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Encyclopedia > Economy of Singapore
Economy of Singapore
Notes of the Singapore dollar
Currency Singapore dollar (SGD)
Fiscal year 1 April - 31 March
Trade organisations WTO, APEC
Statistics
GDP (PPP) $138.6 billion (2006 est.) (54th [1])
GDP growth 7.4% (2006)
GDP per capita $30,900 (2006 est.)
GDP by sector agriculture: 0%, industry: 33.8%, services: 66.2% (2006 est.)
Inflation (CPI) 1% (2006 est.)
Population
below poverty line
N/A
Labour force 2.4 million (2006 est.)
Labour force
by occupation
manufacturing 18%, construction 6%, transportation and communication 11%, financial, business, and other services 39%, other 26% (2003)
Unemployment 3.1% (2006 est.)
Main industries 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
Trade
Exports $283.6 billion f.o.b. (2006 est.)
Export goods machinery and equipment (including electronics), consumer goods, chemicals, mineral fuels
Main export partners Malaysia 11.71%, US 11.5%, Indonesia 10.7%, Hong Kong 10.4%, China 9.5%, Japan 6%, Thailand 4.5%, Australia 4.1% (2005)
Imports $246.1 billion (2006 est.)
Import goods machinery and equipment, mineral fuels, chemicals, foodstuffs
Main import partners Malaysia 13.86%, US 12.4%, China 10.8%, Japan 10.1%, Indonesia 5.5%, Saudi Arabia 4.7%, South Korea 4.5% (2005)
Public finances
Public debt $24.3 billion (2006 est.)
Revenues $19.71 billion (2006 est.)
Expenses $19.85 billion; including capital expenditures of $5.1 billion (2006 est.)
Economic aid none
Main source
All values, unless otherwise stated, are in US dollars
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The Economy of Singapore is a highly developed and successful free market economy in which the state plays a minimal role, although government entities such as the sovereign wealth fund Temasek control corporations responsible for 60% of GDP. It has an open business environment, relatively corruption-free and transparent, stable prices, and one of the highest per capita gross domestic products (GDP) in the world. Exports, particularly in electronics and chemicals, and services provide the main source of revenue for the economy, which allows it to purchase natural resources and raw goods which it does not have. Singapore could thus be said to rely on an extended concept of entrepot trade, by purchasing raw goods and refining them for re-export, such as in the wafer fabrication industry and oil refining. Singapore also has a strategic port which makes it more competitive than many of its neighbours to carry out such entrepot activities. The Port of Singapore is one of the busiest in the world, surpassing Hong Kong and Shanghai. [1] In addition, Singapore's port infrastructure and skilled workforce, which is due to the success of the country's education policy in producing skilled workers, is also fundamental in this aspect as they provide easier access to markets for both importing and exporting, and also provide the skill(s) needed to refine imports into exports. Image File history File links SGcurrency. ... ISO 4217 Code SGD User(s) Singapore, Brunei Inflation 1% Source The World Factbook, 2006 est. ... ISO 4217 Code SGD User(s) Singapore, Brunei Inflation 1% Source The World Factbook, 2006 est. ... “WTO” redirects here. ... APEC redirects here. ... PPP The purchasing power parity (PPP) theory was developed by Gustav Cassel in 1920. ... There are three lists of countries of the world sorted by their gross domestic product (GDP) (the value of all final goods and services produced within a nation in a given year). ... It has been suggested that this article be split into multiple articles accessible from a disambiguation page. ... Map of countries showing percentage of population who have an income below the national poverty line The poverty line is the level of income below which one cannot afford to purchase all the resources one requires to live. ... CIA figures for world unemployment rates, 2006 Unemployment is the state in which a worker wants, but is unable, to work. ... For other uses of terms redirecting here, see US (disambiguation), USA (disambiguation), and United States (disambiguation) Motto In God We Trust(since 1956) (From Many, One; Latin, traditional) Anthem The Star-Spangled Banner Capital Washington, D.C. Largest city New York City National language English (de facto)1 Demonym American... USD redirects here. ... As Singapore is a small and relatively modern amalgam of Chinese, Malay, Indian and European immigrants, the culture of Singapore expresses the diversity of the population as the various ethnic groups continue to celebrate their own cultures while they intermingle with one another. ... Dance in Singapore comprises traditional and contemporary forms. