Premium Essay

Economics Indicator of Singapore

In: Business and Management

Submitted By mariach21
Words 2539
Pages 11
Table of Contents 1 Overview Of Singapore 3 1.1 Highlight Of Singapore Economy 3 2 Economic Indicator Analysis Of Singapore Economy 4 2.1 GDP 4 2.1.1 GDP(Gross Domestic Product) 5 2.1.2 GDP Growth Rate: 6 2.1.3 GDP Per Capita 7 2.2 Labour 8 2.2.1 Unemployment Rate: 9 2.2.2 Employed Person 10 10 2.3 Price 10 2.3.1 CPI(Consumer Price Index): 11 2.3.2 Inflation Rate: 12 2.3.3 GDP Deflator 13 3 References 14


Singapore is a highly developed trade-oriented market economy. It has been ranked as the most open in the world, least corrupt, most pro-business, with low tax rates. Singapore is a wealthy country with a medium-sized economy, located in East Asia. Singapore has the world’s 35th largest economy by nominal GDP. It is a high-income economy with a gross national income of $47,210 per capita (statistics of 2013). It provides the world’s most business-friendly regulatory environment for local entrepreneurs and is ranked among the world’s most competitive economies. In the decades after independence, Singapore rapidly developed from a low income country to a high income country. GDP grew with an average of 7.7% since independence; in the first 25 years growth topped 9.2%. Per capita GDP over the same periods grew by 5.4% and 7.2%. Rapid industrialization took momentum in the 1960s and, by the end of the decade; manufacturing had become the lead sector of the country’s economic growth. By the early 1970s, Singapore had reached full employment. In the 1980s, Singapore had joined the ranks of Hong Kong, South Korea and Taiwan among the newly industrializing countries in Asia. It has been seen positive growth from its independence till now the GDP, CPI and other factor shows positive trend over the last few decade. It has strong manufacturing and services sectors have become the twin pillars of…...

Similar Documents

Free Essay


...KEY ECONOMIC INDICATORS October, 2012 SECTION-I: INDIA INDICATORS Table -1 GROWTH RATE OF GDP AT CONSTANT (2004-05) PRICES (Per cent) 2005-06 5.1 9.7 1.3 10.1 7.1 12.8 10.9 9.5 Industry I. Agriculture II. Industry Mining & quarrying Manufacturing Electricity, gas & water supply Construction III. Services GDP at factor cost Source: Central Statistics Office 2006-07 4.2 12.2 7.5 14.3 9.3 10.3 10.1 9.6 2007-08 5.8 9.7 3.7 10.3 8.3 10.8 10.3 9.3 2008-09 0.1 4.4 2.1 4.3 4.6 5.3 10.0 6.7 2009-10 (PE) 1.0 8.4 6.3 9.7 6.3 7.0 10.5 8.4 2010-11 (QE) 7.0 7.2 5.0 7.6 3.0 8.0 9.3 8.4 2011-12 (RE) 2.8 3.4 -0.9 2.5 7.9 5.3 8.9 6.5 Table - 2 SECTORAL SHARE IN GDP AT CONSTANT (2004-05) PRICES (Per cent) 2005-06 2006-07 2007-08 2008-09 18.3 28.0 2.6 15.3 2.1 7.9 53.7 17.4 28.7 2.6 16.0 2.1 8.0 54.0 16.8 28.7 2.5 16.1 2.0 8.1 54.4 15.8 28.1 2.4 15.8 2.0 8.0 56.1 Industry I. Agriculture II. Industry Mining & quarrying Manufacturing Electricity, gas & water supply Construction III. Services GDP at factor cost Source: Central Statistics Office 2009-10 (PE) 14.7 28.1 2.3 16.0 2.0 7.9 57.2 2010-11 (QE) 14.5 27.8 2.2 15.8 1.9 7.9 57.7 2011-12 (RE) 14.0 27.0 2.1 15.3 1.9 7.8 59.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1 Table -3 QUARTERLY GROWTH SECTORAL GDP (AT CONSTANT 2004-05 PRICES) (Per cent) 2010-11 Q1 GDP at Factor cost Agriculture Industry Manufacturing Services GDP FC Agriculture Industry Manufacturing Services 1147409 Q2 1151725 Q3 1262338 Q4 1324484 Q1 1238738 Q2......

