Country Report Singapore

General situation and outlook

As a result of the global crisis, Singapore slipped into its worst recession since independence, due to a dramatic decline in transhipment, tourism and the export of electronics. As global demand picked up again and the Asia-Pacific region showed robust growth rates, Singapore’s former weakness became its strength again. The recovery in 2010 has been impressive, with year-on-year growth rates of 16.9% and 19.5% in Q1 and Q2.

Despite massive stimulus measures during the crisis the 2009 and 2010 fiscal deficits are modest: at 1.0% and 0.7% of GDP respectively. Singapore’s fiscal discipline is excellent, and over the long term the budget is balanced.

After an exceptionally high growth rate of more than 12% this year, GDP growth will moderate to about 4.0-4.5%, as decreasing global growth will reduce export demand. However, growth in Asia-Pacific region is forecast to remain robust, with strong domestic demand and driving intra-regional trade.

Real GDP growth (%)

Source: EIU / IMF

Fiscal balance (% of GDP)

 Source: EIU

   Download full country report on Singapore

Download full country report on Singapore

 
General Information

Government type: Parliamentary Republic
Currency: Singapore Dollar (SGD)
Population: 4.6 million
 
Main import sources (2009)

• USA: 11.8%
• Malaysia: 11.6%
• China: 10.6%
• Japan: 7.6%
• Indonesia: 5.8%

Main export markets (2009)

• Hong Kong: 11.6%
• Malaysia: 11.5%
• China: 9.8%
• Indonesia: 9.7%
• USA: 6.6%

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Date: December 2010