Singapore - Economic Indicators
Asia-Pacific Daily Briefing: Singapore's Surging Inflation
Jun 23, 2022
Download the full Asia-Pacific Daily Briefing Singapore’s headline inflation surged more than expected in May, rising by 5.6% y/y after the previous month’s 5.4% increase. We had expected inflation to settle at 5.4%. Core inflation accelerated as well, hitting 3.6% y/y from the prior 3.3% reading. Headline and core inflation have blown past the Monetary Authority of Singapore’s full-year forecast of between 4.5% and 5.5% for headline...
| GDP | Reference | Last | Previous | Units | Frequency |
|---|---|---|---|---|---|
| Private Consumption | 2022 Q1 | 44,896 | 42,743 | Mil. SGD, NSA | Quarterly |
| Real Private Consumption | 2022 Q1 | 43,923 | 42,145 | Mil. Ch. 2015 SGD, NSA | Quarterly |
| Real Gross Domestic Product | 2022 Q1 | 126,345 | 128,440 | Mil. Ch. 2015 SGD, NSA | Quarterly |
| Real Investment | 2022 Q1 | 31,325 | 32,473 | Mil. Ch. 2015 SGD, NSA | Quarterly |
| Nominal Fixed Investment (gross fixed capital formation) | 2022 Q1 | 32,137 | 32,703 | Mil. SGD, NSA | Quarterly |
| Real Fixed Investment (gross fixed capital formation) | 2022 Q1 | 30,141 | 30,954 | Mil. Ch. 2015 SGD, NSA | Quarterly |
| Nominal Gross Domestic Product | 2022 Q1 | 141,868 | 138,514 | Mil. SGD, NSA | Quarterly |
| Investment | 2020 | 100,741,900,000 | 117,486,700,000 | SGD | Annual |
| Price | Reference | Last | Previous | Units | Frequency |
| Consumer Price Index (CPI) | May 2022 | 107.6 | 106.55 | Index 2019=100, NSA | Monthly |
| Producer Price Index (PPI) | Apr 2022 | 113.95 | 112.85 | Index 2018=100, NSA | Monthly |
| Labor | Reference | Last | Previous | Units | Frequency |
| Unemployment | 2022 Q1 | 70.3 | 76.7 | Ths., NSA | Quarterly |
| Unemployment Rate | 2022 Q1 | 2.2 | 2.4 | %, SA | Quarterly |
| Wage & Salaries | 2021 Q4 | 6,282 | 5,412 | SGD, NSA | Quarterly |
| Labor Force Employment | 30 Jun 2021 | 3,483 | 3,574 | Ths. # | 365 days |
| Labor Force | 30 Jun 2021 | 3,607 | 3,713 | Ths. # | 365 days |
| Secondary Industries Employment | 2020 | 447 | 484.8 | Ths. # End, NSA | Annual |
| Tertiary Industries Employment | 2020 | 2,724 | 2,816 | Ths. # End, NSA | Annual |
| Agriculture Employment | 2017 | 3,887 | 3,851 | # | Annual |
| Total Employment | 2017 | 3,669 | 3,673 | Ths. #, End | Annual |
| Trade | Reference | Last | Previous | Units | Frequency |
| Balance of Goods | 2022 Q1 | 40,042 | 43,076 | Mil. SGD, NSA | Quarterly |
| Imports of Goods | 2022 Q1 | 148,161 | 143,007 | Mil. SGD, NSA | Quarterly |
| Exports of Goods | 2022 Q1 | 188,204 | 186,083 | Mil. SGD, NSA | Quarterly |
| Current Account Balance | 2022 Q1 | 28,855 | 25,720 | Mil. SGD, NSA | Quarterly |
| Net Exports | 2022 Q1 | 42,892 | 43,369 | Mil. SGD, NSA | Quarterly |
| Real Net Exports | 2022 Q1 | 38,893 | 37,185 | Mil. Ch. 2015 SGD, SA | Quarterly |
| Real Exports of Goods and Services | 2022 Q1 | 235,574 | 241,753 | Mil. Ch. 2015 SGD, NSA | Quarterly |
| Real Imports of Goods and Services | 2022 Q1 | 199,331 | 204,642 | Mil. Ch. 2015 SGD, NSA | Quarterly |
| Imports of Goods and Services | 2022 Q1 | 225,832 | 223,214 | Mil. SGD, NSA | Quarterly |
