Salient Features: Export-oriented economy with large government role. Dependent on international trade, sale of services, export of manufactures. Consistently high rates of economic growth (11 percent in 1988), balance of payments surplus, large foreign investment, large foreign reserves (S$33 billion in 1988), minimal foreign debt.
Gross Domestic Product (GDP): S$47.9 billion in 1988, S$17,950 per capita. Manufacturing contributed 29 percent, financial and business services 27 percent, commerce 18 percent, transport and communications 14 percent, other services 12 percent.
Industry: Major industries: electronics, petroleum refining and petrochemicals, machinery, shipbuilding, and ship repair.
Foreign Trade: S$167.3 billion in 1988. Usual deficit in merchandise trade offset by surplus in services for positive balance of trade. Major exports: electronics, machinery, refined petroleum products. Major imports: machinery and electronic components, chemicals, fuels, and food. Major trading partners: United States, Japan, Malaysia, and European Community.
Exchange Rates: Singapore dollar allowed to float since 1973. In late 1989, US$1=S$1.94.
Data as of December 1989