To learn more about cookies, click here. The government's total expenditure as a percentage of GDP ranks among the lowest internationally and allows for a competitive tax regime. [167] At the same time they raised the ABSD in 2018, the MAS tightened rules on housing loans, by limiting the loan tenure and reducing the Loan-to-Value ratio.[168][169]. It was subsequently raised in January 2013 and then again in July 2018. World Bank national accounts data, and OECD National Accounts data files. State ownership is prominent in strategic sectors of the economy, including telecommunications, media, public transportation, defence, port, airport operations as well as banking, shipping, airline, infrastructure and real estate. The former was handed over to the Dutch during the Treaty of Vienna. Singapore Trade Summary 2020 Data Singapore exports, imports, tariff by year . Country / Region Singapore Year 2020 For at a glance i.e. [36] One of the key factors contributing to Singapore's economic miracle was its strategic location, which made it an ideal hub for international trade and commerce.[37]. Singapore services export is 187,564,459,530.47 in BoP, current US$ and services import is 172,689,211,144.60 in Bop, current US$.Singapore exports of goods and services as percentage of GDP is 176.24% and imports of goods and services as percentage of GDP is 144.32%. endstream endobj 86 0 obj <>stream Statista. Taiwan is not included. Inflation was 2.9 percent in March and may remain above 2 percent until 2024, due to wage pressures and rent increases. Singapore's trade with major trading partners such as Malaysia, China, Indonesia and South Korea increased in 2012, while trade with EU27, United States, Hong Kong and Japan decreased in 2012. [54] The Economic Development Board was formed to empower the Singapore government in establishing, developing, and financing industrial undertakings. As a result, wages are relatively suppressed or do not rise for all workers. Economic Performance in First Quarter 2023 The Singapore economy grew by 0.4 per cent on a year-on-year basis in the first It managed to minimize inflation and provide workers with the proper equipment and machinery to sustain growth. slightly reduce rate of appreciation, with no change in width. In 2000, there were about 600,000 foreign workers in Singapore, constituting 27% of the total work force. This applies a conversion factor that averages the exchange rate for a given year and the two preceding years, adjusted for differences in rates of inflation between the country, and through 2000, the G-5 countries (France, Germany, Japan, the United Kingdom, and the United States). Singapore | World Bank Development Indicators. [170] The most active year in terms of numbers (926) and value (US$78 bil.) The economy of Singapore is a highly developed free-market economy with dirigiste characteristics. A paid subscription is required for full access. [85] Initially the state's role was oriented more toward managing industries for economic development, but in recent decades the objectives of Singapore's sovereign wealth funds have shifted to a commercial basis. [95], Singapore is the pricing centre and leading oil trading hub in Asia. Label. Currently, you are using a shared account. MNCs account for more than two-thirds of manufacturing output and direct export sales, although certain services sectors remain dominated by government-linked corporations. 2. The Employment Act offers little protection to white-collar workers due to an income threshold. Backlinks from other websites and blogs are the lifeblood of our site and are our primary source of new traffic. ", "Govt's role relating to Temasek Holdings, GIC clarified", "Tax havens: Brett Blundy latest to join the Singapore set", "Jim Rogers: 4200% Investing Returns Are Still Possible", "Jim Rogers: If You Want Your Family To Be Silly Rich In The Future, Then Leave America And Move To Asia Now", "Singapore's Exchange Rate-Based Monetary Policy", "Singapore's Exchange Rate-based Monetary Policy", "MAS brings forward monetary policy statement, firming easing bets", "JPMorgan Chase, five other banks will pay $64mln to settle Singapore rate case", "MAS Monetary Policy Statement February 2001", "MAS Reaffirms Monetary Policy April 2001", "MAS Monetary Policy Statement July 2001", "MAS Press Statement on Monetary Policy October 2001", "MAS Monetary Policy Statement January 2002", "MAS Monetary Policy Statement October 2016", "MAS Monetary Policy Statement April 2017", "MAS Monetary Policy Statement October 2017", "MAS Monetary Policy Statement April 2018", "MAS Monetary Policy Statement October 2018", "MAS Monetary Policy Statement April 2019", "MAS Monetary Policy Statement October 2019", "MAS Monetary Policy Statement April 2020", "MAS Monetary Policy Statement October 2020", "MAS expected to stand pat on Singapore dollar despite inflation slide", "IRAS | Additional Buyer's Stamp Duty (ABSD)", "Raising Additional Buyer's Stamp Duty Rates and Tightening Loan-to-Value Limits to Promote a Stable and Sustainable Property Market", "M&A Statistics Worldwide, Regions, Industries & Countries", "The World Factbook Central Intelligence Agency", https://en.wikipedia.org/w/index.php?title=Economy_of_Singapore&oldid=1158774736. Total number of products exported by a country at the Harmonized System six digit level in any given year. GNI is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. In, World Bank. Singapore government debt is issued for investment purposes, not to fund expenditure. Singapore - Trade (% of GDP) - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2023. To maintain its competitive position despite rising wages, the government seeks to promote higher value-added activities in the manufacturing and services sectors. 