| Exports of Goods and Services | 2022 Q1 | 268,725 | 266,583 | Mil. SGD, NSA | Quarterly |
| Government | Reference | Last | Previous | Units | Frequency |
| Government Revenues | Apr 2022 | 4,735 | 5,736 | Mil. SGD, NSA | Monthly |
| Outstanding Public Debt - Domestic | 2022 Q1 | 874,110 | 777,957 | Mil. SGD EOP, NSA | Quarterly |
| Outstanding Public Debt | 2022 Q1 | 874,110 | 777,957 | Mil. SGD EOP, NSA | Quarterly |
| Outstanding Public Debt - Foreign | 2022 Q1 | 0 | 0 | Mil. SGD EOP, NSA | Quarterly |
| Government Expenditures | 2022 Q1 | 28,052 | 18,672 | Mil. SGD, NSA | Quarterly |
| Government Budget Balance | 2022 Q1 | 392.43 | 455.58 | Mil. SGD, SAAR | Quarterly |
| Markets | Reference | Last | Previous | Units | Frequency |
| Money Market Rate | Jul 2021 | 0.27 | 0.07 | % p.a., NSA | Monthly |
| Lending Rate | Jun 2021 | 5.25 | 5.25 | % p.a., NSA | Monthly |
| Stock Market Index | 30 Dec 2014 | 804.78 | 804.96 | Index, NSA | Business Daily |
| Treasury Bills (over 31 days) | Aug 2013 | 0.24 | 0.26 | % p.a., NSA | Monthly |
| Real Estate | Reference | Last | Previous | Units | Frequency |
| House Price Index | 2022 Q1 | 174.8 | 173.6 | Index 2009Q1=100, NSA | Quarterly |
| Vacancy | 2022 Q1 | 20,299 | 23,060 | # EOP, NSA | Quarterly |
| Residential Building Permits | 2020 Q1 | 1,827 | 2,151 | # of units, NSA | Quarterly |
| Building Permits | 2020 Q1 | 1,997 | 2,767 | # of units, NSA | Quarterly |
| Residential Housing Starts | 2020 Q1 | 2,113 | 4,317 | # of units, NSA | Quarterly |
| Residential Building Completions | 2020 Q1 | 1,528 | 2,298 | # of units, NSA | Quarterly |
| Consumer | Reference | Last | Previous | Units | Frequency |
| Retail Sales | Apr 2022 | 100.46 | 99.29 | Index 2017=100, SA | Monthly |
| Business | Reference | Last | Previous | Units | Frequency |
| Industrial Production | May 2022 | 138.94 | 125.26 | Index 2019=100, SA | Monthly |
| Change in Inventories | 2017 | 12,657,600,000 | 2,030,100,000 | NCU | Annual |
| Real Change in Inventories | 2017 | 13,947,700,000 | 2,253,900,000 | NCU | Annual |
| Demographics | Reference | Last | Previous | Units | Frequency |
| Population | 2021 | 3,986,842 | 4,044,210 | # | Annual |
| Deaths | 2020 | 22,054 | 21,446 | # | Annual |
| Net Migration | 2017 | 298,448 | # | Annual | |
| Birth Rate | 2016 | 9.4 | 9.7 | # per Ths. pop. | Annual |
| Death Rate | 2002 | 4.4 | 4.3 | # per Ths. pop. | Annual |
Factbook
Background
Background:
A Malay trading port known as Temasek existed on the island of Singapore by the 14th century. The settlement changed hands several times in the ensuing centuries and was eventually burned in the 17th century and fell into obscurity. The British founded Singapore as a trading colony on the site in 1819. It joined the Malaysian Federation in 1963 but was ousted two years later and became independent. Singapore subsequently became one of the world's most prosperous countries with strong international trading links (its port is one of the world's busiest in terms of tonnage handled) and with per capita GDP equal to that of the leading nations of Western Europe.
