Overview: Singapore has an open entrepreneurial economy with strong service and manufacturing sectors and excellent international trading links derived from its entrepot history. The economy appears to have pulled off a soft landing from the 9% growth rate of the late 1980s, registering higher than expected growth in 1992 while stemming inflation. Economic activity slowed early in 1992, primarily as a result of slackened demand in Singapore's export markets. But after bottoming out in the second quarter, the economy picked up in line with a gradual recovery in the United States. The year's best performers were the construction and financial services industries and manufacturers of computer-related components. Rising labor costs continue to be a threat to Singapore's competitiveness, but there are indications that productivity is catching up. Government surpluses and the rate of gross national savings remain high. In technology, per capita output, and labor discipline, Singapore is well on its way toward its goal of becoming a developed country.

National product: GDP - exchange rate conversion - $45.9 billion (1992)

National product real growth rate: 5.8% (1992)

National product per capita: $16,500 (1992)

Inflation rate (consumer prices): 2.3% (1992)

Unemployment rate: 2.7% (June 1992)

Budget: revenues $10.4 billion; expenditures $9.4 billion, including capital expenditures of $NA (1993)

External debt: $0 Singapore is a net creditor

Industrial production: growth rate 2.3% (1992); accounts for 28% of GDP

Electricity: 4,860,000 kW capacity; 18,000 million kWh produced, 6,420 kWh per capita (1992)

Industries: petroleum refining, electronics, oil drilling equipment, rubber processing and rubber products, processed food and beverages, ship repair, entrepot trade, financial services, biotechnology

Agriculture: occupies a position of minor importance in the economy; self-sufficient in poultry and eggs; must import much of other food; major crops - rubber, copra, fruit, vegetables

Illicit drugs: transit point for Golden Triangle heroin going to the US, Western Europe, and the Third World; also a major money-laundering center

Economic aid: US commitments, including Ex-Im (FY70-83), $590 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $1.0 billion

Currency: 1 Singapore dollar (S$)=100 cents

Exchange rates: Singapore dollars (S$) per US$1 - 1.6531 (January 1993), 1.6290 (1992), 1.7276 (1991), 1.8125 (1990), 1.9503 (1989), 2.0124 (1988)

Fiscal year: 1 April-31 March