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... The Pan Island Expressway, one of the main arteries in Singapore road network. ... Despite having a flourishing Chinese and Malay film industry in the 1950s and 1960s, Singapores film industry declined after independence in 1965[1], with the government being more concerned with the bread-and-butter issues of economic nation-building. ... The major public holidays in Singapore reflect the cultural and religious diversity of the country, including the Chinese New Year, Buddhist Vesak Day, Muslim Eid ul-Fitr and Eid ul-Adha (known locally by its Malay names Hari Raya Puasa and Hari Raya Haji respectively), Hindu Diwali (known locally by... The literature of Singapore comprises a collection of literary works by Singaporeans in the countrys four main languagues: English, Chinese, Malay and Tamil. ... Singapore has long had a burgeoning urban musical scene, and is a center for rock, punk and other popular genres in the region. ... The politics of Singapore takes place in a framework of a parliamentary republic, whereby the Prime Minister of Singapore is the head of government, and of a pluriform multi-party system. ... Singlish is an English-based creole language native to Singapore. ... // There are no statistics on how many homosexuals there are in Singapore or what percentage of the population they constitute. ... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... A market economy (also called a free market economy or a free enterprise economy) is an economic system in which the production and distribution of goods and services take place through the mechanism of free markets (though completley useless to some dumbasses) guided by a free price system. ... This article is about GDP in the context of economics. ... This article is about the engineering discipline. ... A chemical substance is any material substance used in or obtained by a process in chemistry: A chemical compound is a substance consisting of two or more chemical elements that are chemically combined in fixed proportions. ... Services are: plural of service Tertiary sector of industry IRC services Web services the name of a first-class cricket team in India This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... A Raw material is something that is acted upon by human labour or industry to create some product that humans desire. ... An entrepôt is a trading centre, or simply a warehouse, where merchandise can be imported and re-exported without paying import duties. ... Wafer Fabrication or Wafer Fab is actually a complex procedure of many repeated sequential processes to produce complete electrical/photonic circuits, such as radio frequency (RF) amplifiers, central processing units (CPUs) for computers, LEDs and optical computer components, and much more of our electronic control circuits, to build components... View of the Shell/Valero Martinez oil refinery An oil refinery is an industrial process plant where crude oil is processed and refined into useful petroleum products. ... For other uses, see Port (disambiguation). ... Keppel Container Terminal in Singapore The Port of Singapore refers to the collective facilities and terminals that conduct maritime trade handling functions in Singapores harbours and which handle Singapores shipping. ... For other uses, see Shanghai (disambiguation). ... Look up competence, incompetence in Wiktionary, the free dictionary. ... Educational oversight Minister Ministry of Education Tharman Shanmugaratnam National education budget S$6. ... Refining is the process of purification of a substance, usually used of a natural resource that is almost in a usable form, but which is more useful in its pure form. ...