Geography
Location:
Southeastern Asia, islands between Malaysia and Indonesia
Geographic coordinates:
1 22 N, 103 48 E
Map references:
Southeast Asia
Area:
total: 719.2 sq km
land: 709.2 sq km
water: 10 sq km
country comparison to the world: 192
Area - comparative:
slightly more than 3.5 times the size of Washington, DC
Land boundaries:
0 km
Coastline:
193 km
Maritime claims:
territorial sea: 3 nm
exclusive fishing zone: within and beyond territorial sea, as defined in treaties and practice
Climate:
tropical; hot, humid, rainy; two distinct monsoon seasons - northeastern monsoon (December to March) and southwestern monsoon (June to September); inter-monsoon - frequent afternoon and early evening thunderstorms
Terrain:
lowlying, gently undulating central plateau
Elevation:
mean elevation: NA
elevation extremes: lowest point: Singapore Strait 0 m
highest point: Bukit Timah 166 m
Natural resources:
fish, deepwater ports
Land use:
agricultural land: 1%
arable land 0.9%; permanent crops 0.1%; permanent pasture 0%
forest: 3.3%
other: 95.7% (2011 est.)
Irrigated land:
0 sq km (2012)
Population - distribution:
most of the urbanization is along the southern coast, with relatively dense population clusters found in the central areas
Natural hazards:
flash floods
Environment - current issues:
industrial pollution; limited natural freshwater resources; limited land availability presents waste disposal problems; seasonal smoke/haze resulting from forest fires in Indonesia
Environment - international agreements:
party to: Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Hazardous Wastes, Law of the Sea, Ozone Layer Protection, Ship Pollution
signed, but not ratified: none of the selected agreements
Geography - note:
focal point for Southeast Asian sea routes; consists of about 60 islands, by far the largest of which is Pulau Ujong; land reclamation has removed many former islands and created a number of new ones
People & Society
Population:
5,888,926 (July 2017 est.)
country comparison to the world: 113
Nationality:
noun: Singaporean(s)
adjective: Singapore
Ethnic groups:
Chinese 74.3%, Malay 13.4%, Indian 9%, other 3.2%
note: individuals self-identify; the population is divided into four categories: Chinese, Malay (includes Malays and Indonesians), Indian (includes Indian, Pakistani, Bangladeshi, or Sri Lankan), and other ethnic groups (includes Eurasians, Caucasians, Japanese, Filipino, Vietnamese (2017 est.)
Languages:
English (official) 36.9%, Mandarin (official) 34.9%, other Chinese dialects (includes Hokkien, Cantonese, Teochew) 12.2%, Malay (official) 10.7%, Tamil (official) 3.3%, other 2%
note:: data represent language most frequently spoken at home (2015 est.)
Religions:
Buddhist 33.2%, Christian 18.8%, Muslim 14%, Taoist 10%, Hindu 5%, other 0.6%, none 18.5% (2015 est.)
Age structure:
0-14 years: 12.82% (male 386,139/female 368,874)
15-24 years: 16.56% (male 479,683/female 495,649)
25-54 years: 50.53% (male 1,448,463/female 1,527,038)
55-64 years: 10.46% (male 308,477/female 307,557)
65 years and over: 9.63% (male 258,597/female 308,449) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 37.3
youth dependency ratio: 21.3
elderly dependency ratio: 16
potential support ratio: 6.2 (2015 est.)
Median age:
total: 34.6 years
male: 34.5 years
female: 34.7 years (2017 est.)
country comparison to the world: 84
Population growth rate:
1.82% (2017 est.)
country comparison to the world: 57
Birth rate:
8.6 births/1,000 population (2017 est.)
country comparison to the world: 214
Death rate:
3.5 deaths/1,000 population (2017 est.)
country comparison to the world: 217
Net migration rate:
13.1 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 5
Population distribution:
most of the urbanization is along the southern coast, with relatively dense population clusters found in the central areas
Urbanization:
urban population: 100% of total population (2017)
rate of urbanization: 1.5% annual rate of change (2015-20 est.)
