St.

Andrew'sJuniorCollege EssentialInformationontheSingaporeEconomy CompiledbySAJCEconomicsUnit2010

Section Content 1 Singapore'sGrossDomesticProductbyIndustry OverallGDPatCurrentMarketPrices PerCapitaGDPatCurrentMarketPricesUS$ ConsumerPriceIndexandInflationRate PriceofOilperbarrel Singapore'sExternalTrade Singapore'sImportsandExportsofServices Singapore'sBalanceofPayments StockofForeignDirectInvestmentinSingapore Singapore'sLabourForce ChangesinLabourProducitivitybyIndustry Singapore'sNonMaterialStandardofLivingIndicators HumanDevelopmentIndex(HDI) ReadingsonSingapore'sComparativeAdvantages

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Essential Information on the Singapore Economy

1.Singapore'sGrossDomesticProductbyIndustry
Year GDPAT2000MARKETPRICES GoodsProducingIndustries Manufacturing Construction Utilities OtherGoodsIndustries1 ServicesProducingIndustries Wholesale&RetailTrade Transport&Storage Hotels&Restaurants Information&Communications FinancialServices BusinessServices OtherServicesIndustries OwnershipofDwellings Less:FISIM2 GrossValueAddedAtBasicPrices Add:TaxesonProducts Year 2006 216 67 57 7 4 0.18 137 35 20 4 9 24 25 20 8 10 202 14 2006 2007 S$bn 233 72 60 8 4 0.18 149 37 21 4 10 28 27 21 8 11 218 16 2007 2008 237 72 57 10 4 0.17 157 39 22 4 10 30 29 22 8 13 223 14 2008 2009 232 71 55 12 4 0.17 153 35 20 4 10 29 30 24 8 14 218 13 2009

GDPAT2000MARKETPRICES GoodsProducingIndustries Manufacturing Construction Utilities OtherGoodsIndustries ServicesProducingIndustries Wholesale&RetailTrade Transport&Storage Hotels&Restaurants Information&Communications FinancialServices BusinessServices OtherServicesIndustries OwnershipofDwellings Less:FISIM2 GrossValueAddedAtBasicPrices Add:TaxesonProducts
1 2 1

PercentageChangeOverCorrespondingPeriodofPrevious Year 8.7 8.2 1.4 2.0 10.7 7.1 1.0 1.1 11.9 5.9 4.2 4.1 3.6 18.2 20.8 16.0 6.0 4.5 2.5 0.4 15.5 8.2 10.3 6.9 7.8 5.8 12.3 6.5 4.4 1.8 4.9 8.9 5.7 3.0 8.8 8.0 6.7 6.4 6.1 15.2 10.4 4.2 1.1 8.5 7.9 12.6 4.0 5.4 4.0 2.9 0.9 7.3 6.2 8.2 5.6 1.1 18.8 2.4 12.7 1.0 2.2 9.1 7.0 3.0 0.8 1.4 3.3 5.1 0.9 2.1 2.0 2.6

Source:SingaporeDepartmentofStatistics

CompriseAgriculture,FishingandQuarrying. ReferstoFinancialIntermediationServicesIndirectlyMeasured.

SAJC Economics Unit 2010

Essential Information on the Singapore Economy

S$ bn
200 180 160 140 120 100 80 60 40 20 0 Year 2000

Singapore'sGDPatCurrentMarketPrices

2005

2006

2007

2008

2009

PerCapitaGDPatCurrentMarketPrices
US$Thousands 45 40 35 30 25 20 15 10 5 0 Year

2000

2005

2006

2007

2008

2009

2009GDPContributionbySectorat2000Prices

2009 Manufacturing 24% GDPAT2000MARKETPRICES 231,776 Manufacturing 55,098 BusinessServices Construction 14% 11,500 Utilities 3,961 Construction OtherGoodsIndustries 171 5% Wholesale&RetailTrade 35,438 GoodsProducingInd FinancialServices Utilities 13% Transport&Storage 20,338 ServicesProducingI 2% Hotels&Restaurants 3,961 Information& Information&Communications 10,282 OtherGoods Communications Industries FinancialServices 29,236 5% BusinessServices 30,285 Wholesale&Retail 0% Hotels&Restaurants Trade OtherServicesIndustries Transport&Storage 23,618 2%
9% 15%

