita GDP reached US$29,474 in 2006 (US$26,876 in 2005). |
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Singapore's growth in the third quarter of 2007 grew at 8.9%. The economic growth for the whole year is expected to come in at 7.5% -8%. |
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Singapore's economy is based on services and manufacturing, which are vulnerable to i) the health of international economies ii) international terrorism and iii) occasional outbreaks of health epidemics in Asia. The table on the right highlights the negative impact on Singapore's economy of: |
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Table showing fluctuations in the contribution of different sectors to Singapore's GDP. S ource: Statistics Singapore (www.singstat.gov.sg) |
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FDI |
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inward foreign direct investment (FDI) into Singapore in 2006 was US$24.2 billion (US$15 billion in 2005), Asia’s third-largest recipient of foreign direct investment after China and Hong Kong. |
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A total of 41.3% of FDI into Singapore came from Europe in 2006, and 23.8% originated from Asia. |
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Between 1995 and 2005, Foreign Direct Investment stock in Singapore more than tripled from S$93 billion to S$311 billion, representing an average growth of 13% per annum. |
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According to the Organisation for Economic Cooperation and Development, (OECD), Singapore attracts approximately half of all East Asian FDI. |
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Graph showing inward and outward investment into and from Singapore Source: Statistics Singapore (www.singstat.gov.sg) |
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| Trade Performance | ||
The total value of Singapore's trade in 2006 was S$810.5 billion (US$561 billion), up 11.2% on 2005. Exports rose 11.4% to S$431.55 billion, while imports grew 11.0% to S$378.9 billion. |
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Singapore's top three export partners are i) the United States ii) Indonesia and iii) Malaysia. Singapore's principal export goods are electrical and electronic equipment, machinery, mineral fuels and oils, and organic chemicals. |
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Key exports slowed in June 2007 by 1.2%, reflecting the decline in electronic exports. This has resulted in the trade projections for 2007 to be revised from 5% to 7% from the earlier forecast of 8% to 10%. |
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Graph displaying growth trends in the value of Singapore's total trade. Source: Statistics Singapore (www.singstat.gov.sg) |
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| Population | ||
As of June 2007, Singapore's population was estimated at 4.68 million. The population is growing by 4.4% annually. |
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The Singapore government has announced plans to expand the population by 40% to 6.5 million in 20 years, making Singapore the world's 23rd largest city by population. |
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A fifth of Singapore’s 4.55 million population are foreigners. Life expectancy in Singapore is 80 years, the 15th highest in the world. |
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Singapore's population is ageing. Declining fertility and mortality rates in the second half of the twentieth century have seen the median age of the population rise from 19 years in 1957 to 34 years in 2000. |
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Chart showing Singapore's annual population growth rate since 1997. Source: Statistics Singapore (www.singstat.gov.sg) |
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| Crime | ||
| Singapore's has one of the world's lowest crime rates. In 2006, Singapore witnessed 745 crimes per 100,000 population. |  |
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Graph showing fluctuations in Singapore's crime rate per thousand people. Source: Statistics Singapore (www.singstat.gov.sg) |
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| Tourism | ||
Tourism accounts for 3% of Singapore's GDP. The Singapore Tourism Board has launched numerous plans to increase the contribution of tourism to GDP by 2015, including the construction of two casinos, which will open in 2010 and help double annual tourist numbers to 17 million. |
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In 2006, the tourism industry generated an estimated S$12.4 billion in revenue, up 14.5% from 2005. |
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The top five tourist markets for Singapore are i) Indonesia ii) China iii) Australia iv) India and v) Malaysia. |
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The third quarter of 2007 saw an annual average occupancy rate of 89% in all Singapore hotels. The estimated room revenue generated during the same period is estimated at S$178.4 million, up 37.1% over the same period of 2006. |
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Chart showing the number of tourist arrivals in Singapore from 1996 - 2006. Source: Statistics Singapore (www.singstat.gov.sg) |
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| Employmentc | ||
| Singapore has one of the world's highest employment rates among males aged 26 to 64, at 85%. This is significantly higher than 75% in Germany and 78% in France. |
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Strong economic growth in Singapore led to 113,800 jobs being created in the first half of 2007, up 40% increase on the same period last year. |
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The average wage in Singapore has risen by 8.5% in the second quarter of 2007.
This figure has increased from the 5.5% growth posted in the previous quarter. |
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More than 90% of Singapore households own their homes |
Graph showing Singapore's unemployement rate from 1996-2006. Source: Statistics Singapore (www.singstat.gov.sg) | |
| Property and real estate | ||
Singapore has seen house prices surge by 10% in 2006 on the back of a robust economy. |
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According to the Cost of Living survey conducted by Mercer Human Resource Consulting, Singapore is the world's 14th most expensive city in which to live. ECA International's latest survey of accommodation costs globally shows rentals in Singapore for a three-bedroom apartment in residential areas popular with foreign expatriates have soared 15% from 2005 to 2006 to an average US$3,364 per month. |
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The Singapore property market has seen significant growth in recent years. The property and construction sectors of the Singapore economy helped significantly in contributing to a far better than expected 7.2% rise in GDP between January and March of 2007. |
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The third quarter of 2007 saw office occupancy rates in Singapore rise to 97.6%. |
Graph showig trends in Singapore's residential, office and commercial property rates. Source: Statistics Singapore (www.singstat.gov.sg) |
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| Inflation | ||
Singapore's inflation rose 3.6% in October 2007, the highest level in 16 years, caused by:
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Graph showing Singapore's inflation levels from 1996-2006. Source: Statistics Singapore (www.singstat.gov.sg) |
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| Contact Us | ||
For more information on any of Healy Consultants' Singapore services, email  or telephone us at (+65) 6735 0120. |
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