Economy - overview:
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. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 6.8% between 2004 and 2008, but contracted 2.1% in 2009 as a result of the global financial crisis. The economy has begun to rebound in 2010 and the government predicts growth of 3-5% for the year. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity growth, which has sunk to 1% per year in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

GDP (purchasing power parity):
$235.7 billion (2009 est.)

GDP - real growth rate:
-2.1% (2009 est.)

GDP - per capita:
$50,300 (2009 est.)

GDP - composition by sector:
agriculture: 0%
industry: 26.8%
services: 73.2% (2009 est.)

Population below poverty line:
NA% (2002 est.)

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
0.2% (2009 est.)