Economic outlook of Singapore
Singapore has a highly developed and successful free-market economy. With GDP per Capita of $57,700 and GDP Growth rate of 3.6%. The economy depends heavily on exports, particularly of electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and Singapore’s vibrant transportation, business, and financial services sector.
Detailed national accounts showed that the economy grew at a stronger pace than previously estimated, with growth revised up to 1.0% year-on-year. Meanwhile, taking 2019 as a whole, the economy still grew at the previously estimated 0.7%, notably down from 2018’s revised 3.4% increase. A stronger service sector helped annual growth in the final quarter of last year.
Singapore’s gross domestic product (GDP) is the most important measure to evaluate the performance of Singapore’s economy. In the 10 years before the great recession, from 1999 to 2007, Singapore’s GDP grew 6.0% on average. Singapore’s economy plummeted 0.6% in 2008; however, it managed to recover in 2010 and grew an impressive 15.2%. Since then, the economy has been on a sustainable growth track. Singapore’s GDP grew 4.1% on average between 2011 and 2013. Singapore’s economy has benefited from a high inflow of Foreign Direct Investment (FDI) due to its attractive investment environment. Singapore’s strong economic success reflects its outward-oriented development strategy. The economy is highly dependent on exports, particularly in electronics and chemicals. Singapore imports raw goods and refines them for re-export. Some of the most important industries are water fabrication and oil refining. Singapore's economy is based on electronics, petrochemicals, trade, finance, and business services. The agricultural sector is almost non-existent except for cultivation of orchids, vegetables and fish for aquariums.