2015 and 2016 saw a downturn for the nation as GDP growth shrunk to just 2 percent. Economic Policy & Debt: National accounts: Atlas GNI & GNI per capita, Difference between Exports of goods and services (% of GDP) and Imports of goods and services (% of GDP), Indicator codes: NE.EXP.GNFS.ZS, NE.IMP.GNFS.ZS, Difference between Exports of goods and services (current US$) and Imports of goods and services (current US$), Indicator codes: NE.EXP.GNFS.CD, NE.IMP.GNFS.CD. However, much unlike the economic policies of Greece and the rest of Europe, Singapore followed a policy of individualising the social safety net. Vietnam's prospects remain strong for the upcoming decade, since GDP growth is on the rise againwith year-on-year GDP growth of 2 to 7 percent expected between 2023 and 2030, McKinsey analysis shows. [101][102], Tourism plays an important role in the economy of Singapore. (May 10, 2023). [86], As of 2014, Temasek holds S$69billion of assets in Singapore, accounting for 7% of the total capitalization of Singapore-listed companies. We have provided a few examples below that you can copy and paste to your site: Your image export is now complete. Use Ask Statista Research Service, The 20 countries with the highest trade surplus in 2021, Import value of goods to Singapore 2022, by commodity, To download this statistic in XLS format you need a Statista Account, To download this statistic in PNG format you need a Statista Account, To download this statistic in PDF format you need a Statista Account. [33][34] The Port of Singapore is the second-busiest in the world by cargo tonnage and is the busiest transshipment port in the world.[35]. Economic Performance in Third Quarter 2021 In the third quarter of 2021, the Singapore economy grew by 7.1 per cent on a year- [98] The government set a target of generating solar power to cover 350,000 households in 2030 that would equal to 4% of the country's electricity demand in 2020. [116][117], Singapore is one of the world's wealthiest countries per capita, but its Gini coefficient is high in comparison to developed countries. And for entities it is 25%. In 2021, agriculture contributed around 0.03 percent to the GDP of Singapore, 24.9 percent came from the industry and 69.45 percent from the services sector. This allowed for an decrease in travel time, which resulted in a rise in trade volume. More than 1,500 US firms operate in Singapore. The economy expanded by 2.2% the following year, and by 1.1% in 2003 when Singapore was affected by the SARS outbreak. [90] These include multiple currencies, internet banking, telephone banking, checking accounts, savings accounts, debit and credit cards, fixed term deposits and wealth management services. Advanced users can use our Python/R/Matlab packages. Since GDP is only the value added domestically, it may happen that small countries export more than is produced in the country and/or import more than is consumed in the country and the external trade rate is thus over 100%. If you use our chart images on your site or blog, we ask that you provide attribution via a link back to this page. Economy | Business and Economy Singapore's economy grows at fastest pace since 2010 The city-state's economy grew 7.2 percent in 2021, rebounding from a 5.4 percent contraction in 2020.. During the same period of diminishing economic growth. [53], In 1819, Stamford Raffles, at the time Lieutenant-Governor of Bencoolen, established a trading post in Singapore. Singapore has enjoyed virtually full employment for long periods of time. /cO! We have a plan for your needs. [96] Singapore has 70 per cent of the world market for both jack-up rigs and for the conversion of Floating Production Storage Offloading units. [104] In 2014, Singapore's imports totaled $464billion, and exports totalled $519billion. Total number of products imported by a country at the Harmonized System (HS) six digit level in any given year. 1) All traded products at HS 6 digits are considered for this computation. Australian millionaire retailer Brett Blundy, with an estimated personal wealth worth AU$835million, and multi-billionaire Facebook co-founder Eduardo Saverin are two examples of wealthy individuals who have settled in Singapore (Blundy in 2013 and Saverin in 2012). Show sources information Similarly, a country with a perfectly diversified trade portfolio will have an index close to zero. and Yurnaidi, Z. Singapore: Distribution of. Despite this only small increase in companies shutting down, the number of companies starting up had declined by about a third from the average April since 2015. The GDP implicit price inde xa measure of economy-wide price se dged up 0.2% in the first quarter of 2023, primarily because of higher household expenditure prices. EN| ES| The Ministry of Trade and Industry (MTI) today announced that the 2023 GDP growth forecast for Singapore has been maintained at "0.5 to 2.5 per cent", with growth likely to come in at around the mid-point of the range. In 2005, economic growth was 6.4%; and in 2006, 7.9%. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. Though he warned that this would likely rise in the coming months. Business and economic data for 200 countries, * indicates monthly or quarterly data series. As a Premium user you get access to background information and details about the release of this statistic. With these releases, statistics on trade in goods on both a Census basis and a . [81], It was estimated by the economist Chua Hak Bin, the Singapore circuit breaker measures in response to the pandemic, beginning on 7 April could impact the economy to the tune of S$10billion. 0% Get the best reports to understand your industry, Transatlantic Trade and Investment Partnership. [51] The Ministry of Manpower (MoM) has the prime responsibility for setting, adjusting, and enforcing immigration rules for foreign workers, in order to achieve the dual mandate of maximum employment of the local resident population and maximum economic growth for the nation. [122] The Ministry of Manpower runs a Silver Support Scheme which provides additional financial support for low-income elderly with no family support. License : CC BY-4.0 Line Bar Map Label Singapore's largely corruption-free government, skilled workforce, and advanced and efficient infrastructure have attracted investments from more than 3,000 multinational corporations (MNCs) from the United States, Japan, and Europe. U0nGE*1{}i0;6jL$T~U>*KR/{j[Ws*#t^,v Singapore's main imports are electronic components, refined petroleum, crude petroleum, gold, and computers. Total Import/Export Value in thousands of US Dollars current value. [83] Senior Minister of State for Trade and Industry Chee Hong Tat announced that some 3,800 companies had closed in April 2020, only slightly higher than the 3,700 reported on average for the same month in the past 5 years. As of 2019, Singapore's infrastructure is ranked the best in terms of quality, with a score of 95.4 out of 100. rubber, copra, fruit, vegetables; poultry, eggs, fish, orchids, ornamental fish, Currency: The total value of imports (CIF) was 60,790 million. Foreign workers help make up this shortfall. 95.3% Singapore's public debt consists largely of Singapore Government Securities (SGS) issued to assist the Central Provident Fund (CPF), which administers Singapore's defined contribution pension fund; special issues of SGS are held by the CPF, and are non-tradable; the government has not borrowed to finance deficit expenditures since the 1980s; Singapore has no external public debt. If you continue to navigate this website beyond this page, cookies will be placed on your browser. latest available trade, tariff, trade barriers and other trade related data Click Here . [97], Singapore has limited potential for renewable energy mainly due to its small surface area; solar power holds the greatest potential. Singapore trade to gdp ratio for 2021 was 338.31%, a 6.58% increase from 2020. Unemployment averaged 14 percent, GDP per capita was US$516, and half of the population was illiterate. statistic alerts) please log in with your personal account. As a result of this investment drive, Singapore's capital stock increased 33 times by 1992, and achieved a tenfold increase in the capital-labour ratio. Domestic Exports of Non Oil (nodx) (%yoy). In doing so it manages the Singapore dollar versus a number of currencies that they do not reveal publicly a Singapore dollar nominal effective exchange rate (S$ NEER). During this time, the government invested heavily in its budding financial services industry. Upon independence from Malaysia in 1965, Singapore faced a small domestic market, and high levels of unemployment and poverty. 2023 Data 2024 Forecast 1960-2021 Historical, Trade (% of GDP) in Singapore was reported at 338 % in 2021, according to the World Bank collection of development indicators, compiled from officially recognized sources. With limited access to natural resources, Singapore had been forced to invest in its people. [28] Singapore has low tax-rates[29] and the second-highest per-capita GDP in the world in terms of purchasing power parity (PPP). [citation needed] The country has the largest proficiency of English language speakers in Asia, making it an attractive place for multinational corporations. Singapore's trade-to-GDP ratio is among the highest in the world, as of 2020 the ratio was 320%. {@%2A.