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Singapore was founded as a British trading colony in 1819. It joined the Malaysian Federation in 1963 but was ousted two years later and became independent. Singapore subsequently became one of the world's most prosperous countries with strong international trading links (its port is one of the world's busiest in terms of tonnage handled) and with per capita GDP equal to that of the leading nations of Western Europe.

Location

Southeastern Asia, islands between Malaysia and Indonesia

Natural Resources

fish, deepwater ports

Population - distribution

most of the urbanization is along the southern coast, with relatively dense population clusters found in the central areas

4701069
Mandarin (official) 36.3%, English (official) 29.8%, Malay (official) 11.9%, Hokkien 8.1%, Cantonese 4.1%, Tamil (official) 3.2%, Teochew 3.2%, other Indian languages 1.2%, other Chinese dialects 1.1%, other 1.1% (2010 est.)
SINGAPORE (capital) 5.619 million (2015)
Conventional long form
Republic of Singapore
Conventional short form
Singapore
Local long form
Republic of Singapore
Local short form
Singapore
parliamentary republic
Name
Singapore
Geographic coordinates
1 17 N, 103 51 E
Time difference
UTC+8 (13 hours ahead of Washington, DC, during Standard Time)
has not submitted an ICJ jurisdiction declaration; non-party state to the ICCt
Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors.
Inflation
-0.503%
Total tax rate (% of commercial profits)
19.1%
Real Interest Rate
6.883%
Manufacturing, value added (% of GDP)
19.617%
Current Account Balance
US$ 56,501,107,784
Labor Force, Total
3,182,443
Employment in Agriculture
1.10%
Employment in Industry
16.25%
Employment in Services
82.67%
Unemployment Rate
1.83%
Imports of goods and services
US$ 434,374,636,864
Exports of goods and services
US$ 511,222,293,083
Total Merchandise Trade
206.32%
FDI, net inflows
US$ 61,596,847,011
Commercial Service Exports
US$ 149,360,459,722
orchids, vegetables; poultry, eggs; fish, ornamental fish
electronics, chemicals, financial services, oil drilling equipment, petroleum refining, rubber processing and rubber products, processed food and beverages, ship repair, offshore platform construction, life sciences, entrepot trade
Commodities
machinery and equipment (including electronics and telecommunications), pharmaceuticals and other chemicals, refined petroleum products, foodstuffs and beverages
Partners
China 13.7%, Hong Kong 11.5%, Malaysia 10.8%, Indonesia 8.2%, US 6.9%, Japan 4.4%, South Korea 4.1% (2015)
Commodities
machinery and equipment, mineral fuels, chemicals, foodstuffs, consumer goods
Partners
China 14.2%, US 11.2%, Malaysia 11.2%, Japan 6.3%, South Korea 6.1%, Indonesia 4.8% (2015)
Country Risk Rating
A3
Changes in generally good but somewhat volatile political and economic environment can affect corporate payment behavior. A basically secure business environment can nonetheless give rise to occasional difficulties for companies. Corporate default probability is quite acceptable on average.
Business Climate Rating
A2
The business environment is good. When available, corporate financial information is reliable. Debt collection is reasonably efficient. Institutions generally perform efficiently. Intercompany transactions usually run smoothly in the relatively stable environment rated A2.
  • Very high competitiveness quality
  • Development of high added value sectors (chemicals, pharmaceuticals, finance)
  • Large FDI inflows thanks to the advantageous tax regime, political stability and an excellent business climate
  • Leading exporter of capital in Asia through the Temasek and Government of Singapore Investment Corporation (GIC) sovereign funds
  • Economy dependent on exports
  • Shortages of skilled labor
  • Aging population
  • Vulnerability to slowdown in the Chinese economy

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