Words: 16500 - Pages: 66

Free Essay

Economic Landscapes of Singapore

...Outline how the Singapore state has, through its landscapes, tried to ensure Singapore remained an integral part of the global economy; and critically evaluate if these landscapes have indeed sufficiently met the needs of Singaporeans/the world. After the Lion City’s separation from Malaysia, the Singapore government knew that Singapore needed to turn to the world as its hinterland. To ensure that Singapore stays viable, survives and thrives on the global economic stage, the state has implemented many strategies, which are reflected by Singapore’s changing economic landscapes. All these while, the Singapore government has always employed a top-down approach to its policy making; the economy has always been directed from the top. In the first industrial revolution, Singapore faced many problems like the lack of natural resources, lack of experience of local entrepreneurs and high unemployment levels. Hence in order to encourage foreign direct investment (FDI) from transnational corporations (TNCs), the government looked towards building a No. 1 workforce. This was done through passing certain parliamentary acts and bills such as the Trade Union Amendment Bill in 1966 and the Employment Act in 1968. The former was to gain direct and indirect control on the trade union in order to control the workers. The latter led to the lengthening of working hours from 39 to 44 hours per week, reduction of public holidays from 14 to 11 days, and stricter criteria for employment benefits...

Words: 916 - Pages: 4

Premium Essay

10 Economic Indicators

...Abstract Economic indicators are pieces of economic data that are usually of macroeconomic scale. The investors and economists interested in foreseeing the health of the economy can use them. The data is analyzed from many different perspectives and takes many different factors into account. Experts have experience at interpreting numbers and drafting predictions as to how the market will be affected in terms of consumer price indexes, gross domestic products, unemployment rates, and the price of raw materials. Keywords: Economic indicators, consumer price index, gross domestic product, unemployment.   Indicator 1: Employment Statistics. Definition: It provides information on national employment, unemployment, wages and earnings data across all non-agriculture industries, including civilian government workers (H., 1924). Data: (2014). Labor Force Statistics from the Current Population Survey. Retrieved from the Bureau of Labor Statistics Page: Interpretation: As demonstrated in the graph above, the unemployment rate rose drastically between 2008 and 2010, and it continued to decrease consistently thereafter. Evidently, the graph also shows the effect of the great recession in terms of unemployment. The great recession started when a housing bubble burst and people were unable to pay securities. As a consequence, many financial institutions, that had......

Words: 1825 - Pages: 8

Premium Essay

Macro Economic Indicators of Bangladesh Economy

...Macro economic indicators of Bangladesh economy Introduction The Bangladesh economy has experienced both macro-economic stability and robust economic growth following the transition to a democratic rule in the early of 1990s. In the backdrop of the deep macro-economic crisis of the late 1980s, a series of stabilization measures were introduced in the Bangladesh economy which largely restored macro-economic stability in the early 1990s. Economic growth in Bangladesh averaged 6.3 percent during financial year (FY) 04-07. The economy has once again proved its resilience in achieving stronger than expected growth despite having to contend with the adverse effects of unfavorable weather conditions in financial year (FY) 04, the subsequent sharp price increase in oil and other essential imported commodities and periods of political unrest and uncertainty. Sustained gross domestic production (GDP) growth coupled with strong growth in exports and remittance has led to a marked improvement in the fiscal and balance of payments position and substantial improvements in the economic fundamentals necessary for macroeconomic stability. However, the rise in the inflation rate and further evidence of income inequality have tempered growth's direct impact on the quality of life. Macro Economic indicators In the past decade, Bangladesh enjoyed a positive growth rate in GDP and other macro economic indicators. As the most densely populated country in the world, Bangladesh is facing......