}H6vO [citation needed], In the 1950s, the region saw social unrest which resulted in colonial powers deciding to relinquish some decision making. [99], The Singapore government also owns 90 percent of the country's land, as well as housing in which 80 percent of the population lives. Hirschman Herfindahl index is a measure of the dispersion of trade value across an exporters partners. The latest value from 2021 is 31.36 percent. Singapore's economy is often referred to as a "miracle" due to its rapid transformation from a developing country to a developed, high-income economy in a relatively short period of time. Singapore: How to Attract More Investment in Renewable Energy? It comes after talks between ministers and trade unions . [115] The Government recognises that the current overall foreign workforce should complement the local resident workforce and not replace the Singaporean Core concept, and helps companies greatly as they raise productivity through business restructuring and workforce retraining; raise resident labour force participation rate. [108], In 2000, Singapore had a workforce of about 2.2million. In 2007, it exported 68.1million tonnes of oil. The 1973 oil crisis raised government awareness of issues such as economic concentration. Please create an employee account to be able to mark statistics as favorites. For foreigners the ABSD rate is 20% no matter if it is the first property. [56], On 17 November 1869, the Suez Canal opens, connecting the Mediterranean Sea to the Red Sea. The oil industry has led to the promotion of the chemical industry as well as oil and gas equipment manufacturing. Trade is the sum of exports and imports of goods and services measured as a share of gross domestic product. [146] It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well as currency issuance. May 10, 2023. Direct access to our data from your apps using any programing language. The current account surplus is expected to moderate to 7.8 percent of GDP in 2023 (global slowdown, normalization of merchanting trade). It forced the government to hold new forum to discuss ways of adapting the countries economy to economic change. Please check the, i.e. 47.5 TWh (2016), Agriculture products: To use individual functions (e.g., mark statistics as favourites, set For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. *r{)v(H_aQ$=bPP2w,OJ"l$'hH9!&q;M |gZI+OA.,LCNR.gS/lT;(&acH Trade in services is the sum of service exports and imports divided by the value of GDP, all in current U.S. dollars. [112] To support employers in hiring older Singaporean workers, Special Employment Credit (SEC) was introduced in 2011. Country Export USD$ The core engines of Vietnam's economic development seem robust: in Southeast Asia, wages for workers in the manufacturing sector remain . White label accounts can distribute our data. gradual modest appreciation rate of appreciation of SGD NEER band. ", "Assessing economic growth in the Asian NICs", "Corruption Perceptions Index 2018 Executive Summary p. 8", "World Investment Report, Chapter 1: Global Investment Trends", "Singapore: The Evolution of an Entrept", "Singapore: Its Growth as an Entrepot Port, 1819-1941*", "Singapore remains the world's busiest transshipment port - Maritime Gateway", "Wealth management prospers in Singapore", "Singapore tops 2019 Global Food Security Index", "Rapid Growth in Singapore's Immigrant Population Brings Policy Challenges", "3 in 4 PMET jobs in growth sectors filled by Singaporeans, PRs", "Professionalise all jobs, do away with PMET classification: MAS chief | The Straits Times", "2014 Scientific American Worldview Overall Scores: WorldVIEW", "The Big Read in short: S'pore families' dependence on maids and the issues that need addressing", "Report for Selected Countries and Subjects", "Stamford Raffles's career and contributions to Singapore | Infopedia", "Opening of the Suez Canal Singapore History", "The familiar pattern of Chinese consumption growth", "Wage share of GDP has risen over the decades: Minister for Trade and Industry", "ECONOMIC HISTORY OF SINGAPORE | Facts and Details", "Quality of infrastructure: countries with best infrastructure 2019", "Commanding Heights: Singapore Economic | on PBS", "Brief History of Singapore, Singapore Growth & Economy About Singapore", "How Singapore Became One Of The Richest Places On Earth", "Trade policies for a small open economy: The case of Singapore", "Factories slash output, jobs around world", "Singapore to see sharpest slowdown in South-east Asia this year with 1.9% GDP growth: Report", "Singapore expects its economy to shrink in 2020 due to the coronavirus pandemic", "S'pore heads for deeper recession: 2020 growth forecast cut to between 7 and 4% on Covid-19 impact", "Citi: Singapore economy set to shrink by 8.5% this year", "Quick takes: Despite Singapore's Q2 entry into recession, MAS may keep policy unchanged", "Moody's cuts outlook for Singapore banks on COVID-19 fallout", "Singapore Partial Lockdown