Major urban areas - population:
SINGAPORE (capital) 5.619 million (2015)
Sex ratio:
at birth: 1.07 male(s)/female
0-14 years: 1.05 male(s)/female
15-24 years: 0.97 male(s)/female
25-54 years: 0.95 male(s)/female
55-64 years: 1 male(s)/female
65 years and over: 0.83 male(s)/female
total population: 0.96 male(s)/female (2017 est.)
Mother's mean age at first birth:
30.5 years
median age (2015 est.)
Maternal mortality ratio:
10 deaths/100,000 live births (2015 est.)
country comparison to the world: 148
Infant mortality rate:
total: 2.4 deaths/1,000 live births
male: 2.6 deaths/1,000 live births
female: 2.2 deaths/1,000 live births (2017 est.)
country comparison to the world: 222
Life expectancy at birth:
total population: 85.2 years
male: 82.6 years
female: 88.1 years (2017 est.)
country comparison to the world: 3
Total fertility rate:
0.83 children born/woman (2017 est.)
country comparison to the world: 224
Health expenditures:
4.9% of GDP (2014)
country comparison to the world: 144
Physicians density:
2.28 physicians/1,000 population (2016)
Hospital bed density:
2.4 beds/1,000 population (2015)
Drinking water source:
improved:
urban: 100% of population
total: 100% of population
unimproved:
urban: 0% of population
total: 0% of population (2015 est.)
Sanitation facility access:
improved:
urban: 100% of population
total: 100% of population
unimproved:
urban: 0% of population
total: 0% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
NA
HIV/AIDS - people living with HIV/AIDS:
NA
HIV/AIDS - deaths:
NA
Major infectious diseases:
note: active local transmission of Zika virus by Aedes species mosquitoes has been identified in this country (as of August 2016); it poses an important risk (a large number of cases possible) among US citizens if bitten by an infective mosquito; other less common ways to get Zika are through sex, via blood transfusion, or during pregnancy, in which the pregnant woman passes Zika virus to her fetus (2016)
Obesity - adult prevalence rate:
6.1% (2016)
country comparison to the world: 170
Education expenditures:
2.9% of GDP (2013)
country comparison to the world: 140
Literacy:
definition: age 15 and over can read and write
total population: 97%
male: 98.7%
female: 98.2% (2016 est.)
School life expectancy (primary to tertiary education):
total: 13 years
male: 13 years
female: 13 years (2009)
Unemployment, youth ages 15-24:
total: 6.6%
male: 5.6%
female: 7.7% (2015 est.)
country comparison to the world: 142
Government
Country name:
conventional long form: Republic of Singapore
conventional short form: Singapore
local long form: Republic of Singapore
local short form: Singapore
etymology: name derives from the Sanskrit words "singa" (lion) and "pura" (city) to describe the city-state's leonine symbol
Government type:
parliamentary republic
Capital:
name: Singapore
geographic coordinates: 1 17 N, 103 51 E
time difference: UTC+8 (13 hours ahead of Washington, DC, during Standard Time)
Administrative divisions:
none
Independence:
9 August 1965 (from Malaysian Federation)
National holiday:
National Day, 9 August (1965)
Constitution:
history: several previous; latest adopted 22 December 1965
amendments: proposed by Parliament; passage requires two-thirds majority vote in the second and third readings by the elected Parliament membership and assent by the president of the republic; passage of amendments affecting constitutional articles on fundamental liberties, the president, or constitutional amendment procedures also requires at least two-thirds majority vote in a referendum; amended many times, last in 2016 (2017)
Legal system:
English common law
International law organization participation:
has not submitted an ICJ jurisdiction declaration; non-party state to the ICCt
Citizenship:
citizenship by birth: no
citizenship by descent only: at least one parent must be a citizen of Singapore
dual citizenship recognized: no
residency requirement for naturalization: 10 years
Suffrage:
21 years of age; universal and compulsory
Executive branch:
chief of state: President HALIMAH Yacob (since 14 September 2017); note - President TAN's term ended on 31 August 2017; HALIMAH is Singapore's first female president; the head of the Council of Presidential Advisors, J.Y. PILLAY, served as acting president until HALIMAH was sworn in as president on 14 September 2017