On 14 February 2007, the Singapore government announced that economic growth for the whole year of 2006 was 7.9%, higher than the originally expected 7.7%.[2] is the 45th day of the year in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ...

Contents

Macro-economic trend

This is a chart of trend of gross domestic product of Singapore at market prices estimated by the International Monetary Fund.

Year Gross Domestic Product ($ millions) US Dollar Exchange
1980 25,117 2.14 Singapore Dollars
1985 39,036 2.20 Singapore Dollars
1990 66,778 1.81 Singapore Dollars
1995 119,470 1.41 Singapore Dollars
2000 159,840 1.72 Singapore Dollars
2005 194,360 1.64 Singapore Dollars
2007 224,412 1.51 Singapore Dollars

For purchasing power parity comparisons, the US Dollar is exchanged at 1.56 Singapore Dollars only.


The government promotes high levels of savings and investment through a mandatory savings scheme known as the Central Provident Fund, and large portions of its budget are expended extensively in education and technology, with the former having a current rate as of 2005 21%, compared to the current budget as of 2005 in the United States of 4%. It also owns Temasek-linked companies (TLCs, companies that are linked to the government's investment arm) - particularly in manufacturing - that operate as commercial entities and account for 60% of GDP. As Singapore looks to a future increasingly marked by globalization, the country is positioning itself as the region's financial and high-tech centre. The Central Provident Fund (CPF) (Chinese: 公积金) is a comprehensive social security savings plan which aims to provide working Singaporeans with a sense of security and confidence in their old age. ... Look up budget in Wiktionary, the free dictionary. ... Temasek Holdings is the investment arm of the Singapore government and owned 100% by the Ministry of Finance. ... A company in the broadest sense is an aggregation of people who stay together for a common purpose. ... Manufacturing (from Latin manu factura, making by hand) is the use of tools and labor to make things for use or sale. ... This article does not cite any references or sources. ... The rise of multinational corporations and outsourcing have played a crucial part in globalization. ...


Singapore's strategic location on major sea lanes and industrious population have given the country an economic importance in Southeast Asia disproportionate to its small size. Upon independence in 1965, Singapore was faced with a lack of physical resources and a small domestic market. In response, the Singapore Government adopted a pro-business, pro-foreign investment, export-oriented economic policy combined with state-directed investments in strategic government-owned corporations.


Singapore's economic strategy proved a success, producing real growth that averaged 8.0% from 1960 to 1999. The economy picked up in 1999 after the regional financial crisis, with a growth rate of 5.4%, followed by 9.9% for 2000. However, the economic slowdown in the United States, Japan and the European Union, as well as the worldwide electronics slump, had reduced the estimated economic growth in 2001 to a negative 2.0%. The economy expanded by 2.2% the following year, and by 1.1% in 2003 when Singapore was affected by the SARS outbreak. Subsequently, a major turnaround occurred in 2004 allowed it to make a significant recovery of 8.3% growth in Singapore, although the actual growth fell short of the target growth for the year more than half with only 2.5%. In 2005, economic growth was 6.4% while there was 7.9% growth in Year 2006. Sars may refer to any of the following: Severe acute respiratory syndrome, commonly abbreviated as SARS Michael Sars, a Norwegian biologist, father of Georg Sars Georg Sars, a Norwegian biologist, son of Michael Sars Special Administrative Regions, commonly abbreviated as SARs Sars, Perm Krai, an urban settlement in Perm Krai...


Singapore's largely corruption-free government, skilled workforce, and advanced and efficient infrastructure have attracted investments from more than 3,000 multinational corporations (MNCs) from the United States, Japan, and Europe. Foreign firms are found in almost all sectors of the economy. MNCs account for more than two-thirds of manufacturing output and direct export sales, although certain services sectors remain dominated by government-linked corporations. A multinational corporation (or transnational corporation) (MNC/TNC) is a corporation or enterprise that manages production establishments or delivers services in at least two countries. ... For other uses, see Europe (disambiguation). ...


Manufacturing and financial business services are the twin engines of the Singapore economy and accounted for 26% and 22%, respectively, of Singapore's gross domestic product in 2000. The electronics industry leads Singapore's manufacturing sector, accounting for 48% of Singapore's total industrial output, but the government also is prioritising development of the chemicals and biotechnology industries. The structure of insulin Biotechnology is technology based on biology, especially when used in agriculture, food science, and medicine. ...


