October 13, 2010Economic Analysisby EconomyWatch

Singapore Economic Analysis: Strongest Free Market in South East Asia

According to in depth Singapore economic analysis a highly developed and free-market condition is prevalent in economic scenario of Singapore. In fiscal year 2008, GDP of Singapore with regard to purchasing power parity has been estimated to be $244 billion. Per capita income related to GDP was found to be $52,900 in 2008. Gross domestic product real growth rate has been shown to be 3 percent in 2008, while GDP as per official exchange rate, as per statistical information, was $192.8 billion.

Detailed economic analysis at Singapore has shown that open and corruption free market condition with stable price are main features of Singapore economy. It has been found with economic analysis in Singapore that per capita GDP is equivalent to four major countries of West Europe. Export of goods is main source of income in Singapore economy.

Singapore economic analysis shows that various sector of nation have different composition in GDP. There is no contribution from agricultural sector in Singapore. Industrial sector contributed 33.8 percent to economy of nation in 2008 fiscal, while 66.2 percent came from service sector. As was estimated in 2008, total labor force of Singapore was 2.81 million. They are distributed in various sectors of economy. Industrial sector constituted 22.6 percent of labor force, while service sector accounted for 77.4 percent, as was estimated in 2007. 2008 data shows that unemployment rate was approximately 2.3 percent.

Economic analysis of Singapore will show that exports of consumer electronics, information technology products and pharmaceuticals add to economic growth of Singapore. Between 2004 and 2007, there was a 7 percent growth in real gross domestic product but rate dropped to 1.2 percent in fiscal year 2008 because of global financial crisis. Recession struck world economy and that reflected in economy of Singapore too. Prime Minister Lee and other senior officials could not guarantee for a fast come back in 2009. Singapore economic analysis has revealed that property, retail and business services will suffer because of recession.

Singapore economic analysis also points out major industrial products that contribute to economy of this Asian nation. Major products include electronics, chemicals, rubber processing and rubber products, offshore platform construction, oil drilling equipment, financial services, processed food and beverages, petroleum refining and ship repair. Orchids and vegetables are major agricultural product of Singapore.

Singapore is now focusing on different avenues for development in economy that will be less susceptible to demand cycles of world. Singapore economy invites investment in production of medical technology and pharmaceuticals. This will contribute in making Singapore greatest financial and high-tech hub in whole of Southeast Asia.

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