Singapore: Selected Economic and Financial Indicators, 2011–16
Nominal GDP (2014): US$308 billion
Main exports (percent of total domestic exports): Electronic products (19%); chemical products (17%)
GDP per capita (2014): US$56,287
Population (June 2014): 5.47 million
Unemployment rate (2014): 2.0 percent
Proj.
2011 2012 2013 2014 2015 2016
Growth (percentage change)
Real GDP 6.2 3.4 4.4 2.9 2.9 3.1
Total domestic demand 3.6 6.9 2.8 0.3 3.8 4.0
Consumption 2.7 2.5 5.2 2.0 3.8 4.0
Private consumption 4.0 3.4 3.6 2.5 3.5 3.5
Gross capital formation 5.0 14.0 -0.7 -2.4 3.8 4.1
Saving and investment (percent of GDP)
Gross national saving 49.2 47.2 46.9 46.7 47.5 46.5
Gross domestic investment 27.3 30.0 29.0 27.6 27.1 27.8
Inflation and unemployment (period average, percent)
CPI inflation 5.2 4.6 2.4 1.0 0.0 1.8
Core CPI inflation 2.2 2.5 1.7 1.9 1.0 1.8
Unemployment rate 2.0 2.0 1.9 2.0 2.0 2.0
Central government budget (percent of GDP) 1/
Revenue 22.7 22.5 21.7 21.5 21.4 21.6
Expenditure 14.7 14.5 15.6 17.6 19.7 19.7
Overall balance 8.0 8.0 6.1 3.9 1.7 1.9
Primary balance 2/ 0.4 1.4 0.3 -1.1 -2.8 -2.7
Money and credit (end of period, percentage change)
Broad money (M2) 11.8 6.8 7.9 7.6 8.1 ...
Credit to private sector 18.9 11.3 15.5 7.5 4.6 ...
Three-month S$ SIBOR rate (percent) 0.4 0.4 0.4 0.5 … …
Balance of payments (in billions of U.S. dollars)
Current account balance 60.6 49.8 54.1 58.8 62.9 62.0
(In percent of GDP) (22.0) (17.2) (17.9) (19.1) (20.4) (18.7)
Trade balance 71.5 67.5 74.5 76.4 80.8 80.7
Exports, f.o.b. 435.6 439.4 441.7 437.3 395.0 427.0
Imports, f.o.b. -364.1 -371.9 -367.2 -360.9 -314.2 -346.3
Financial account balance -44.4 -22.8 -36.1 -49.6 -59.9 -54.2
Overall balance 17.1 26.1 18.2 6.8 3.1 7.8
Gross official reserves (In billions of U.S. dollars) 237.7 259.3 273.1 256.9 259.9 267.7
(Months of imports) 3/ (5.7) (6.1) (6.5) (6.8) (6.3) (6.0)
Singapore dollar/U.S. dollar exchange rate (period
average) 1.26 1.25 1.25 1.27 ... ...
Nominal effective exchange rate (percentage change) 4/ 3.7 2.4 2.6 0.9 ... ...
Real effective exchange rate (percentage change) 4/ 5.5 4.7 2.7 -0.3 ... ...
Sources: Data provided by the Singapore authorities; and IMF staff estimates and projections.
1/ On a calendar year basis.
2/ Overall balance excluding investment income, capital rev enue, and interest payments .
3/ In months of following year's imports of goods and services.
4/ Increase is an appreciation.