To maintain its competitive position despite rising wages, the government seeks to promote higher value-added activities in the manufacturing and services sectors. It also has opened, or is in the process of opening, the financial services, telecommunications, and power generation and retailing sectors to foreign service providers and greater competition. The government has also pursued cost-cutting measures, including wage and rent reductions, to lower the cost of doing business in Singapore. Telecommunication involves the transmission of signals over a distance for the purpose of communication. ...


Biotechnology

Singapore is aggressively promoting and developing its biotechnology industry. Hundred of millions of dollars were invested into the sector to build up infrastructure, fund research and development and to recruit top international scientists to Singapore. Leading drug makers, such as GlaxoSmithKline (GSK), Pfizer and Merck & Co., have set up plants in Singapore. On 8 June 2006, GSK announced that it is investing another S$300 million to build another plant to produce paediatric vaccines, its first such facility in Asia.[3]. Pharmaceuticals now account for more than 16% of the country's manufacturing production. GlaxoSmithKline plc (LSE: GSK NYSE: GSK) is a British based pharmaceutical, biological, and healthcare company. ... Pfizer Incorporated (NYSE: PFE) is the worlds largest research-based pharmaceutical company[1].[1] The company is based in New York City. ... Merck & Co. ... Pediatrics (also spelled paediatrics or pædiatrics) is the branch of medicine that deals with the medical care of infants and children. ... A bottle and a syringe containing the influenza vaccine. ...


Trade, investment, and aid

Singapore's total trade in 2000 amounted to S$373 billion, an increase of 21% from 1999. Despite its small size, Singapore is the tenth-largest trading partner of the United States. In 2000, Singapore's imports totalled $135 billion, and exports totalled $138 billion. Malaysia was Singapore's main import source, as well as its largest export market, absorbing 18% of Singapore's exports, with the United States close behind. Re-exports accounted for 43% of Singapore's total sales to other countries in 2000. Singapore's principal exports are petroleum products, food/beverages, chemicals, textile/garments, electronic components, telecommunication apparatus, transport equipment. Singapore's main imports are aircraft, crude oil and petroleum products, electronic components, radio and television receivers/parts, motor vehicles, chemicals, food/beverages, iron/steel, textile yarns/fabrics. One thousand million (1,000,000,000) is the natural number following 999,999,999 and preceding 1,000,000,001. ...


Singapore continues to attract investment funds on a large-scale despite its relatively high-cost operating environment. The U.S. leads in foreign investment, accounting for 40% of new commitments to the manufacturing sector in 2000. As of 1999, cumulative investment for manufacturing and services by American companies in Singapore reached approximately $20 billion (total assets). The bulk of U.S. investment is in electronics manufacturing, oil refining and storage, and the chemical industry. More than 1,500 U.S. firms operate in Singapore.


The government also has encouraged firms to invest outside Singapore, with the country's total direct investments abroad reaching $39 billion by the end of 1998. The People's Republic of China was the top destination, accounting for 14% of total overseas investments, followed by Malaysia (10%), Hong Kong (8.9%), Indonesia (8.0%) and U.S. (4.0%). The rapidly growing economy of India, especially the high technology sector, is becoming an expanding source of foreign investment for Singapore. The United States provides no bilateral aid to Singapore, but the President and Secretary of State have been discussing opening bilateral trade. Bilateral Aid is given by the government of one country directly to another. ...

Year Total trade Imports Exports % Change
2000 $373 $135 $138 21%
2001       -9.4%
2002 $432     1.5%
2003 $474     9.6%
2004 $580     22.4%
2005 $716     14%

All figures in billions of Singapore dollars.


