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Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 6.8% between 2004 and 2008, but contracted 2.1% in 2009 as a result of the global financial crisis. The economy has begun to rebound in 2010 and the government predicts growth of 3-5% for the year.
Economy of Singapore
Currency Baht
Fiscal Year 01 April - 31 March
GDP (PPP) $235.7 billion (2009 est.)
GDP (per capita) $50,300 (2009 est.)
Exports $268.9 billion (2009 est.)
Imports $245 billion (2009 est.)
Main Industries Electronics, Chemicals, Financial Services, Oil Drilling Equipment, Petroleum Refining, Rubber Processing and Rubber Products, Processed Food and Beverages, Ship Repair, Offshore Platform Construction, Life Sciences, Entrepot Trade
Exports - Commodities Machinery and Equipment (Including Electronics), Consumer Goods, Pharmaceuticals and Other Chemicals, Mineral Fuels
Imports - Commodities Machinery and Equipment, Mineral Fuels, Chemicals, Foodstuffs, Consumer Goods
Exports Partners Hong Kong 11.6%, Malaysia 11.5%, US 11.2%, Indonesia 9.7%, China 9.7%, Japan 4.6%, Hong Kong 11.6% (2009 est.)
Imports Partners US 14.7%, Malaysia 11.6%, China 10.5%, Japan 7.6%, Indonesia 5.8%, South Korea 5.7% (2009 est.)