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Economy of Singapore

Singapore is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Singapore is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Singapore exports around $410.3 billion and imports roughly $373 billion. 2% of population in the country are unemployed. The total number of unemployed people in Singapore is 115,838. In Singapore, 19.6% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Singapore is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 3% of GDP. The Gini Index of the country is 46.4. Singapore is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Singapore has a Human Development Index (HDI) of 0.901. Singapore has a very high HDI score. This indicates that nearly all citizens are able to attain a desirable life because of social and economic support; citizens with a low standard of living receive aid and support and have the opportunity to advance in society. The Global Peace Index (GPI) for Singapore is 1.49. Due to strong law enforcement presence and high social responsibility, Singapore is very safe by international standards. The strength of legal rights index for Singapore is 8. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.

Currency

The currency of Singapore is Singapore dollar. The plural form of the word Singapore dollar is dollars. The symbol used for this currency is $, and it is abbreviated as SGD. The Singapore dollar is divided into Cent; there are 100 in one dollar.

Credit rating

The depth of credit information index for Singapore is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Singapore has a credit rating score of AAA, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Singapore has a credit rating score of AAA, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Singapore has a credit rating score of Aaa, and the prospects of this rating are stable.

Central bank

In Singapore, the institution that manages the state's currency, money supply, and interest rates is called Monetary Authority of Singapore. The average deposit interest rate offered by local banks in Singapore is 0.1%.

Public debt

The government debt of Singapore has not been calculated yet.

Tax information

The corporate tax in Singapore is set at 17%. Personal income tax ranges from 0% to 22%, depending on your specific situation and income level. VAT in Singapore is 7%, and it is known as Goods and Services Tax.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Singapore is $454346 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Singapore was last recorded at $78 million. PPP in Singapore is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Singapore is 295,744 billion. Based on this statistic, Singapore is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in Singapore. The Gross Domestic Product (GDP) per capita in Singapore was last recorded at $51 million. The average citizen in Singapore has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Singapore averaged 3% in 2014. According to this percentage, Singapore is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Singapore.

Industry

Major industries in the country are 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. The total labor force of Singapore is 3,310,870 people, wherein 2% of population in the country are unemployed. The total number of unemployed people in Singapore is 115,838. The Industrial Production growth rate of Singapore is 25%.To read more about industrial information within Singapore click on industry of Singapore.

Agriculture

There are 10 km2 of arable land in Singapore, and it comprises 1% of the country's total territory. There are 20 km2 of cultivated land in Singapore. The country's major agricultural crops and products are orchids, vegetables, poultry, eggs, fish, ornamental fish.To read more about agriculture click on agriculture of Singapore.