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General situation and outlook
As a result of the global crisis, Singapore slipped into its worst recession since independence, due to a dramatic decline in transhipment, tourism and the export of electronics. As global demand picked up again and the Asia-Pacific region showed robust growth rates, Singapore’s former weakness became its strength again. The recovery in 2010 has been impressive, with year-on-year growth rates of 16.9% and 19.5% in Q1 and Q2.
Despite massive stimulus measures during the crisis the 2009 and 2010 fiscal deficits are modest: at 1.0% and 0.7% of GDP respectively. Singapore’s fiscal discipline is excellent, and over the long term the budget is balanced.
After an exceptionally high growth rate of more than 12% this year, GDP growth will moderate to about 4.0-4.5%, as decreasing global growth will reduce export demand. However, growth in Asia-Pacific region is forecast to remain robust, with strong domestic demand and driving intra-regional trade.
Real GDP growth (%)
Fiscal balance (% of GDP)
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General Information
Government type - Parliamentary republic
Currency - Singapore Dollar (SGD)
Population - 4.6 million
Main import sources (2009)
- USA - 11.8%
- Malaysia - 11.6%
- China - 10.6%
- Japan - 7.6%
- Indonesia - 5.8%
Main export markets (2009)
- Hong Kong - 11.6%
- Malaysia - 11.5%
- China - 9.8%
- Indonesia - 9.7%
- USA - 6.6%
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Date December 2010
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Singapore
