Singapore Economy

Singapore is one of the sought after destinations among people all over the world. But how many of us are really aware of the economy of Singapore? The government of Singapore tries to provide an open business environment in order to set up more profitable ventures with the foreign enterprises. Some of the major industries of Singapore include oil refining industry, rubber processing and its products, wafer fabrication, ship repairing, processed food and beverages, and financial services. To know more about the economy of Singapore, just have a look.

Singapore Economy Key Indicators
Have a look at the latest economy indicators of Singapore.

Economic Indicators	Latest Figures
GDP at Current Market Prices	S$ 61,204.4 million
CPI	110.4 (July 2009)
Total Trade @ Current Prices	S$ 66,436.8 million (July 2009)
Industrial Production Index	104.9 (July 2009)
Retail Sales Index at Current Prices	106.3 (June 2009)
Employment	2.93 million (June 2009)
Unemployment Rate (SA)	3.3% (June 2009)
Total Exports @ Current Prices	S$ 35,076.6 million (July 2009)
Total Imports @ Current Prices	S$ 31,360.2 million (July 2009)

Singapore Economy Trade and Investment
One of the key strengths of Singapore is its quality of infrastructure. FTAs are superhighways in Singapore connecting Singapore with the new markets and major economies. With the help of FTAs, the investors as well as exporters based in Singapore enjoy a wide range of benefits like preferential access to some sectors, concession on tariffs, protection of Intellectual Property (IP) and faster entry into new markets. A strong network of around 16 FTAs in Singapore have been designed to establish Singapore as one of the integrated manufacturing hubs in the region, provide a boost to the service sector, and stimulate research and development in the so called knowledge-based economy.

Singapore Economy Recent Trends
Singapore has expanded more in the second quarter than that was predicted earlier as it witnessed an improvement in global demand for manufactured goods. The manufacturing economy of Singapore has expanded in August 2009 for the fourth consecutive month indicating that the country is slowly recovering from the global economic meltdown that has severely affected several countries across the world. According to Singapore Institute of Purchasing & Materials Management, this growth is due to an increase in the number of new orders, production output, finished goods stock, employment and imports. Like the manufacturing sector, the electronics sector has also expanded in August.

The economy of Singapore declined about 3.5% in the second quarter of 2009 after witnessing a decline of about 9.5% in the first quarter. Sectors like information and communications and business services have witnessed positive growth during the second quarter. On the other hand, the services producing industries witnessed a decline of about 4.8% in the second quarter of 2009, after a decline of about 5.1% during the first quarter.

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