| Singapore Economic Indicators |
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Singapore is ranked in the top three countries in foreign trade and investment. It is ranked 2nd as the city with the best investment potential for 16 consecutive years, and is a haven of stability. It is also ranked 1st for having the most open economy for international trade and investment. 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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In the first Quarter of 2011, Singapore's GDP expanded 11.2% compared to the first quarter of 2010. This is progressive from the 8.9% increase seen in Q1 2010 from Q1 2009. |
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Per capita GDP reached US$43,867 in 2010 (US$36,758 in 2009). |
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Singapore's growth in the first quarter of 2011 was 8.3%. The economic growth for the whole year is expected to come in at 5-7%. |
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Singapore's economy is predominantly 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. Source: Statistics Singapore |
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FDI |
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Inward foreign direct investment (FDI) into Singapore in 2009 was US$529 billion (US$497 billion in 2008), According to the World Factbook, Singapore was the 17th most popular country when it came to receiving foreign direct investments from the rest of the world in 2010.
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| A total of 39.3% of FDI into Singapore came from Europe in 2009, and 25.8% originated from Asia. | |||||||||||||||||
| Between 2005 and 2009, Foreign Direct Investment stock in Singapore increased from US$324 billion to S$530 billion, representing a significant growth of 63.6% in five years. | |||||||||||||||||
The average Return on Investment for FDI into Singapore in 2009 was 13.1% in total. The leading earners were the construction industry which had a Return on Investment of 43.2% followed by manufacturing at a return of 22.5%. |
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Graph showing inward and outward investment into and from Singapore Source: Statistics Singapore |
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| Trade Performance | |||||||||||||||||
The total value of Singapore's trade in 2010 was S$902.1 billion (US$717 billion), up 20.7% on 2009. Exports rose 22.4% to S$478.8 billion, while imports grew 18.8% to S$423.2 billion. |
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Singapore's top three export partners are i) Malaysia ii) Hong Kong and iii) China. The United States is now the 5th biggest export partner and closely follows Indonesia which is 4th in rank. Singapore's principal export goods are mineral fuels, chemical and chemical products and machinery and equipment. |
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| Key exports increased in May 2011 by 1.3% compared to May 2010. Trade projections for 2011 include an expected increase in exports to the EU and a modest recovery in household and business spending. This contributes to the growth forecast in GDP of 5 to 7% for the year | |||||||||||||||||
| Graph displaying growth trends in the value of Singapore's total trade. Source: Statistics Singapore | |||||||||||||||||
| Population | |||||||||||||||||
As of 2010, Singapore's population was estimated at 5.08 million, with 3.77 million Singaporean residents. The population grew by 1.8% in 2010 over the year. |
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| The bulk of the increase came from permanent residents and non-residents who usually work or study in Singapore | |||||||||||||||||
Slightly more than a quarter of Singapore's 5.08 million population are foreigners. Life expectancy in Singapore is 81.8 years, up from 75.4 in 1990. |
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| Singapore's population is ageing. While the birth rate has been decreasing over the years and is now at 9.3 per 1000 population, death rate remains relatively stable at 4.4 per 1000 population.Singapore's population is ageing. While the birth rate has been decreasing over the years and is now at 9.3 per 1000 population, death rate remains relatively stable at 4.4 per 1000 population. | |||||||||||||||||
Chart showing Singapore's annual resident population growth rate since 1970. Source: Statistics Singapore |
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| Crime | |||||||||||||||||
| Singapore's has one of the world's lowest crime rates. In 2010, The crime rate was at 0.65%. |  |
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Graph showing fluctuations in Singapore's crime rate per thousand people. Source: Statistics Singapore |
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| Tourism | |||||||||||||||||
Tourism accounts for 3% of Singapore's GDP. In efforts to increase this contribution to GDP by 2015, the Singapore Tourism Board has been actively working on the construction of new attractions. The Board has successfully finished the construction of two casinos, The Singapore Flyer, The Helix Bridge and the most recent- Marina Bay Sands. The Singapore Tourism Board aims to triple tourism receipts to S$30 billion, double visitor arrivals to 17 million and create an additional 100,000 jobs in the services sector. |
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In 2010, the tourism industry generated an estimated S$18.8 billion in revenue, up 51.6% from 2009. Shopping, sightseeing, entertainment and accommodation made up 61% of tourism receipts. |
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In 2009, the top five tourist markets for Singapore were i) United States ii) Thailand iii) Philippines iv) China and v) Indonesia. |
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2010 saw an annual average occupancy rate of 85.6% in all Singapore hotels. The room revenue generated during the same period was $S1.9 billion, up 20.7% since 2009. |
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Chart showing the number of tourist arrivals in Singapore from 1999 - 2010. Source: Statistics Singapore |
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| Employmentc | |||||||||||||||||
| Singapore has one of the world's lowest unemployment rates at 2.2% in 2010. This refers to persons aged 15 years and over and has been seasonally adjusted. |
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Strong economic growth in Singapore led to 115,900 jobs being created during 2010, up 3.9% from 2009. |
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The average wage in Singapore has risen by 5.6% between 2009 and 2010. The highest earners come from the Financial Services, Information & Communications and Professional Services industries. |
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87.2% of Singapore households own their homes. |
Graph showing Singapore's employement rate based on age group in 1999 and 2010. Source: Statistics Singapore | ||||||||||||||||
| Property and real estate | |||||||||||||||||
Prices of private residential, office, shop and industrial properties increased by 2.2%, 4.9%, 0.5%, 8.3% respectively in the 1st Quarter of 2011. |
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For industrial space, there was an increase in occupied factory space by 263,000 sq m in the first quarter of 2011. This was higher than the increase of 178,000 sq m in the fourth quarter of 2010. |
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The pipeline supply of residential units is currently at 68,887 for the first quarter of 2011. Of these, 34,266 units remain unsold. This number equals to about 3 years of supply based on the average purchase of about 11,400 units per year over the past three years. |
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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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Graph showig trends in Singapore's residential, office and commercial property rates. Source: Statistics Singapore |
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| Inflation | |||||||||||||||||
Compared with a year ago, the CPI index rose by 5% in February 2011. This was due to the higher costs of transport, housing and food. Excluding accommodation costs, the CPI was 4.5% higher than February 2010. Inflation in general however is relatively stable in Singapore. The Singapore Dollar was the best performing Asian currency after the South Korean Won during the first two quarters of 2011. |
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Graph showing Singapore's inflation levels from 2007-2011. Source: Monetary Authority of Singapore |
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| Contact Us | |||||||||||||||||
For additional information on any of Healy Consultants' Singapore services, email@healyconsultants.com or telephone us at (+65) 6735 0120. |
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