Economy (Singapore)
===================


     Overview:
         Singapore has an open entrepreneurial economy with strong service and
         manufacturing sectors and excellent international trading links derived from
         its entrepot history. During the 1970s and early 1980s, the economy expanded
         rapidly, achieving an average annual growth rate of 9%. Per capita GDP is
         among the highest in Asia. The economy grew at a respectable 6.5% in 1991,
         down from 8.3% in 1990, in part because of a slowdown in overseas demand and
         lower growth in the financial and business services sector.
     GDP:
         exchange rate conversion - $38.3 billion, per capita $13,900; real growth
         rate 6.5% (1991 est.)
     Inflation rate (consumer prices):
         3.4% (1991 est.)
     Unemployment rate:
         1.5% (1991 est.)
     Budget:
         revenues $9.8 billion; expenditures $9.0 billion, including capital
         expenditures of $2.8 billion (FY91 est.)
     Exports:
         $57.8 billion (f.o.b., 1991 est.)
       commodities:
         includes transshipments to Malaysia - petroleum products, rubber,
         electronics, manufactured goods
       partners:
         US 20%, Malaysia 15%, Japan 9%, Hong Kong 7%, Thailand 6%
     Imports:
         $65.8 billion (c.i.f., 1991 est.)
       commodities:
         includes transshipments from Malaysia - capital equipment, petroleum,
         chemicals, manufactured goods, foodstuffs
       partners:
         Japan 21%, US 16%, Malaysia 15%, Taiwan 4%
     External debt:
         $3.8 billion (1991 est.)
     Industrial production:
         growth rate 9% (1991 est.); accounts for 29% of GDP (1990)
     Electricity:
         4,000,000 kW capacity; 14,400 million kWh produced, 5,300 kWh per capita
         (1990)
     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
     Economic aid:
         US commitments, including Ex-Im (FY70-83), $590 million; Western (non-US)
         countries, ODA and OOF bilateral commitments (1970-89), $1.0 billion
     Currency:
         Singapore dollar (plural - dollars); 1 Singapore dollar (S$) = 100 cents
     Exchange rates:
         Singapore dollars (S$) per US$1 - 1.6596 (March 1992), 1.7276 (1991), 1.8125
         (1990), 1.9503 (1989), 2.0124 (1988), 2.1060 (1987)
     Fiscal year:
         1 April - 31 March