General Information 

Singapore has a highly developed economy. Before the 1960s, the country was essentially a trading nation. Since then, it has developed a more varied economy. It has become an important financial, trade and transportation centre. Tourism is also important. The country's annual income per capita (per person) is one of the highest in Asia. The people of Singapore enjoy a high standard of living and welfare services. There is one doctor for every 837 people and one government hospital bed for every 269 people.

Singapore has few natural resources. Its main resource is its people. Unemployment is low, about 2 percent. About 28 percent of employed people work in manufacturing; about 23 percent in commerce; 22 percent in community, social and personal services and 10 percent in transport, storage and communications.

Since Singapore was founded as a trading station in the 1800s, its economy has been based on trade.

It has a natural, deepwater harbour. It is situated in a strategic location on major trade routes between East and West. Singapore practises free trade. It is an entrepot port, serving as a centre for the import and re-export of goods. It is also a warehousing and distribution centre for the Asian and Pacific regions.

In terms of shipping tonnage, Singapore's port is the busiest in the world. Singapore's main trading partners are the European Union, Japan, Malaysia and the United States. Singapore imports a wide range of goods including electronic and electrical goods, foodstuffs, iron and steel, petroleum products, plastics and rubber. Singapore exports or re-exports clothing, electronic components, petroleum products, rubber and telecommunications equipment.

Singapore is also a major manufacturing centre. Its factories produce chemicals, clothing and textiles, electrical and electronic equipment, house-hold appliances, machinery, optical and scientific apparatus and rubber and plastic products. It is also a major centre for food processing, petroleum refining and shipbuilding and repairing.

Since the early 1960's, industrialisation has proceeded rapidly. Singapore set up the Economic Development Board in 1961 to promote industry as the key to economic growth. The Jurong industrial estate was opened in the western part of the island. It and some 20 other industrial estates are run by the Jurong Town Corporation, set up in 1968.

In the beginning, the industrial programme focused on labour-intensive manufacturing to help solve unemployment problems in the early 1960's. After this programme succeeded, Singapore moved into higher-skill industries and since the 1980's has concentrated on high-technology industries.