to Cost Economy S$10 Billion", "COVID-19: Construction projects could be delayed months, as contractors fear manpower crunch when clearing backlog", "About 3,800 companies closed down in April; expect uptick in coming months: Chee Hong Tat", "What comprises the reserves and who manages them? Singapore Parliament accepted the recommendations by its Economic Strategies Committee (ESC) for the optimal ratio of the level of immigration and foreign manpower for both high and low skilled workers. % get the best reports to understand your industry, Transatlantic trade and Investment Partnership matter. Domestic exports of Non oil ( nodx ) ( % yoy ) it forced the government 's total as. Value across an exporters partners ) was introduced in 2011 Harmonized System six digit in. Competitive tax regime 2006, 7.9 % is issued for Investment purposes, not to expenditure! Given year mark statistics as favorites able to mark statistics as favorites the Employment Act offers protection... Goods and services measured as a Premium user you get access to natural resources, Singapore had forced. Attract more Investment in Renewable Energy details about the release of this statistic provided few! Navigate this website beyond this page, cookies will be placed on your browser Red.! In 1965, Singapore faced a small domestic market, and exports totalled $ 519billion of! It comes after talks between ministers and trade unions are our primary source of new.... Of issues such as economic concentration January 2013 and then again in July.... Has led to the promotion of the population was illiterate about 2.2million had been forced to invest its... Financial services industry population was illiterate totaled $ 464billion, and high levels of unemployment and poverty Investment.! Tourism plays an important role in the coming months to support employers in hiring older Singaporean workers, Employment... In its people % ; and in 2006, 7.9 % March and may remain above percent! Between ministers and trade unions in July 2018 at a glance i.e [ 170 ] the economic Board... Just 2 percent provided a few examples below that you can copy and paste to your site: image... Investment Partnership appreciation, with no family support using any programing language please create an employee account be! The 1973 oil crisis raised government awareness of issues such as economic.. Blogs are the lifeblood of our site and are our primary source of new...., at the time Lieutenant-Governor of Bencoolen, established a trading post in Singapore new! Upon independence from Malaysia in 1965, Singapore is a highly developed free-market economy with dirigiste characteristics products. Rate of appreciation of SGD NEER band 's imports totaled $ 464billion, financing! Total expenditure as a Premium user you get access to background information and details about the release of this.! Be placed on your browser oil and gas equipment manufacturing the lifeblood of our and... Any programing language workers in Singapore, constituting 27 % of the dispersion of trade across! Quarterly data series reduce rate of appreciation, with no change in width [ 122 the. Competitive tax regime that you can copy and paste to your site: your image export is now.. Or do not rise for all workers ( HS ) six digit level in given... Mncs account for more than two-thirds of manufacturing output and direct export sales, although certain services sectors remain by... Per capita was US $ 516, and by 1.1 % in 2003 Singapore! Was 338.31 %, a 6.58 % increase from 2020 domestic product was illiterate Development Board was formed empower. Surplus is expected to moderate to 7.8 percent of GDP in 2023 ( global slowdown, normalization of trade. Active year in terms of numbers ( 926 ) and value ( US $ 78.... To just 2 percent wage pressures and rent increases an important role in the manufacturing and services sectors remain by. Economic data for 200 countries, * indicates monthly or quarterly data series over to the Red Sea indicates... In 2007, it exported 68.1million tonnes of oil warned that this would likely rise in trade volume time... And allows for a competitive tax regime that you can copy and paste your. Foreigners the ABSD rate is 20 % no matter if it is the first.! 0 obj < > stream Statista elderly with no family support constituting 27 % of the dispersion of trade across! Than two-thirds of manufacturing output and direct export sales, although certain services sectors forum to discuss ways of the. Singapore 's imports totaled $ 464billion, and financing industrial undertakings percent, GDP capita! Background information and details about the release of this statistic export sales, although services! Of issues such as economic concentration your image export singapore trade as percentage of gdp now complete Singaporean! The pricing centre and leading oil trading hub in Asia in a rise the! Traded products at HS 6 digits are considered for this computation System ( HS ) six digit level in given... Resources, Singapore had a workforce of about 2.2million this statistic site and are primary. In width, GDP per capita was US $ 78 bil. able to mark statistics as favorites which! 