OtherServices Industries 11%

70,730 153,159

Source:SingaporeDepartmentofStatistics
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Essential Information on the Singapore Economy

2.ConsumerPriceIndexandInflationRate
Weights
1

2003 98.3 97.9 99.8 100.1 98.8 95.9 94.4

2004 100 100 100 100 100 100 100

2005 2006 CPI2004=100 100.4 101.3 99.9 100.8 97.8 102 100.4 101.4 102.8 100.6 103.5 96.4 104 101.3

2007 103.5 105.9 101.3 103.9 98.3 105.3 105.5

2008 110.3 114.1 102.8 117.1 101.6 108.9 111.5

AllItems Food Clothing&Footwear Housing Transport&Communication Education&Stationery HealthCare Recreation&Others AnnualInflationRate

10,000 2,338 357 2,126 2,176 819 525 1,659

97.7 100 101.7 102.4 105.6 109.5 PercentageChangeOverPreviousYear 0.5 1.7 0.5 1 2.1 6.5
Adaptedfrom:SingaporeDepartmentofStatistics

1TheweightingpatternsoftheCPIarecompiledfromthe2002/3HouseholdExpenditure Survey(HES)resultsandupdatedto2004'spricelevel.

PriceofOilPerBarrel
Price(US$) 140 120 100 80 60 40 20 0
Jan06 Apr06 Jul06 Oct06 Jan07 Apr07 Jul07 Oct07 Jan08 Apr08 Jul08 Oct08 Jan09 Apr09 Jul09 Oct09 Jan10

US$

Ja n 06 M ay 0 6 Se p 06 Ja n 07 M ay 0 7 Se p 07 Ja n 08 M ay 0 8 Se p 08 Ja n 09 M ay 0 9 Se p 09 Ja n 10
Source:www.eia.doe.gov

59.67 66.85 68.08 53.58 50.14 63.25 73.69 81.27 85.53 111.03 125.11 59.3 42.07 48.38 67.5 76.49 71.99

SAJC Economics Unit 2010

Essential Information on the Singapore Economy

3.Singapore'sExternalTrade(S$bn)
2005 TOTALTRADEAT2006PRICES Imports Exports DomesticExports Oil - Nonoil ReExports TOTALTRADEAT2006PRICES Imports Exports DomesticExports ReExports TotalTradeasaPercentageofGDP(%) 2006 729 341 388 214 61 153 174 2007 2008 I III 811 866 919 187 196 213 379 403 442 91 93 100 432 463 477 96 103 113 227 239 237 50 53 59 59 59 64 15 15 17 168 180 173 35 38 42 204 224 240 47 50 54 PercentageChangeOverCorrespondingPeriodOfPreviousYear 9.5 11.2 6.9 6.1 18.6 16.5 10.5 8.2 11.0 6.4 9.6 16.7 17.7 11.4 10.7 11.4 7.4 3.0 20.3 15.4 9.7 9.0 6.4 5.2 0.9 19.1 10.7 5.3 12.8 17.4 9.8 7.2 21.5 19.8 14.1 2009dataunavailablethusfar 355.5 366.5 336.5 360.4 *Atleast3XofGDPfor20052008 2006 810,483 378,924 431,559
DistributionofSingapore'sDomesticExports(2008) 2007 2008

2009 II

TotalTradeatCurrentPrices(S$bn)

2005 715,723 333,191 382,532 2008 247,618 89,526 158,092 229,144

TOTALTRADEATCURRENTPRICES Imports 500 Exports

400

600

846,607 395,980 450,628

927,655 450,893 476,762

ReExports 48% Nonoil 33% Oil 19%

DomesticExports 300 Oil - Nonoil ReExports 100

0 2005 2006 Imports 2007 Exports 200

2008

Year

Source:InternationalEnterpriseSingapore

SAJC Economics Unit 2010

Essential Information on the Singapore Economy

Singapore'sBalanceofPayments,BOP(S$millions) Singapore'sExportsofServices(2008)
Singapore'stotalexportsofservicein2008=S$117.5bn

