Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.
$339 billion (2013 est.)
country comparison to the world: 41
$323 billion (2012 est.)
$313.3 billion (2011 est.)
4.1% (2013 est.)
country comparison to the world: 74
1.9% (2012 est.)
6% (2011 est.)
$62,400 (2013 est.)
country comparison to the world: 7
$60,800 (2012 est.)
$60,400 (2011 est.)
agriculture: 0%
industry: 29.4%
services: 70.6% (2013 est.)
NA%
2.4% (2013 est.)
country comparison to the world: 90
4.6% (2013 est.)
3.444 million
country comparison to the world: 99
note: excludes non-residents (2013 est.)
agriculture: 1.3%
industry: 18.6%
services: 80.1%
note: excludes non-residents (2013)
1.9% (2013 est.) country comparison to the world: 12 2% (2012 est.)
electronics, chemicals, financial services, oil drilling equipment, petroleum refining, rubber processing and rubber products, processed food and beverages, ship repair, offshore platform construction, life sciences, entrepot trade
1.7% (2013 est.)
country comparison to the world: 132
