mission: Ambassador
Franklin L. LAVIN embassy: 27 Napier Road, Singapore 258508 mailing
address: PSC Box 470, FPO AP 96534-0001 telephone: [65] 476-9100 FAX:
[65] 476-9340

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 one of the highest per capita GDPs in the
world. The economy depends heavily on exports, particularly in electronics
and manufacturing, and was hard hit in 2001 by the global recession and
the slump in the technology sector. In 2001, GDP contracted by 2.2%. The
economy is expected to recover in 2002 in response to improvements
in the US economy, and GDP growth for 2002 is projected to be 3% to
4%. In the longer term the government hopes to establish a new growth
path that will be less vulnerable to the external business cycle than
the current export-led model, but is unlikely to abandon efforts to
establish Singapore as Southeast Asia's financial and high-tech hub.

GDP: purchasing power parity - $106.3 billion (2001 est.)

GDP - real growth rate: -2.2% (2001 est.)

GDP - per capita: purchasing power parity - $24,700 (2001 est.)

GDP - composition by sector: agriculture: NEGL% industry: 33% services:
67% (2001 est.)

Population below poverty line: NA%

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

Inflation rate (consumer prices): 1.5% (2001 est.)

Labor force: 2.19 million (2000)

Labor force - by occupation: financial, business, and other services 35%,
manufacturing 21%, construction 13%, transportation and communication 9%,
other 22%

Unemployment rate: 4.7% (2001 est.)

Budget: revenues: $27.9 billion expenditures: $19.5 billion, including
capital expenditures of $5.4 billion (FY00/01 est.)

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

Industrial production growth rate: -17.5% (2001 est.)

Electricity - production: 27.9 billion kWh (2000)

Electricity - production by source