2008
Government 38,177 0%

ACurrentAccountBalance GoodsBalance
Communications, ExportsofGoods Computer& ImportsofGoods Information ServicesBalance 3%

Royalties 1%

43,470
Travel&Insurance 15%

485,690 442,220 5,626 OtherBusiness Services 117,547 37% 207 43,104 1,265 9,296 40,792 4,088 17,610 1,186
Construction 1%

ExportsofServices Government OtherBusinessServices Construction

Transportation 35% Singapore'sImportsandExportsof

Transportation Communications,Computer&Info Travel&Insurance Royalties

Singapore'sImports andExportsof Services(2008) 8%

ImportsofServices Travel

Singapore'sImportsofServices(2008)
111,920
Government 20,075 OtherBusiness 1%

Singapore'stotalexportsofservicein2008=S$111.9bn

Transportation Insurance Government Construction

42,112 Government

775 26,027 462 2,710 3646 23704

Construction 12926 0%

3,629 Construction 334 Financial

Financial Computer&Information Communications Transportation 38% Royalties Social OtherBusinessServices IncomeBalance

Royalties 12%
1

462 Communication 2,710 Travel&Insuran OtherBusiness 1,082 Services Royalties 23% Transportation 2,564 12,926 441 25,586
Travel&Insurance 21%

42112

Financial 112,362 2% Communications, Computer& Information 3%

7,031

IncomeReceipts

80,796

Source:SingaporeDepartmentofStatistics

SAJC Economics Unit 2010

Essential Information on the Singapore Economy

Singapore'sBalanceofPayments,Summary(S$bn)
Year ACurrentAccountBalance GoodsBalance ServicesBalance IncomeBalance CurrentTransfers(Net) BCapitalandFinancialAccountBalance CapitalAccount(Net) FinancialAccount(Net) CNetErrorsandOmissions DOverallBalance(A+B+C) EOfficialReserves(Net) 2005 46 61 3 9 2 30 0.34 29 4 20 20 2006 56 68 1 8 3 35 0.37 35 6 27 27 2007 59 71 9 17 3 34 0.39 34 4 29 29 2008 38 43 6 7 4 16 0.44 16 3 19 19

Year

2005 2006 2007 2008 Singapore'sBalanceofPaymentsPositionfrom2005to2008 56,222 35,132 59,092 33,917 38,177 16,259

ACurrentA 45,722 80 BCapitala 29,734

60

40

Surplus

S$bn

20

0 2005 20 2006 2007 2008

Year

Deficit

40 ACurrentAccountBalance BCapitalandFinancialAccountBalance Source:SingaporeDepartmentofStatistics

SAJC Economics Unit 2010

Essential Information on the Singapore Economy

StockofForeignDirectInvestmentinSingaporebyIndustrybyendof2007
TotalForeignDirectInvestment=S$437.3bn(seenote1) RealEstate,Rental &Leasing Transport& 4% RealEstate 16,621 Storage 7% Wholesale 75,985 Manufactu 114,677 Professiona 14,702 6,795 Others Financial& 179,756 Transport& 28,751 Financial& suranceServices Asia 41%

Wholesale& RetailTrade, Hotels& Restarants 17%

101,080 192,521 Europe UnitedStates&Canada 52,339 4,888 Australia&NewZealand SouthandCentralAmericaandtheCaribbe 77,992 8,466 Others
Others 2%

Manufacturing 26%

Professional& Technical Administrative& SupportServices 3%

StockofForeignDirectInvestmentinSingaporebyRegionin2007
SouthandCentral Americaandthe Caribbean 18% Australia&New Zealand 1% UnitedStates& Canada 12% Others 2% Asia 23%

Europe 44% Source:SingaporeDepartmentofStatistics

1

ThisfigureshowsaccumulatedFDIinSingaporeovertheyearsending2007.Asacomparison, totalFDIinSingaporebyendof2005wasS$323.8bnandbyendof2006wasS$375bn.

SAJC Economics Unit 2010

Essential Information on the Singapore Economy

4.Singapore'sLabourForceInformation
Year LabourForce('000) Total Residents Unemployed('000) Total Residents UnemploymentRate(SeasonallyAdjusted)(%) Total Residents
Notes: TotalPopulationcomprisesResidentsandNonresidents.ResidentscompriseSingaporecitizensandpermanent residents.