International trade agreements

Economy Agreement Abbreviation Concluded Signed Effective Legal text
New Zealand Agreement between New Zealand and Singapore on a Closer Economic Partnership ANZSCEP 18 August 2000 14 November 2000 1 January 2001 [2]
European Free Trade Association Agreement between the EFTA States and Singapore EFTA-Singapore FTA 11 April 2002 26 June 2002 1 January 2003 [3]
Japan Agreement between Japan and the Republic of Singapore for a New-Age Economic Partnership JSEPA October 2001 13 January 2002 30 November 2002 [4]
Australia Singapore-Australia Free Trade Agreement SAFTA November 2002 17 February 2003 28 July 2003 [5]
United States United States-Singapore Free Trade Agreement USSFTA 19 November 2002 6 May 2003 1 January 2004 [6]
Jordan Singapore Jordan Free Trade Agreement SJFTA 29 April 2004 16 May 2004   [7]
Brunei Trans-Pacific Strategic Economic Partnership Agreement Trans-Pacific SEP   August 2005 1 January 2006 [8]
Chile 18 July 2005
New Zealand 18 July 2005
India India - Singapore Comprehensive Economic Cooperation Agreement India-Singapore CECA November 2004 29 June 2005 1 August 2005 [9]
Korea Korea-Singapore Free Trade Agreement KSFTA 28 November 2004 4 August 2005 End 2005 [10]

The Agreement between New Zealand and Singapore on a Closer Economic Partnership (CEP) entered into force on 1 January 2001. ... is the 230th day of the year (231st in leap years) in the Gregorian calendar. ... Year 2000 (MM) was a leap year starting on Saturday (link will display full 2000 Gregorian calendar). ... is the 318th day of the year (319th in leap years) in the Gregorian calendar. ... Year 2000 (MM) was a leap year starting on Saturday (link will display full 2000 Gregorian calendar). ... is the 1st day of the year in the Gregorian calendar. ... Year 2001 (MMI) was a common year starting on Monday (link displays the 2001 Gregorian calendar). ... The European Free Trade Association (EFTA) was established on May 3, 1960 as an alternative for European states that were not allowed or did not wish to join the European Community (now the European Union). ... is the 101st day of the year (102nd in leap years) in the Gregorian calendar. ... Also see: 2002 (number). ... is the 177th day of the year (178th in leap years) in the Gregorian calendar. ... Also see: 2002 (number). ... is the 1st day of the year in the Gregorian calendar. ... Year 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ... is the 13th day of the year in the Gregorian calendar. ... Also see: 2002 (number). ... is the 334th day of the year (335th in leap years) in the Gregorian calendar. ... Also see: 2002 (number). ... is the 48th day of the year in the Gregorian calendar. ... Year 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ... is the 209th day of the year (210th in leap years) in the Gregorian calendar. ... Year 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ... The US-Singapore Free Trade Agreement was signed May 6, 2003 and ratified by the US House of Representatives on July 24, 2003 by a vote of 272-155. ... is the 323rd day of the year (324th in leap years) in the Gregorian calendar. ... Also see: 2002 (number). ... is the 126th day of the year (127th in leap years) in the Gregorian calendar. ... Year 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ... is the 1st day of the year in the Gregorian calendar. ... Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... is the 119th day of the year (120th in leap years) in the Gregorian calendar. ... Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... is the 136th day of the year (137th in leap years) in the Gregorian calendar. ... Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... is the 1st day of the year in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... is the 199th day of the year (200th in leap years) in the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... is the 199th day of the year (200th in leap years) in the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... is the 180th day of the year (181st in leap years) in the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... is the 213th day of the year (214th in leap years) in the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... This article is about the Korean civilization. ... is the 332nd day of the year (333rd in leap years) in the Gregorian calendar. ... Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ... is the 216th day of the year (217th in leap years) in the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ...

Labour

In 2000, Singapore had a work force of about 2.2 million. The National Trades Union Congress (NTUC), the sole trade union federation, comprises almost 99% of total organized labour. Extensive legislation covers general labour and trade union matters. The Industrial Arbitration Court handles labour-management disputes that cannot be resolved informally through the Ministry of Labour. The Singapore Government has stressed the importance of cooperation between unions, management and government ("tripartism"), as well as the early resolution of disputes. There has been only one strike in the past 15 years. The National Trades Union Congress (NTUC), also known as the Singapore National Trades Union Congress (SNTUC), is a national federation comprising trade unions of workers in the industrial, service and public sectors of Singapore. ...