Words: 3102 - Pages: 13

Premium Essay

Socio-Economic Indicators of Bangladesh

...Socio-Economic Indicators of Bangladesh General Geographical Location/Characteristics Location 200 34' & 260 38' North Latitude 880 01' & 920 41' East Longitude Area (Sq. Km) Standard Time 147570 GMT+6 Hours Rate (%) of Poverty Based on Report on Household Income & Expenditure Survey (HIES)- 2010 [ Based on Cost of Basic Needs (CBN) Method ] Using upper poverty line National Rural Urban Using lower Poverty line National Rural Urban Gross Domestic Product (GDP), 2011-12 (provisional) GDP at Current Price (In billion Tk.) GDP at Constant Price (Base Year = 1995-96, In billion Tk.) GDP Growth at Constant Price (%) Per Capita National Income (In Tk.) Per Capita National Income (In US$ ) Per Capita GDP (In Tk.) Per Capita GDP (In US$) Savings and Investment (Percentage of GDP), 2011-12 (provisional) Life Expectancy (yrs), 2009 Both Sex Male Female Mean Age (yrs) at First Marriage, 2011 Male Female 67.2 66.1 68.7 24.9 18.6 Domestic savings National savings Total investment Public Private Balance of Payments, 2011-12 (In Million US $) Export Earning Import Payments Current Account Balance (Provisional) Overall Balance (Provisional) Foreign Exchange Reserves (As on 30.06.2012) Workers’ Remittances 24288 35516 1630 494 10364 12843 19.4 29.4 25.4 6.3 19.1 9147.8 4093.8 31.5 35.2 21.3 17.6 21.1 7.7 Vital Statistics General Vital Statistics Population (In Million) Population census, 2001 Population census, 2011 Population Growth Rate (Percentage), 2011 Male-Female Ratio, 2011......

Words: 583 - Pages: 3

Premium Essay

Indicators of Economic Development

...Indicators of economic development The intention of this document is to make the reader understand the concepts of economic indicators. The writer shall therefore briefly discuss indicators such as Gross National Product (GDP), Gross Domestic Product (GDP), Human Development Index (HDI) Gross National Income (GNI), and Infant Mortality Rate. The term National Development is somewhat comprehensive, Aggarwal(2004). It has basically been defined as all aspects of an individual and the nation, cultural, democratic, emotional (social order), economic, intellectual (education material) ,moral, physical, spiritual and social. Regan (2006) looked at development as human progress and quality of life. It’s important to point out that there may not be a single definition of development. Modern scholars have suggested the need for just a working definition and so propounded that development be viewed as a positive change in countries and communities. It (development) is therefore connected with social, economic and political advancement of people, Cornwell et al (2012). There is also need to understand the concept of indicators. Cornwell et al (2010) explained that economic development indicators help to explain or illustrate development levels at any given country. These indicators have helped in the categorisation of countries as being poor, medium or rich-hence the idea of first world, second world and third world. Regan 2004 also pointed out that indicators are seen as......

Words: 961 - Pages: 4

Premium Essay

Economic Indicators

...Assignment 1 Economic indicators help both businesses and governments determine where the economy is headed. Some of the indicators I have noticed in the news headlines are: 1) Employment change and unemployment rate: The national unemployment rate is defined as the percentage of unemployed workers in the total labour force. It is widely recognized as a key indicator of labour market performance. A closely watched economic indicator, the unemployment rate attracts a great deal of media attention, especially during recessions and tough economic times. When workers become unemployed, their family loses wages, while the nation loses their contribution to the economy. Less money mad by individuals means less money to spend in the economy. 2) Consumer Price Index: The Consumer Price Index (CPI) is an indicator of changes in consumer prices experienced by Canadians. It is obtained by comparing, over time, the cost of a fixed basket of goods and services purchased by consumers. The CPI is widely used as an indicator of the change in the general level of consumer prices or the rate of inflation. Since the purchasing power of money is affected by changes in prices, the CPI is useful to virtually all Canadians. Consumers can compare movements in the CPI to changes in their personal income to monitor and evaluate changes in their financial situation. When inflation rises but a person's income does not rise their buying power decreases. They can no longer buy the same amount of...

Words: 534 - Pages: 3

Premium Essay

Boston Economic Indicators vs. U.S.

...the two year drop in 2008 and 2009, real GDP has risen every year by at least 1.5%. This indicates the continued development and purchase of new domestic products, contributing to a healthier economy. The United States has seen growth for four straight years, and is going on it's fifth now. While its growth hasn't been as high as 2004-2007's has been, it's still an obvious marked improvement from the economic downturn of 2008 and 2009. REAL POTENTIAL GDP (IN BILLIONS) 2004-2013 17,000.0 16,000.0 15,000.0 REAL POTENTIAL GDP 14,000.0 13,000.0 12,000.0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Real potential GDP has consistently risen every year over the last ten years, including during the economic downturn of 2008-2009. A rise in real potential GDP generally indicates the economy is capable of producing more goods and services at their full potential every year. Real potential GDP tends to coincide with rises in real GDP. The United States is consistently rising in real potential GDP, and that indicates the economy has more and more economic potential every year. REAL GDP GROWTH (2004-2013) 4.00% 2.00% 0.00% -2.00% -4.00% REAL GDP GROWTH 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Real GDP growth is a percent change of how much real GDP has been produced by the year. The United States has had a positive increase in real GDP growth every year except 2008 and 2009. While it hasn't always been the same growth rate, it's......

