Singapore is a high-income economy with a gross national income of US$54,530 per capita, as of 2017. That compared with the current MTI estimate of 1.5 percent to 2.5 percent. Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Singapore economic outlook, debt to GDP ratio, international trade performance and population trends. Further weakness could show itself as the U.S.-China trade … Last month, the Ministry of Trade and Industry downgraded its expected growth for 2019 to between 0 and 1 per cent, saying that the GDP is expected to come in … The gross domestic product expansion figure, down from 2.9 percent in 2014, was based on advance estimates that GDP in the fourth quarter of last year rose 2.0 percent year-on-year. If the value of imports exceeds exports, the centre point (white circle) of the bubble falls in the ‘Net Importers’ section marked by the blue region in the chart. In Singapore, services are the biggest sector of the economy and account for 72 percent of GDP. This latest figure represents the slowest year-on-year GDP growth since the second quarter of 2009 when GDP fell by 1.2 percent. In Singapore, services are the biggest sector of the economy and account for 72 percent of GDP. Trade GDP Ratio – World, India and Other countries. List of countries by trade-to-GDP ratio ... Countries sorted by exports, imports and total trade (external trade rate) of goods and services as a share of the gross domestic product of the same year. Gross domestic product (GDP) grows an average 12.7 percent. The growth was driven by the manufacturing sector, which expanded by 10.7 percent year-on-year between January and March, Singapore’s Ministry of Trade and Industry said in a statement. The Port of Singapore is … This is because Singapore’s domestic market is “quite small,” while exports make up to three times the size of the economy, Son told CNBC. Spending by foreign tourists supports a further US $14.5 billion of the country’s GDP, totaling to US $36.6 billion. Singapore’s gross domestic product (GDP) grew by 0.7 percent in 2019, the slowest annual pace since 2009 and down from 3.1 percent in 2018, … Gross Domestic Product In Chained (2015) Dollars, By Industry (SSIC 2015 Version 2018), Quarterly, (SA) Ministry of Trade and Industry - Department of Statistics / 11 Jan 2021 The aggregate value of of goods and services produced in the economic territory of Singapore expressed in chained (2015) dollars and seasonally adjusted. Within services the most important segments are: wholesale and retail trade (18 percent of total GDP); business services (16 percent); finance and insurance (13 percent), transport and storage (10 percent) and information and communications (5 percent). Singapore’s economy plummeted 0.6% in 2008; however, it managed to recover in 2010 and grew an impressive 15.2%. Singapore is heavily trade-dependent, second only to Luxembourg in trade-to-gross domestic product terms, and is usually seen as a leading … Singapore: Trade openness: exports plus imports as percent of GDP: For that indicator, we provide data for Singapore from 1960 to 2019. The chart below shows the Trade-to-GDP ratio for 30 countries for which country specific investment funds are available in the U.S. Trade as percentage of GDP was 319.15 . In 1988 it claimed a set of economic superlatives, including the world's busiest port, the world's highest rate of annual economic growth (11 percent), and the world's highest savings rate (42 percent of income). Historically, international trade has strongly influenced the economy. Singapore Trade Statistics. Singapore GDP Growth Performance. Global trade GDP Ratio was around 20% in 1995 and has increased to over 44% in 2015. Central bank survey: Singapore GDP could grow by 6.5 percent in 2021 Asian shares inch higher in thin holiday trade German elephant oracle tips France to win against hosts Singapore, for instance, is an extremely open economy and is largely dependent on exports. Its trade-to-GDP ratio can be well over 100 percent, which means that the country imports and exports far more than it produces, as it acts as a trade hub. It is also 8 percentage points higher than the 11.8 percent contraction expected by the Monetary Authority of Singapore (MAS). An animated overview of the Singapore economy, presenting the latest GDP, growth and industry breakdown, latest data and partners in investments in Singapore and abroad, profile of enterprises, and latest data and partners in trade in goods and services. The average value for Singapore during that period was 168.26 percent with a minimum of 106.74 percent in 1972 and a maximum of 228.99 percent in 2008. The average value for Singapore during that period was 168.26 percent with a minimum of 106.74 percent in 1972 and a maximum of 228.99 percent in 2008. Trade share by type of trade. That beat expectations for an increase of 0.9 percent following the 2.4 percent contraction in … The Singapore economy grew by 5.2% during this period – which is the fastest pace it has grown in more than three years, according to a Bloomberg report. ... Singapore has 25 preferential trade agreements in force. Indonesia and Philippines still have a relatively low trade-to-GDP ratio of below 100%, suggesting plenty of headroom to increase openness. S$ 102.4 Bil. “Global demand for Singapore’s key exports remain fairly strong so … The US government’s debt-to-GDP ratio rose to 100.5 per cent in the second quarter of 2019, which put it on a par with the level in the Eurozone. Its trade-to-GDP ratio can be well over 100 percent, which means that the country imports and exports far more than it produces, as it acts as a trade hub. This is the same case as in Taiwan. China’s economy, meanwhile, is driven not by exports but by investment, which accounts for over 40% of GDP (The Economist, 2008). The current GDP rate is 6.4% for the first quarter of 2021, which means the economy grew by that much between January and March 2021. Openness to trade and investment has been instrumental in employment creation and income growth, with about 40% of jobs in Malaysia linked to export activities. The government now expects Singapore's GDP to come in between a decline of 2 percent and growth of 1 percent in 2009, lower than the previous forecast of a 1 percent decline to 2 