Economy

Singapore, a highly-developed and successful free-market economy, enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP equal to that of the four largest West European countries. The economy depends heavily on exports, particularly in electronics and manufacturing. It was hard hit in 2001-03 by the global recession, by the slump in the technology sector, and by an outbreak of Severe Acute Respiratory Syndrome (SARS) in 2003, which curbed tourism and consumer spending. The government hopes to establish a new growth path that will be less vulnerable to the external business cycle and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub. Fiscal stimulus, low interest rates, a surge in exports, and internal flexibility led to vigorous growth in 2004, with real GDP rising by 8% - by far the economy's best performance since 2000 - but growth slowed to 5.7% in 2005.

GDP (purchasing power parity): $126.5 billion (2005 est.)

GDP (official exchange rate): $110.6 billion (2005 est.)

GDP - real growth rate: 6.4% (2005 est.)

GDP - per capita (PPP): $28,600 (2005 est.)

Currency (code): Singapore dollar (SGD)

Exchange rates: Singapore dollars per US dollar - 1.6644 (2005), 1.6902 (2004), 1.7422 (2003), 1.7906 (2002), 1.7917 (2001)

Labor force: 2.28 million (September 2005 est.)

Labor force - by occupation: manufacturing 18%, construction 6%, transportation and communication 11%, financial, business, and other services 39%, other 26% (2003)

Unemployment rate: 3.1% (2005 est.)

Inflation rate (consumer prices): 0.4% (2005 est.)

Reserves of foreign exchange and gold: USD$119 billion

Fiscal year: 1 April - 31 March

Source: The world fact book