head of government: Prime Minister LEE Hsien Loong (since 12 August 2004); Deputy Prime Ministers TEO Chee Hean (since 1 April 2009) and Tharman SHANMUGARATNAM (since 21 May 2011)
cabinet: Cabinet appointed by the president on the advice of the prime minister; Cabinet responsible to Parliament
elections/appointments: president directly elected by simple majority popular vote for a single 6-year term; election last held on 13 September 2017 (next to be held in 2023); following legislative elections, leader of majority party or majority coalition appointed prime minister by president; deputy prime ministers appointed by the president
election results: HALIMAH Yacob was declared president on 13 September 2017, being the only eligible candidate; Tony TAN Keng Yam elected president in the previous contested election on 27 August 2011; percent of vote - Tony TAN Keng Yam (independent) 35.2% , TAN Cheng Bock (independent) 34.9%, TAN Jee Say (independent) 25%, TAN Kin Lian (independent) 4.9%
Legislative branch:
description: unicameral Parliament (101 seats; 89 members directly elected by popular vote, up to 9 nominated by a parliamentary selection committee and appointed by the president, and up to 9 but currently 3 non-constituency members from opposition parties to ensure political diversity; members serve 5-year terms)
elections: last held on 11 September 2015 (next to be held in 2020)
election results: percent of vote by party - PAP 69.9%, WP 12.5%, other 17.6%; seats by party - PAP 83, WP 6
Judicial branch:
highest court(s): Supreme Court (although the number varies, as of Feb 2018 it had a total of 21 judges, 7 judicial commissioners, 4 senior judges and 15 international judges; the court is organized into an upper tier Appeal Court and a lower tier High Court)
judge selection and term of office: Supreme Court judges appointed by the president from candidates recommended by the prime minister after consultation with the chief justice; lower court judges appointed by the president from candidates recommended by the chief justice; judges usually serve until retirment at age 65 but can be extended; other appointments are for a fixed term
subordinate courts: district, magistrates', juvenile, family, community, and coroners' courts; small claims tribunals; employment claims tribunals
Political parties and leaders:
National Solidarity Party or NSP
People's Action Party or PAP [LEE Hsien Loong]
Singapore Democratic Party or SDP [Dr. CHEE Soon Juan]
Workers' Party or WP [Pritam SINGH]
Political pressure groups and leaders:
none
International organization participation:
ADB, AOSIS, APEC, Arctic Council (observer), ARF, ASEAN, BIS, C, CP, EAS, FAO, FATF, G-77, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, NAM, OPCW, Pacific Alliance (observer), PCA, UN, UNCTAD, UNESCO, UNHCR, UPU, WCO, WHO, WIPO, WMO, WTO
Diplomatic representation in the US:
chief of mission: Ambassador Ashok Kumar MIRPURI (since 30 July 2012)
chancery: 3501 International Place NW, Washington, DC 20008
telephone: [1] (202) 537-3100
FAX: [1] (202) 537-0876
consulate(s) general: San Francisco
consulate(s): New York
Diplomatic representation from the US:
chief of mission: Ambassador (vacant); Charge d'Affaires Stephanie SYPTAK-RAMNATH (since 20 January 2017)
embassy: 27 Napier Road, Singapore 258508
mailing address: FPO AP 96507-0001
telephone: [65] 6476-9100
FAX: [65] 6476-9340
Flag description:
two equal horizontal bands of red (top) and white; near the hoist side of the red band, there is a vertical, white crescent (closed portion is toward the hoist side) partially enclosing five white five-pointed stars arranged in a circle; red denotes brotherhood and equality; white signifies purity and virtue; the waxing crescent moon symbolizes a young nation on the ascendancy; the five stars represent the nation's ideals of democracy, peace, progress, justice, and equality
National symbol(s):
lion, merlion (mythical half lion-half fish creature), orchid; national colors: red, white
National anthem:
name: "Majulah Singapura" (Onward Singapore)
lyrics/music: ZUBIR Said
note: adopted 1965; first performed in 1958 at the Victoria Theatre, the anthem is sung only in Malay
Economy
Economy - overview:
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. Unemployment is very low. The economy depends heavily on exports, particularly of electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and on Singapore’s vibrant transportation, business, and financial services sectors.