Words: 2560 - Pages: 11

Free Essay

The Baltic Dry Index as an Indicator of Worldwide Economic Activity an Indicator of Global Economic Health Patrick Carroll Embry Riddle Aeronautical University Abstract The purpose of this paper is to demonstrate the predictive qualities of the Baltic Dry Index and how it can be used as an indicator of potential economic activity. That by watching an index that deals with the cost of transporting raw materials it will signal both an upcoming rise and decline in the GDP . The very nature of the BDI prevents it from being manipulated by governments or other outside entities and since the supply of ships to haul materials is for all purposes inelastic, it is a true indicator of economic activity as the index will rise with demand as well as decline when there is a surplus of ships available. What is the Baltic Dry Index? The Baltic Index has roots all the way back to 1744 where ship captains and merchants would meet to discuss business deals at the Virginia and Maryland Coffee House in London. It later changed its name to the Virginia and Baltick to represent a more accurate description of the trading routes frequented by its customers. (The Baltic Exchange) Eventually in 1823 it adopted a more formal atmosphere that required membership with strict requirements. Fast forward to 1985, this is the birth of the Baltic Index as it is known today. The index is essentially an average cost of what shipping companies charge to ship dry goods in bulk such as wheat, coal, ore, and so forth. It is compiled daily and is an excellent indicator of......

Words: 1876 - Pages: 8

Premium Essay

Economic Indicators

...Introduction: An economic indicator is simply any economic statistic, such as the unemployment rate, GDP, or the inflation rate, which indicate how well the economy is doing and how well the economy is going to do in the future. If a set of economic indicators suggest that the economy is going to do better or worse in the future than they had previously expected, they may decide to change their investing strategy. Economic indicators include various indices, earnings reports, and economic summaries. Examples: unemployment rate, quits rate, housing starts, Consumer Price Index (a measure for inflation), Consumer Leverage Ratio, industrial production, bankruptcies, Gross Domestic Product, broadband internet penetration, retail sales, stock market prices, money supply changes. Three Attributes of Economic Indicators 1. Relation to the Business Cycle / Economy Economic Indicators can have one of three different relationships to the economy: 1. Procyclic: A procyclic (or procyclical) economic indicator is one that moves in the same direction as the economy. So if the economy is doing well, this number is usually increasing, whereas if we're in a recession this indicator is decreasing. The Gross Domestic Product (GDP) is an example of a procyclic economic indicator. 2. Countercyclic: A countercyclic (or countercyclical) economic indicator is one that moves in the opposite direction as the economy. The unemployment rate gets larger as the economy gets worse so...

Words: 1860 - Pages: 8

Premium Essay

Economic Indicators & Post-Secondary Education

...Executive Summary Economic indicators are statistics put out by government agencies and some private companies to provide measurements for evaluating the health of the economy, the latest business cycles and consumers spending behavior and patterns. Various economic indicators are released daily, weekly, monthly and/or quarterly which can result in an enormous amount of data to go through. Post-Secondary colleges and universities rather than wade through all data reports and economic indicators can select a few macroeconomic indicators to assist in meeting the challenges of the market to provide a quality and competitively priced education. Significant indicators used in this paper to aid in the decision making process for sustainability and growth for post-secondary education are inflation, the unemployment rate, interest rates and consumer confidence. This topic is of interest because for the past 35 years holding a four-year college degree has given workers a distinct advantage in the U.S. labor market. There is usually a large wage gap between college-educated working adults and those with high school degrees. With technological advances in the workplace and a growing reliance on computers, skilled workers are needed to apply for these technological positions. However, based on new trends the U.S. labor market now favors workers who hold a graduate degree (Valletta, 2015). It is because of these new trends we want to focus on the need for quality education and economic......

