Singapore has a extremely developed and successful free-market economic system. Real GDP development averaged 6.8% between 2004 and 2008, however contracted 2.1% in 2009 on account of the worldwide monetary disaster. The GDP per capita (PPP) is estimated to be $50,300 in 2009. The financial system has begun to rebound in 2010 and the federal government predicts growth of 3-5% for the year. Singapore has attracted main investments in pharmaceuticals advert medical technology manufacturing and will continue efforts to establish Singapore as Southeast Asia’s financial and high-tech hub.
The Singapore Department of Statistics (SDS) figures show that the median month-to-month household income decreased by 1.9% from $four,950 in 2008 to $four,850 in 2009. While lower when evaluating with 2008, which noticed a big progress in revenue, median household revenue from work in 2009 was nonetheless increased than in earlier years. With households on the higher deciles experiencing a larger decline in earnings per household member, the distribution of income per family member amongst employed households narrowed in 2009.
Greatest Business Phase
With the labor drive estimated to be around 3.03 million in 2009, the unemployment price is 3%, barely up from the 2008 price of two.2%. Some of the most important industries are electronics, chemicals, monetary companies, oil drilling equipment, petroleum refining, rubber processing, processed meals and drinks, ship restore, offshore platform construction, and life sciences.
The estimated export in 2009 is $268.9 billions, down from $342.7 billion in 2008. Singapore’s biggest export partners are Hong Kong (11.6%), Malaysia (11.5%), US (eleven.2%), Indonesia (9.7%), China (9.7%), Japan (4.6%). The estimated import in 2009 is $245 billion, down from 2008, estimated to be $318.7 billion. The biggest import companions are US (14.7%), Malaysia (11.6%), China (10.5%), Japan (7.6%), Indonesia (5.8%), and South Korea (5.7%).
Tariff and Regulation Landscape
The US-Singapore Free Commerce Settlement was the primary complete US FTA with an Asia country. Because the FTA entered into power in 2004, exports from the United States have increased 73% with steady growth in medical units, electrical and non-electrical machinery and building tools, and pharmaceuticals. In November 2009, President Obama introduced that the US would have interaction in the Trans-Pacific Strategic Financial Partnership Settlement, a regional free trade settlement with seven international locations, together with Singapore.
On-line Market Opportunity
Singapore is one of the vital superior on-line markets within the Asia Pacific space. There’s a large number of tech savvy on-line users, which makes Singapore an ideal online market. Singapore’s on-line penetration price is at 72.4% with 3,370,000 Internet customers, up from 2006, when the penetration fee was at 66.Three% with 2,421,800 customers.
Online Language Preference
Singapore prides itself on the way it has embraced the Internet, aggressively adopting a leadership function within the Asia-Pacific area. Major languages in Singapore are English, Malay, Mandarin, and Tamil. English and Mandarin are used by over two-thirds of the population. Although many people perceive English and Mandarin, businesses that seek a wider range of shoppers ought to optimize web sites into other languages as well.
Search Engine Profile
In line with comScore, 170 million searches have been performed in the month on April in 2008. Top engines consists of Google (66%), adopted by Yahoo (17.4%) and Baidu (three.83%).