The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010. Growth from 2012-2017 was slower than during the previous decade, a result of slowing structural growth - as Singapore reached high-income levels - and soft global demand for exports. Growth recovered to 3.6% in 2017 with a strengthening global economy.
The government is attempting to restructure Singapore’s economy to reduce its dependence on foreign labor, raise productivity growth, and increase wages amid slowing labor force growth and an aging population. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a signatory of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and a party to the Regional Comprehensive Economic Partnership (RCEP) negotiations with nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.
GDP (purchasing power parity):
$513.7 billion (2017 est.)
$501.1 billion (2016 est.)
$491.3 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 41
GDP (official exchange rate):
$305.8 billion (2017 est.)
GDP - real growth rate:
2.5% (2017 est.)
2% (2016 est.)
1.9% (2015 est.)
country comparison to the world: 134
GDP - per capita (PPP):
$90,500 (2017 est.)
$89,400 (2016 est.)
$88,800 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 7
Gross national saving:
45% of GDP (2017 est.)
44.4% of GDP (2016 est.)
44.9% of GDP (2015 est.)
country comparison to the world: 5
GDP - composition, by end use:
household consumption: 34.7%
government consumption: 11.4%
investment in fixed capital: 23.5%
investment in inventories: 1.9%
exports of goods and services: 179.2%
imports of goods and services: -150.6% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 0%
industry: 26%
services: 74% (2016 est.)
Agriculture - products:
vegetables; poultry, eggs; fish, ornamental fish, orchids
Industries:
electronics, chemicals, financial services, oil drilling equipment, petroleum refining, biomedical products, scientific instruments, telecommunication equipment, processed food and beverages, ship repair, offshore platform construction, entrepot trade
Industrial production growth rate:
3% (2017 est.)
country comparison to the world: 101
Labor force:
3.668 million
note: excludes non-residents (2017 est.)
country comparison to the world: 99
Labor force - by occupation:
agriculture: 0.96%
industry: 15.5%
services: 83.5%
note: excludes non-residents (2016 est.)
Unemployment rate:
2.2% (2017 est.)
2.1% (2016 est.)
country comparison to the world: 18
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: 1.7%
highest 10%: 26% (2016 est.)
Distribution of family income - Gini index:
45.8 (2016 est.)
46.3 (2015 est.)
country comparison to the world: 37
Budget:
revenues: $53.4 billion
expenditures: $56.49 billion
note: expenditures include both operational and development expenditures (2017 est.)
Taxes and other revenues:
17.5% of GDP (2017 est.)
country comparison to the world: 174
Budget surplus (+) or deficit (-):
-1% of GDP (2017 est.)
country comparison to the world: 60
Public debt:
114.6% of GDP (2017 est.)
112.9% of GDP (2016 est.)
note: 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
country comparison to the world: 11
Fiscal year:
1 April - 31 March
Inflation rate (consumer prices):
0.9% (2017 est.)
-0.5% (2016 est.)
country comparison to the world: 33
Central bank discount rate:
1.17% (2016 est.)
1.21% (2015 est.)
country comparison to the world: 127
Commercial bank prime lending rate:
5.4% (31 December 2017 est.)
5.35% (31 December 2016 est.)
country comparison to the world: 136
Stock of narrow money:
$134.3 billion (31 December 2017 est.)
$119.4 billion (31 December 2016 est.)
country comparison to the world: 32
Stock of broad money:
$437.6 billion (31 December 2017 est.)
$388.6 billion (31 December 2016 est.)
country comparison to the world: 25
Stock of domestic credit:
$455.4 billion (31 December 2017 est.)
$383.3 billion (31 December 2016 est.)
country comparison to the world: 28
Market value of publicly traded shares:
$654.8 billion (31 December 2016 est.)
$640 billion (31 December 2015 est.)
$752.8 billion (31 December 2014 est.)
country comparison to the world: 17
Current account balance:
$59.79 billion (2017 est.)
$56.5 billion (2016 est.)
country comparison to the world: 9
Exports:
$396.4 billion (2017 est.)
