Transport, insurance and finance, travel and tourism, ICT, automobiles, electronics, machinery, rubber, refined petroleum oils, spirits, chemicals, metals and textiles are major industries of Singapore.
In 2018, Services industry exports was valued at USD 183 billion for Singapore. Electronics export accounted for USD 81.8 billion, machinery for USD 55.1 billion, vehicles for USD 8.14 billion, chemicals for USD 58.5 billion, metals for USD 6.62 billion, minerals for USD 51.7 billion, stone for USD 12.8 billion, textiles for USD 2.04 billion and agriculture for USD 15 billion in 2018.
Singapore is estimated to have population of 5.84 million in the year 2020 and expected to reach 6.186 million by 2026, growing at a CAGR of 1.15%.
Singapore’s real gross domestic product (GDP) was SGD 479.681 billion in 2019 and due to COVID-19 outbreak it contracted by 5.70% to be around SGD 453.821 billion in 2020. It is expected to increase by 4.94% in 2021 and reach SGD 477.41 billion.
Singapore’s unemployment rate was 2.25% of total labor force in 2019. Due to slowdown in global economic activity due to COVID-19 pandemic the unemployment increased by 26.23% and reached 3.05% in 2020. Unemployment is further estimated to decrease in 2021 by 8.93% and reach 2.8% of total labor force in Singapore.
Singapore’s per capita GDP was estimated at USD 58,902.22 whereas purchasing power parity (PPP) based per capita GDP was estimated to be at USD 97,056.53 for the year 2020 reducing by 11.44% and 5.68% respectively from 2019 level.
In 2020, Singapore government’s revenue was SGD 82.748 billion whereas the expenditure was SGD 124.541 billion. This resulted in Singapore government’s net lending / borrowing negative at SGD 41.794 billion in 2020 indicating that not enough financial resources were made available by the Singapore government to boost economic growth.
The current account balance for Singapore was estimated to be positive at USD 59.784 billion for the year 2020 and is expected to further increase at a CAGR of 0.97% and reach USD 63.37 billion by 2026. This positive current account balance indicates that Singapore will remain a net lender to rest of the world till 2026.
In World Bank’s ease of doing business ranking Singapore was ranked 2 out of 190 countries in 2020. Singapore’s ease of doing business ranking remained unchanged from 2nd position in 2019.
*If Applicable.