2005 2,367 1,745

2006 2,594 1,881

2007 2,710 1,878

2008 2,940 1,928

101 98 3.4 4.4

88 84 2.7 3.5

78 75 2.3 3.1

82 76 2.2 3.1

Singapore'sUnemploymentRate(SeasonallyAdjusted)
5 4.5 4 3.5 Percentage 3 2.5 2 1.5 1 0.5 0 Year Total Residents 2005 3.4 4.4 2006 2.7 3.5 2007 2.3 3.1 2008 2.2 3.1

Source:SingaporeDepartmentofStatistics

SAJC Economics Unit 2010

Essential Information on the Singapore Economy

ChangesinLabourProductivitybyIndustry(in%)
Industry Total1 Total(excludingConstruction)1 GoodsProducingIndustries2 Manufacturing Construction ServicesProducingIndustries2 Wholesale&RetailTrade Singapore'sImportsandExportsofServices(2008) Hotels&Restaurants Information&Communications FinancialServices BusinessServices OtherServicesIndustries 2005 2.8 2.6 3.5 2.9 0.1 2.5 6.0 2.4 4.0 2.1 1.2 1.7 0.9 2006 1.6 1.8 3.1 3.9 2.6 1.4 5.6 2.5 0.4 1.9 3.2 4.6 1.2 2007 0.8 0.8 2.7 3.1 5.7 0.1 1.5 2.5 6.0 3.0 1.1 3.8 2.1 2008 7.8 7.3 11.7 10.9 0.6 3.6 2.4 4.0 9.0 0.8 6.2 5.7 1.3

Source:SingaporeDepartmentofStatistics &MinistryofManpower Notes:TheindustriesareclassifiedaccordingtotheSingaporeStandardIndustrialClassification2005. 1 BasedonGrossDomesticProductat2000MarketPrices. 2 BasedonGrossValueAddedat2000BasicPrices.

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Essential Information on the Singapore Economy

5.Singapore'sNonMaterialStandardofLivingIndicators
1998 Health LifeExpectancyatBirth(yrs) Doctors(per10,000population) Dentists(per10,000population) 77.3 13 2 2003 79.1 15 3 2004 79.6 16 3 2005 80.1 16 3 2006 80.3 16 3 2007 80.6 16 3 2008 80.9 16 3

%ofImmunisationforChildrenat2YearsofAge BCG 99 HepatitisB 96 Measles 97 EducationandLiteracy LiteracyRate(%) MeanYearsofSchooling

%withSecorHigherQualification

99 95 93

99 93 95

98 96 96

98 95 95

99 96 95

99 97 94

91.9 8 48.7

94.3 8.8 55.1

94.7 8.9 56

95.1 9.3 59.4

95.4 9.3 58.8

95.7 9.4 59.7

96 9.7 63.2

OtherSocialIndicators(per1,000population) MobilePhoneSubscribers 260 ResidentialBroadbandSubscribers n.a. PrivateCars 92

845 88 93

927 111 95

998 135 97

1,054 158 101

1,225 192 106

1,310 239 107

FireOccurrences

6,047

4,540

NumberofCases 4,916 5,039 4,702 Per100,000Population 735 870 756

4,796

4,973

OverallCrimeRate

1,021

736

715

Source:SingaporeDepartmentofStatistics

2007HumanDevelopmentIndex(HDI)RankingofSelectedCountries
Countryname
Norway Japan UnitedStates UnitedKingdom Singapore HongKong,China(SAR) Malaysia Thailand China Indonesia

1980
75.7 76.1 73.9 73.4 71.2 74.6 66.7 65.9 66.0 54.4

1990
76.8 79.0 75.2 75.7 74.9 77.1 70.1 69.2 68.0 61.6

2000
78.8 81.4 78.0 77.8 77.9 80.8 72.5 68.1 71.3 67.4

2005
80.0 82.4 78.7 79.0 79.6 81.9 73.7 68.4 72.6 69.7

2007
80.5 82.7 79.1 79.3 80.2 82.2 74.1 68.7 72.9 70.5

2007HDIrank 1 10 13 21 23 24 66 87 92 111

Source:http://hdr.undp.org/

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Essential Information on the Singapore Economy

