Singapore: Country and Foreign Investment
Economy and Currency
Like most financial centres, Singapore was hit badly by the recent recession, and growth tumbled from around 7.8% of GDP in 2007 to 1.1% in 2008 and -2.6% in 2009. However, there was a strong rebound in 2010, when the economy grew at 14.5%, according to the Monetary Authority of Singapore (MAS). More muted growth of 4.9% was recorded for 2011 and 2012. GDP per capita was estimated in 2011 to be US$59,700, putting Singapore fifth in the world and ahead of the USA.
Singapore’s main industries include electronics; financial services; chemicals; oil-drilling equipment and petroleum refining; ship repair; rubber processing and products; offshore platform construction; life sciences; and entrepot trade.
Exports are key to Singapore’s economy; in 2011, it was estimated that exports amounted to US$414bn (US$358 in 2010). Singapore’s main export partners are China, Hong Kong, Malaysia, Indonesia, Japan and the USA. Imports amounted to an estimated US$366bn in 2011, up from around US$311bn in 2010; main import partners include China, Indonesia, Japan, Malaysia, Saudi Arabia, South Korea and the USA. Both imports and exports shot up in early 2010, however.
The local currency is the Singapore Dollar (SGD).