Singapore has enjoyed virtually full employment for long periods of time. Amid an economic slump, the unemployment rate rose to 4.0% by the end of 2001, from 2.4% early in the year. Unemployment has since declined and in 2005, the unemployment rate is 2.7% in 2006, the lowest in the last four years, with 2.3 million people being employed. [4] [5]


The Singapore Government and the NTUC have tried a range of programs to increase lagging productivity and boost the labour force participation rates of women and older workers. But labour shortages persist in the service sector and in many low-skilled positions in the construction and electronics industries. Foreign workers help make up this shortfall. In 2000, there were about 600,000 foreign workers in Singapore, constituting 27% of the total work force.


Facts & figures

Percentage of economic growth in Year 2006: 7.9%


Industrial production growth rate: 9.5% (2005 est.)


Electricity - production: 36.8 billion kWh (2004)


Electricity - production by source:
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)


Electricity - consumption: 33.2 billion kWh (2004)


Electricity - exports: 0 kWh (2004)


Electricity - imports: 0 kWh (2004)


Agriculture - products: rubber, copra, fruit, vegetables; poultry, eggs, fish, orchids, ornamental fish This does not cite any references or sources. ... Copra drying in the sun Copra is the dried meat, or kernel, of the coconut. ... Orchid re-directs here; for alternate uses see Orchid (disambiguation) Genera Over 800 See List of Orchidaceae genera. ...


Currency: 1 Singapore dollar (S$ or SGD) = 100 cents The Singapore dollar, divided into 100 cents, is the monetary unit of Singapore (currency code SGD). ...


Exchange rates: Singapore dollars (S$ or SGD) per US$1 - 1.6622 (20 December 1995), 1.4100 (1996), 1.4848 (1997), 1.6736 (1998), 1.6950 (1999), 1.6733 (January 2000), 1.6255 (January 2006), 1.59 (October 2006), 1.5153 (May 2007) The Singapore dollar, divided into 100 cents, is the monetary unit of Singapore (currency code SGD). ... is the 354th day of the year (355th in leap years) in the Gregorian calendar. ... Year 1995 (MCMXCV) was a common year starting on Sunday (link will display full 1995 Gregorian calendar). ...


References

  1. ^ http://www.iht.com/articles/1997/06/25/port.t.php
  2. ^ "Singapore's economy grows by 7.7% in 2006", Channel NewsAsia, 31 December 2006.  By Dominique Loh.
  3. ^ Reuters newsfeed
  4. ^ "Latest Data (1 February 2006) - Singapore Department of Statistics. URL accessed on 2 February 2006.
  5. ^ "Singapore's employment hits all-time high of 2.3 m in 2005", Channel NewsAsia, 1 February 2006.  By May Wong.

is the 365th day of the year (366th in leap years) in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... is the 32nd day of the year in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... is the 33rd day of the year in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... is the 32nd day of the year in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ...

See also

Singapore Portal

  Results from FactBites:
 
Economy of Singapore - Wikipedia, the free encyclopedia (1802 words)
The Economy of Singapore is a highly developed and successful free market economy in which the state plays a major role.
Singapore could thus be said to rely on an extended concept of entrepot trade, by purchasing raw goods and refining them for re-export, such as in the wafer fabrication industry and oil refining.
In addition, Singapore's port infrastructure and skilled workforce, which is due to the success of the country's education policy in producing skilled workers, is also fundamental in this aspect as they provide easier access to markets for both importing and exporting, and also provide the skill(s) needed to refine imports into exports.
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For the whole year, Singapore's economy grew by 2.2 per cent, after a 2 per cent contraction in 2001.
Singapore's central bank said it expected the economy "to remain sluggish" in the first half of this year, with a firmer recovery after that, if the global economy and electronics industry strengthen.
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