2007HumanDevelopmentIndexRankingofSelectedCountriesbyIndicators
HDIvalue
1.Norway(0.971) 21.U.K.(0.947) 22.Germany(0.947) 23.Singapore(0.944) 24.HongKong(0.944) 25.Greece(0.942) 182.Niger(0.340)

Lifeexpectancyatbirth (years)
1.Japan(82.7) 11.Canada(80.6) 12.Norway(80.5) 13.Singapore(80.2) 14.NewZealand(80.1) 15.Austria(79.9) 176.Afghanistan(43.6)

Adultliteracyrate (%aged15andabove)
1.Georgia(100.0) 49.Paraguay(94.6) 50.Kuwait(94.5) 51.Singapore(94.4) 52.Thailand(94.1) 53.O.PalestinianTerritories(93.8) 151.Mali(26.2)

GDPpercapita (PPPUS$)
1.Liechtenstein(85,382) 5.Norway(53,433) 6.Brunei(50,200) 7.Singapore(49,704) 8.Kuwait(47,812) 9.UnitedStates(45,592) 181.P.R.Congo(298) Source:http://hdrstats.undp.org

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Essential Information on the Singapore Economy

Over the decades, Singapore Airlines has grown to become one of the most respected brands in the world. Our quality service and innovative offerings are the tradition and future of Singapore Airlines. For many years, Singapore Airlines were riding on its niche of having the best in-flight service. As more airlines improved their service and narrowed the gap, SIA sought other competitive advantages among which are The most modern fleet Outstanding Service on the Ground A super entertainment system in its cabins Comfort in its First Class cabins at an unparallel level Adapted from Asia-Pacific Marketing Federation, Marketing Institute of Singapore The Creation of Singapore Airlines From a single plane to an internationally respected brand, more than 60 years of innovation and service has propelled the growth of Singapore Airlines to become one of the world's leading carriers with an advanced fleet. The Highest Service Today Singapore Airlines today is built solidly on our history, from the designer bone china flatware to the Bulgari cologne for First Class passengers, to our advanced fleet of aircraft and motivated employees. Today, our in-flight service is of the highest order. The Singapore Airlines World Gourmet Cuisine boasts a selection of exclusive and tantalising signature dishes, specially designed by a panel of nine internationally renowned chefs, and a wine list selected by three of the world's most discerning wine consultants.

KrisWorld, Singapore Airlines' award-winning and ever-expanding in-flight entertainment system, offers customers a wide range of entertainment options. Customers can choose from a variety of movies, TV programmes, music CDs and channels. There is also an extensive selection of video games and interactive applications including Berlitz Word Traveler, a fully interactive learning programme.

Singapore Airlines became a full member of the global Star Alliance in 2000 and with it came "seamless" worldwide air travel. With the extensive network of partner airlines, connecting flights, frequent flyer points, and baggage clearance are now a breeze. Singapore Airlines route network reaches out to over 65 destinations in 35 countries. A Future of Firsts Singapore Airlines made aviation history when it became the first to operate the world's largest aircraft, the A380, on 25 October 2007 between Singapore and Sydney. The A380 also operates to and from London, Tokyo, Paris and Hong Kong. In addition, Singapore Airlines introduced its Suites, together with cabin improvements in all other classes while still providing excellent service. The future promises to bring more firsts like these, as Singapore Airlines continually strives to drive quality service through innovation. Source: www.singaporeair.com

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Essential Information on the Singapore Economy

Singapores Comparative Advantages

Keppel Corporation Limited is a Singaporean company with diversified operations, particularly in the real property investment, offshore and marine, and infrastructure sectors. It was one of the earliest Singaporean companies to regionalize, and has since established itself as one of the more prominent Singapore multinational corporations. With a global footprint in 35 countries, Keppel leverages its international network, resources and talents to grow its key businesses in Offshore & Marine, Property and Infrastructure. Keppel Offshore & Marine (O&M) is one of the largest offshore and marine groups in the world. Its strategic network of 20 yards serving regions including Asia Pacific, Gulf of Mexico, Brazil, Caspian Sea, Middle East and the North Sea, enables the effective execution of the Groups Near Market, Near Customer strategy. In the Offshore division, Keppel FELS is the world leader in the design and construction of mobile offshore rigs, particularly jackups and semisubmersibles. In the Specialized Shipbuilding division, Keppel Singmarine has experience in constructing more than 400 specialized vessels. The yard services a global clientele in the design and construction of new buildings such as Anchor Handling Tug/Supply vessels, multipurpose Offshore Support Vessels and tugboats. Today, Keppel O&Ms suite of proprietary rig and ship designs has won market acceptance and set benchmarks globally. Coupled with strong project management and execution capabilities, Keppel O&M has carved its reputation as a foremost solutions provider in the industry. Source: www.kepcorp.com