Words: 1797 - Pages: 8

Premium Essay

Economic Growth Analysis-Hong Kong and Singapore

...Economic Growth Analysis-Hong Kong and Singapore Student Name American InterContinental University Abstract The purpose of this paper is to analyze and present 2-3 methods presently being utilized to spur economic growth for the typical firm in Hong Kong and for the typical firm in Singapore. The author will recommend the most advantageous method for each firm, and discuss reasons the approach was chosen. Economic Growth Analysis-Hong Kong and Singapore Every country desires to attain economic growth. Hong Kong and Singapore, both former colonies of England are no exception. Historically, both were known for their strong trade presence in Asia. Recently, however, both their economies have been struggling to grow ( 2014). The first method being used to encourage economic growth is the introduction of new technologies. Openness to all that the technological age brings can only lead to many more opportunities for economic growth. Developed nations are always at the ready to introduce new products and ways to improve living standards. The second method being used to encourage economic growth is investing in human capital. Training domestic workers to learn new skills will open the way to employment for domestic workers which in turn allows capital to flow into the economy for goods and services. The third method to spur economic growth is outward orientation. Working with other countries in a partnership to export as many products as......

Words: 526 - Pages: 3

Premium Essay

Analysis of the Business Cycle and Its Impact on Economic Indicators

...Business Cycle and its Impact on Economic Indicators Olufunmilayo Ogutuga Economics For Managers ECON 550 Professor Saad Khalil December 10, 2011 | | Abstract It is no surprise that the economy of The United States of America is going through a cyclical peak. During the various business cycles, economic indicators revealed how the economy is doing based on gross domestic product, employment, inflation, retails sales etc. This paper would critically examine the business cycle and its implications in terms of higher sales, consumer demands and labor cost. It will also analyze how economic indicators such as Real GDP, Unemployment and Inflation have been impacted by the current and unfortunate economic situation faced in the United States today. Introduction The United States, like many other countries, is experiencing a major change in its economic system; and it is currently coming out of a recessionary business cycle which saw the production of goods and services decline, and unemployment on the rise; but the economy is moving at a snail's pace, easing into a peak. The paper will focus on how to interpret the business cycle and explain the current business cycle in the United States through an in-depth and critical look at the economic indicators. These Economic indicators will reveal the current economic situation as well as......

Words: 1590 - Pages: 7

Premium Essay

Economic Indicators

...ECONOMIC INDICATORS OF THE PHILIPPINES THESIS STATEMENT This research paper is focused on the idea that concepts in financial mathematics are not only applicable for businesses but can also go hand-in-hand with measuring the economic condition of the country. INTRODUCTION Economic indicators are usually packed with statistics prepared by government agencies, non-profit organization and at time even private companies. Moreover, economic indicators play a vital role in the market since they stipulate measures to be used to evaluate the economy by observing several business cycles and how the consumers are spending in the market. For analysts, knowing these economic indicators help them analyze the status of the economy. It indicates how the economy is currently doing at present and how well it will turn out in the future. Some of the economic indicator covers labor, employment and income, balance of payments, money and banking, education, financial investment, and foreign trade. These indicators are either published quarterly or annually even daily. In the Philippines, the national income accounts, agriculture, education, energy, electricity and gas are some of the economic indicators that forecasters look into. For the agricultural sector, It includes the comprehensive budget for agriculture, quantity and value of production of crops and the average prices of some agricultural products. On the other hand basic education statistics such as budget......

Words: 1261 - Pages: 6

Premium Essay

Economic Background Singapore

...1.1 Economic background of Singapore Singapore had established a much stronger and diversified economy in the early 1980’s, and which gave it an economic importance in South-east Asia. Government plan the realigning industrial activities from the traditional labour-intensive, low-wage activities to capital-intensive, high-wage and high-technology activities during the first half of the 1980s. However, Singapore’s economy declined in year 1895 and this is the first time in 20 years. One of the reasons for decline was high-wage, which cause the product of Singapore less competitive on the world market. By the late 1980s, Singapore had to focus on diversify its economic, making it able to provide the manufacturing, financial, and communications facilities for multinational firms. Government take the action to emphasis on the manpower development through the education and training to improve competitive. It also can be shift toward the higher value-add and skill of intensive investment promotion policy. Economic growth averaged 7.7% per annum during this period. In the 1990s productivity increased as did labour cost. Singapore had success in shifting to the higher value-added production signalled by the export growth in high-technology manufactured goods.In year 1997, Singapore economy was affect by the regional crisis by the devaluation of the Thai Baht. Although Singapore’s financial and economic fundamental were sound, the rapidly......

Words: 296 - Pages: 2