$361.6 billion (2016 est.)
country comparison to the world: 14
Exports - commodities:
machinery and equipment (including electronics and telecommunications), pharmaceuticals and other chemicals, refined petroleum products, foodstuffs and beverages
Exports - partners:
China 12.8%, Hong Kong 12.6%, Malaysia 10.5%, Indonesia 7.8%, US 6.8%, Japan 4.5%, South Korea 4.4% (2016)
Imports:
$309.7 billion (2017 est.)
$278.8 billion (2016 est.)
country comparison to the world: 16
Imports - commodities:
machinery and equipment, mineral fuels, chemicals, foodstuffs, consumer goods
Imports - partners:
China 14.3%, Malaysia 11.4%, US 10.8%, Japan 7%, South Korea 6.1%, Indonesia 4.8% (2016)
Reserves of foreign exchange and gold:
$266.3 billion (31 December 2017 est.)
$246.6 billion (31 December 2016 est.)
country comparison to the world: 12
Debt - external:
$482.8 billion (31 December 2017 est.)
$504.2 billion (31 December 2016 est.)
country comparison to the world: 26
Stock of direct foreign investment - at home:
$1.158 trillion (31 December 2017 est.)
$1.096 trillion (31 December 2016 est.)
country comparison to the world: 10
Stock of direct foreign investment - abroad:
$725.9 billion (31 December 2017 est.)
$682.4 billion (31 December 2016 est.)
country comparison to the world: 15
Exchange rates:
Singapore dollars (SGD) per US dollar -
1.39 (2017 est.)
1.38 (2016 est.)
1.38 (2015 est.)
1.37 (2014 est.)
1.27 (2013 est.)
Energy
Electricity access:
electrification - total population: 100% (2016)
Electricity - production:
47.48 billion kWh (2015 est.)
country comparison to the world: 55
Electricity - consumption:
46.6 billion kWh (2015 est.)
country comparison to the world: 54
Electricity - exports:
0 kWh (2016 est.)
country comparison to the world: 197
Electricity - imports:
0 kWh (2016 est.)
country comparison to the world: 201
Electricity - installed generating capacity:
13.28 million kW (2015 est.)
country comparison to the world: 53
Electricity - from fossil fuels:
98.6% of total installed capacity (2015 est.)
country comparison to the world: 36
Electricity - from nuclear fuels:
0% of total installed capacity (2015 est.)
country comparison to the world: 182
Electricity - from hydroelectric plants:
0% of total installed capacity (2015 est.)
country comparison to the world: 203
Electricity - from other renewable sources:
1.9% of total installed capacity (2015 est.)
country comparison to the world: 124
Crude oil - production:
0 bbl/day (2016 est.)
country comparison to the world: 194
Crude oil - exports:
11,460 bbl/day (2014 est.)
country comparison to the world: 59
Crude oil - imports:
831,300 bbl/day (2014 est.)
country comparison to the world: 13
Crude oil - proved reserves:
0 bbl (1 January 2017 est.)
country comparison to the world: 193
Refined petroleum products - production:
955,500 bbl/day (2014 est.)
country comparison to the world: 22
Refined petroleum products - consumption:
1.34 million bbl/day (2015 est.)
country comparison to the world: 17
Refined petroleum products - exports:
1.718 million bbl/day (2014 est.)
country comparison to the world: 5
Refined petroleum products - imports:
2.153 million bbl/day (2014 est.)
country comparison to the world: 3
Natural gas - production:
0 cu m (2014 est.)
country comparison to the world: 194
Natural gas - consumption:
19.73 billion cu m (2015 est.)
country comparison to the world: 43
Natural gas - exports:
250 million cu m (2015 est.)
country comparison to the world: 47
Natural gas - imports:
12.37 billion cu m (2015 est.)
country comparison to the world: 24
Natural gas - proved reserves:
0 cu m (1 January 2015 est.)
country comparison to the world: 195
Carbon dioxide emissions from consumption of energy:
205 million Mt (2015 est.)
country comparison to the world: 29
Communications
Telephones - fixed lines:
total subscriptions: 1,998,400
subscriptions per 100 inhabitants: 35 (July 2016 est.)