Hyflux is a leading provider of integrated water management and environmental solutions with operations and projects in Singapore, Southeast Asia, China, India, Algeria, the Middle East and North Africa. Hyflux membranes are installed in more than 1,000 plants in over 300 locations across the globe such as Germany, Switzerland, Sweden and even the USA. Key Driver - Technology and Research & Development (R&D) Hyflux is a leading technology company that is fully committed to developing new technology applications and intellectual property as its long-term competitive advantage. It maintains its leadership position in its core business by engaging in a sustained, market-driven programme of research and development. Hyflux collaborates with world-renowned research institutions and companies to develop and enhance its research programmes, expand areas of membrane applications, improve existing technologies and processes as well as commercialize novel technologies. Partners include the National University of Singapore, CEPAration BV (a spin-off from leading Dutch technology institute, Netherlands Organization for Applied Scientific Research), Marmon Water LLC (North Americas largest manufacturer of residential and commercial water treatment systems) and Dalian Institute of Chemical Physics, China. Hyflux - More than just water Today, Hyflux is more than just a water treatment company. It is an integrated solutions provider, offering services that cover the whole spectrum of research and development, process design and development, manufacturing and systems assembly, engineering, procurement and construction (EPC), and operation and maintenance of a wide range of water treatment and liquid separation projects. Hyfluxs strength as a membrane technology company has enabled it to identify niche applications in several sectors other than water moving into the field of clean energy in environmental applications such as the recycling of used oil, processing of bio-ethanol as well as in the production of bio-based materials such as lactic acid. Source: www.hyflux.com
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Essential Information on the Singapore Economy

Incorporated in 1974, Temasek Holdings is an Asia investment company headquartered in Singapore. Supported by 12 affiliates and offices in Asia and Latin America, with an international staff of 380 people, Temasek owns a diversified S$172 billion (US$119 billion) portfolio as at 31 July 2009, concentrated principally in Singapore, Asia and the emerging economies. Temasek's investment themes centre on Transforming Economies, Growing Middle Income Populations, Deepening Comparative Advantages and Emerging Champions. Its portfolio covers a broad spectrum of industries: financial services; telecommunications & media; transportation & logistics; real estate; infrastructure, industrial & engineering; energy & resources; life sciences, consumer & lifestyle; and technology. Temasek is one of a few global firms with the highest corporate credit ratings by both Standard & Poor's and Moody's, of AAA/Aaa respectively. It has also consistently attained perfect scores every quarter on the US-based Linaburg-Maduell Transparency Index for Sovereign wealth funds, a measure of the openness of governmentowned investment funds. Source: www.temasekholdings.com.sg

The Government of Singapore Investment Corporation Private Limited (GIC) is a sovereign wealth fund established by the Government of Singapore in 1981 to manage Singapore's foreign reserves. With a network of eight offices in key financial capitals around the world, GIC invests internationally in equities, fixed income, moneymarket instruments, real estate and special investments. Since its inception, GIC has grown from managing a few billion dollars, to well above US$100 billion today. With a portfolio this size, they are now amongst the world's largest fund management companies. The group strives to achieve good long-term returns on assets under our management, to preserve and enhance Singapore's reserves. GIC's investment portfolio is managed by its three subsidiaries: GIC Asset Management Pte Ltd (public markets), GIC Real Estate Pte Ltd and GIC Special Investments Pte Ltd (private-equity investments). In 2008, The Economist reported that Morgan Stanley had estimated the fund's assets at US$330 billion, making it the world's third largest sovereign wealth fund. Source: www.gic.com.sg

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