The Singapore Economy is remarkable in the sense that in spite of its Asian background it is highly developed and doing extremely well in an open and corruption-free scenario. The Singapore Economy is a free market economy which is characterized by stable prices and a high per capita GDP.
Financial services, commodities exchanges, Manufacturing, Exports, and a well-developed infrastructure has made Singapore one of the developed country of the World.
The country constitutes a surface area of 680.0 square kilometer in the year 2003. The density of population per square kilometer was 6,967 in the year 2003.
Key Economic Indicators
The economic growth story in the economy is very fast and sustaining. The gross national income (GNI) of the economy has reached at current US $ 105.0 billion (Atlas method) in the year 2004.
The GNI percapita has reached at current US $ 24,220.0 in the same year.
The value of Gross Domestic Product (GDP) has reached at current US $ 106.8 billion in the year 2004.
Singapore's economic performance compares better with that of the OECD countries over the same period, with GDP growth more than twice the OECD growth of 3.3%.
Singapore Economy: Sectoral Overview
The Singapore Economy is largely dependent on its electronics, chemicals, oil drilling equipment industries. At the same time other industries like petroleum refining, rubber processing and rubber products, financial services, ship repair, processed food and beverages also support the
economy significantly.
In the last fiscal with the industrial production growth rate hovering close to 13 percent the Singapore Economy was ranked a high 16th in the world.