country comparison to the world: 59
Telephones - mobile cellular:
total: 8,460,700
subscriptions per 100 inhabitants: 144 (July 2016 est.)
country comparison to the world: 96
Telephone system:
general assessment: excellent service
domestic: excellent domestic facilities; combined fixed-line and mobile-cellular teledensity more than 180 telephones per 100 persons; multiple providers of high-speed Internet connectivity
international: country code - 65; numerous submarine cables provide links throughout Asia, Australia, the Middle East, Europe, and US; satellite earth stations - 4; supplemented by VSAT coverage (2016)
Broadcast media:
state controls broadcast media; 7 domestic TV stations operated by MediaCorp which is wholly owned by a state investment company; broadcasts from Malaysian and Indonesian stations available; satellite dishes banned; multi-channel cable TV services available; a total of 18 domestic radio stations broadcasting, with MediaCorp operating 11, Singapore Press Holdings, also government-linked, another 5, and another 2 controlled by the Singapore Armed Forces Reservists Association; Malaysian and Indonesian radio stations are available as is BBC; a number of Internet service radio stations are also available
Internet country code:
.sg
Internet users:
total: 4,683,200
percent of population: 81.0% (July 2016 est.)
country comparison to the world: 81
Transportation
National air transport system:
number of registered air carriers: 5
inventory of registered aircraft operated by air carriers: 197
annual passenger traffic on registered air carriers: 33,290,544
annual freight traffic on registered air carriers: 6,154,365,275 mt-km (2015)
Civil aircraft registration country code prefix:
9V (2016)
Airports:
9 (2013)
country comparison to the world: 158
Airports - with paved runways:
total: 9
over 3,047 m: 2
2,438 to 3,047 m: 2
1,524 to 2,437 m: 3
914 to 1,523 m: 1
under 914 m: 1 (2017)
Pipelines:
domestic gas 3,220 km (2014); cross-border pipelines 1,122 km (2017); refined products 8 km (2013)
Roadways:
total: 3,496 km
paved: 3,496 km (includes 164 km of expressways) (2014)
country comparison to the world: 163
Merchant marine:
total: 3,558
by type: bulk carrier 592, container ship 504, general cargo 134, oil tanker 722, other 1,606 (2017)
country comparison to the world: 6
Ports and terminals:
major seaport(s): Singapore
container port(s) (TEUs): Singapore (30,922,000) (2015)
LNG terminal(s) (import): Singapore
Military & Security
Military expenditures:
3.35% of GDP (2016)
3.16% of GDP (2015)
3.11% of GDP (2014)
3.09% of GDP (2013)
3.17% of GDP (2012)
country comparison to the world: 24
Military branches:
Singapore Armed Forces: Army, Navy, Air Force (includes Air Defense) (2013)
Military service age and obligation:
18-21 years of age for male compulsory military service; 16 1/2 years of age for volunteers; 2-year conscript service obligation, with a reserve obligation to age 40 (enlisted) or age 50 (officers) (2012)
Maritime threats:
the International Maritime Bureau reports the territorial and offshore waters in the South China Sea as high risk for piracy and armed robbery against ships; numerous commercial vessels have been attacked and hijacked both at anchor and while underway; hijacked vessels are often disguised and cargo diverted to ports in East Asia; crews have been murdered or cast adrift; in the Singapore Straits there were nine attacks against commercial vessels in 2015, declining to only two attacks in 2016
Transnational Issues
Disputes - international:
disputes persist with Malaysia over each country’s extensive land reclamation works, bridge construction, and maritime boundaries in the Johor and Singapore Straits; in 2008, ICJ awarded sovereignty of Pedra Branca (Pulau Batu Puteh/Horsburgh Island) to Singapore, and Middle Rocks to Malaysia, but did not rule on maritime regimes, boundaries, or disposition of South Ledge; in 2017, Malaysia filed a challenge to the 2008 ruling and applied for ownership of South Ledge; piracy remains a problem in the Malacca Strait
Illicit drugs:
drug abuse limited because of aggressive law enforcement efforts, including carrying out death sentences; as a transportation and financial services hub, Singapore is vulnerable, despite strict laws and enforcement, as a venue for money laundering
