Timothy A. CHORBA
embassy: 30 Hill Street, Singapore 0617
mailing address: FPO AP 96534
telephone: [65] 3380251
FAX: [65] 3384550

Flag: 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
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Economic overview: Singapore has an open entrepreneurial economy
with strong service and manufacturing sectors and excellent
international trading links derived from its entrepot history. The
economy registered 8.9% growth in 1995, with prospects for 7%-8%
growth in 1996. In 1995, the manufacturing and financial and
business services sectors led economic growth. Rising labor costs
continue to be a threat to Singapore's competitiveness, and the
government's strategy to address this problem includes increasing
productivity, improving infrastructure, and encouraging higher
value-added industries. In applied technology, per capita output,
investment, and labor discipline, Singapore has key attributes of a
developed country.

GDP: purchasing power parity - $66.1 billion (1995 est.)

GDP real growth rate: 8.9% (1995)

GDP per capita: $22,900 (1995 est.)

GDP composition by sector:
agriculture: NEGL%
industry: 28%
services: 72%

Inflation rate (consumer prices): 1.7% (1995)

Labor force: 1.649 million (1994)
by occupation: financial, business, and other services 33.5%,
manufacturing 25.6%, commerce 22.9%, construction 6.6%, other 11.4%
(1994)

Unemployment rate: 2.6% (1995 est.)

Budget:
revenues: $17.3 billion
expenditures: $12.9 billion, including capital expenditures of $4.5
billion (FY95/96 est.)

Industries: petroleum refining, electronics, oil drilling
equipment, rubber processing and rubber products, processed food and
beverages, ship repair, entrepot trade, financial services,
biotechnology

Industrial production growth rate: 10% (1995)

Electricity:
capacity: 4,510,000 kW
production: 17 billion kWh
consumption per capita: 5,590 kWh (1993)

Agriculture: rubber, copra, fruit, vegetables; poultry

Illicit drugs: transit point for Golden Triangle heroin going to
the US, Western Europe, and the Third World; also a money-laundering
center

Exports: $119.6 billion (1995)
commodities: computer equipment, rubber and rubber products