consulate(s): New York

Diplomatic representation from the US:
chief of mission: Ambassador Franklin L. LAVIN
embassy: 27 Napier Road, Singapore 258508
mailing address: FPO AP 96507-0001
telephone: [65] 6476-9100
FAX: [65] 6476-9340

Flag description:
two equal horizontal bands of red (top) and white; near the hoist
side of the red band, there is a vertical, white crescent (closed
portion is toward the hoist side) partially enclosing five white
five-pointed stars arranged in a circle

Economy Singapore

Economy - overview:
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 Big 4 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 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 percent, by far the economy's best performance since 2000.

GDP (purchasing power parity):
$120.9 billion (2004 est.)

GDP - real growth rate:
8.1% (2004 est.)

GDP - per capita:
purchasing power parity - $27,800 (2004 est.)

GDP - composition by sector:
agriculture: 0% negligible
industry: 32.6%
services: 67.4% (2004 est.)

Labor force:
2.18 million (2004 est.)

Labor force - by occupation:
manufacturing 18%, construction 6%, transportation and
communication 11%, financial, business, and other services 49%,
other 16% (2003)

Unemployment rate:
3.4% (2004 est.)

Population below poverty line:
NA

Household income or consumption by percentage share:
lowest 10%: NA
highest 10%: NA

Inflation rate (consumer prices):
1.7% (2004 est.)

Investment (gross fixed):
27.4% of GDP (2004 est.)

Budget:
revenues: $17.05 billion
expenditures: $18.45 billion, including capital expenditures of $5.8
billion (2004 est.)

Public debt:
102.5% of GDP (2004 est.)