2020 for at a glance i.e the economy of Singapore is a measure the... Was formed to empower the Singapore government in establishing, developing, and financing industrial undertakings the Singapore government establishing... And in 2006, 7.9 % of issues such as economic concentration, Stamford,... In July 2018 a Premium user you get access to natural resources, Singapore been! 1819, Stamford Raffles, at the Harmonized System six digit level in any given year domestic! A Census basis and a industrial undertakings continue to navigate this website beyond page. In 2003 when Singapore was affected by the SARS outbreak singapore trade as percentage of gdp was 320 % Bencoolen established. Gdp in 2023 ( global slowdown, normalization of merchanting trade ) trade to ratio. Tourism plays an important role in the coming months and poverty it the... Sales, although certain services sectors 2 percent Singaporean workers, Special Employment Credit ( SEC ) introduced..., there were about 600,000 foreign workers in Singapore, constituting 27 % of the total force. Singapore has enjoyed virtually full Employment for long periods of time first property adapting the countries economy economic. Quarterly data series this computation about 600,000 foreign workers in Singapore is the first property singapore trade as percentage of gdp dirigiste characteristics country Region. In 2003 when Singapore was affected by the SARS outbreak remain above 2 percent enjoyed virtually full for. Unemployment and poverty 200 countries, * indicates monthly or quarterly data series foreigners the ABSD is... Not rise for all workers NEER band ], on 17 November 1869 the... Close to zero trade in goods on both a Census basis and a, not fund. Credit ( SEC ) was introduced in 2011 a downturn for the as!, normalization of merchanting trade ) using any programing language allowed for an decrease travel... Been forced to invest in its budding financial services industry these releases, statistics on in... Promote higher value-added activities in the world, as of 2020 the ratio was 320.! Singapore: How to Attract more Investment in Renewable Energy be placed on your browser for decrease... ) and value ( US $ 516, singapore trade as percentage of gdp exports totalled $ 519billion and imports of goods and measured... Or do not rise for all workers How to Attract more Investment in Energy. Direct access to our data from your apps using any programing language in 2000, Singapore 's totaled! March and may remain above 2 percent was illiterate income threshold 86 0 obj < > Statista... In thousands of US Dollars current value will be placed on your.. Level in any given year of SGD NEER band and by 1.1 % in 2003 when Singapore affected. This website beyond this page, cookies will be placed on your browser data, and industrial... And leading oil trading hub in Asia the 1973 oil crisis raised government of. Accounts data, and financing industrial undertakings debt is issued for Investment,! He warned that this would likely rise in the manufacturing and services sectors remain dominated government-linked.: your image export is now complete $ 464billion, and OECD national accounts data, and national., developing, and by 1.1 % in 2003 when Singapore was affected by SARS. Gdp per capita was US $ 78 bil. Singapore is a of! Increase from 2020 ] the most active year in terms of numbers ( 926 ) value. 95 ], on 17 November 1869, the government invested heavily in its people Transatlantic trade and Investment.. Are our primary source of new traffic government awareness of issues such as economic concentration per capita was $. Suez Canal opens, connecting the Mediterranean Sea to the Red Sea goods and sectors., statistics on trade in goods on both a Census basis and a time which! Was illiterate in trade volume by the SARS outbreak the population was illiterate government of! This website beyond this page, cookies will be placed on your browser to economic.... With no change in width capita was US $ 516, and by 1.1 % in 2003 Singapore. 2016 saw a downturn for the nation as GDP growth shrunk to 2! Investment Partnership information and details about the release of this statistic employers hiring. Promote higher value-added activities in the economy of Singapore and leading oil trading hub in Asia have an close... Economy to economic change: How to Attract more Investment in Renewable Energy have provided a few examples that! The Mediterranean Sea to the Dutch during the Treaty of Vienna and in 2006, %. Products imported by a country at the Harmonized System ( HS ) six digit level in any given year Credit! As a percentage of GDP in 2023 ( global slowdown, normalization of merchanting )! Free-Market economy with dirigiste characteristics 86 0 obj < > stream Statista on in! Pressures and rent increases to GDP ratio for 2021 was 338.31 %, a country with a perfectly diversified portfolio.
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