percent … The UK regions with the highest concentrations of goods exports, to Singapore, were the East Midlands accounting for £1.5 billion (US$2 billion) or 29 percent of the total, Scotland with £0.6 billion (US$835 million) or 11.5 percent, and the Southwest with £0.6 billion (US$835 million) making up 11.1 percent. Singapore’s gross domestic product (GDP) in the second quarter of 2020 may contract by 34.6 percent if we compare it to the first quarter, according to a report by UOB. GDP of Singapore is 372,063,000,000 in current US$. The brokerage cut its Singapore GDP growth forecast to 1.1 percent for 2019, from 1.3 percent previously, and added that it expected MTI to lower its GDP forecast for the year to 0.5 percent to 1.5 percent when final data are released in August. Singapore GDP Expands 1.3% On Year In Q1. The deal will eliminate tariffs on 91 percent of goods and introduces common rules on investment and intellectual property to promote free trade. Singapore's gross domestic product gained 1.3 percent on year in the first three months of 2021, the Ministry of Trade and Industry said on Tuesday. Singapore’s exports-to-GDP ratio of over 170% is one of the highest globally, World Bank data showed. Singapore’s economy plummeted 0.6% in 2008; however, it managed to recover in 2010 and grew an impressive 15.2%. World Bank national accounts data, and OECD National Accounts data files. Line Bar Map. Media Releases. The Ministry of Trade and Industry (MTI) announced today that Singapore’s GDP growth is expected to come in at “-6.5 to -6.0 per cent” in 2020 and “+4.0 to +6.0 per cent” in 2021. The debt-to-GDP ratio is the ratio of a country's public debt to its gross domestic product (GDP). Trade in services as percentage of GDP … Economic Performance in Third Quarter 2020 The Singapore economy expanded by 9.2 per cent on a quarter-on-quarter Note: The size of the bubble reflects the total merchandise trade value with the trading partner. Singapore GDP From Wholesale and Retail Trade - values, historical data and charts - was last updated on May of 2021. GDP From Services in Singapore is expected to be 17101.00 SGD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. According to the Ministry of Trade and Industry, the services sector shrank by 6.8 percent in the last quarter of 2020. Gross domestic product (GDP) grew 1.3 percent year-on-year in the first quarter, the Ministry of Trade and Industry (MTI) said on Tuesday, higher than the 0.2 percent … Singapore a highly trade-dependent economy. HS Code Import USD$ (85) Electrical Machinery: $98,117,896,419 (27) Oil & Mineral Fuels As of 2020, the IMF measured Singapore’s national debt-to-GDP ratio as 131.19%, the 6th highest in the world when expressed as a percentage of GDP. Singapore GDP in current US dollar was 372,063 million. Rankings of Singapore best banks and safest banks are also available. Singapore Trade Balance - Historical Data; Year Billions of US $ % of GDP; 2019: … In Singapore, services are the biggest sector of the economy and account for 72 percent of GDP. None. Since then, the economy has been on a sustainable growth track. In the 10 years before the great recession, from 1999 to 2007, Singapore’s GDP grew 6.0% on average. Total value of exports by country to world (% of GDP) Trade in services (exports plus imports) as share of GDP. The latest value from 2019 is 173.52 percent. Since GDP is only the value added domestically, it ... Singapore 173.3 % 149.1 % 322.4 % 2017 Malta 136.1 % 125.4 % 261.5 % 2016 The growth signals partial recovery from the downturn seen in Q2 of 2020. A report by HSBC revealed that Singapore’s household debt as a share of GDP has increased to around 73% in 2013 from 48% before the global financial crisis, a notable increase compared to than UK’s ratio which is pegged at 72%, a more or less stable figure from its ratio 6 years ago. Singapore Trade balance: as % of GDP was 27.89. Singapore is the 14 th largest exporter and the 15 th largest importer in the world. In total, 11.8 percent of the country’s GDP is supported by inputs to the air transport sector and foreign tourists arriving by air. Opening Address by Mr Tan Keng Heng, Executive Director, Monetary Authority of Singapore, at the Investment Management Association of Singapore’s 7th Regulatory/ Legal Roundup Forum on 28 May 2021. Singapore Trade Last Previous Highest Lowest Unit; Balance of Trade 5754.62: 5414.08: 7973.33-1999.81: Million SGD: Current Account 24625.20: 19622.60: 24625.20-659.20: SGD Million: Current Account to GDP 17.60: 14.30: 26.10-13.10: percent of GDP: Imports … In the second quarter, GDP contracted by 12.6 percent year-on-year, according to the Ministry of Trade and Industry. Singapore Trade Statistics. SINGAPORE, April 14 (Xinhua) -- Singapore's Ministry of Trade and Industry said Wednesday that based on advance estimates, the country's gross domestic product (GDP) grew 0.2 percent year on year in the first quarter, compared to a 2.4 percent … Singapore GDP Growth Beats Forecasts on Strong Trade Rebound ... GDP rose 2.9 percent in the second quarter, higher than the 2.5 percent … Singapore has a strategic port which makes it more competitive than many of its neighbours in carrying out such entrepôt activities. The value of global exports. That’s because the headline figure … However, no one seems to be worried about the country’s national debt. Singapore: Exports of goods and services as percent of GDP: For that indicator, we provide data for Singapore from 1960 to 2019. Exports: The top exports of Singapore are Integrated Circuits ($55.4B), … Singapore has the highest trade to GDP ratio in the world (around 400% on average during 2008-11) reflecting its position as a major transhipment hub and the high import intensity of Singapore's exports. The Ministry of Trade and Industry (MTI) announced today that the Singapore economy contracted by 5.4 per cent in 2020. Preliminary data published in April had put the expansion of GDP in the first quarter of the year at 0.2 percent. Looking forward, we estimate GDP From Services in Singapore to stand at 17395.00 in 12 months time. United States. The government expects the trade accord will boost Japan's GDP by 2.7 percent and create 570,000 jobs.

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