(Year 2004 – 2008)
The economy of Singapore is a developed country and highly developed state capitalist mixed economy. 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. Its innovative yet steadfast form of economics that combines economic planning with free-market has given it the nickname the Singapore Model. 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's strategic location on major sea lanes and its industrious population have given the country an economic importance in Southeast Asia disproportionate to its small size. The Singapore Government adopted a pro-business, pro-foreign investment, export-oriented economic policy framework, combined with state-directed investments in strategic government-owned corporations. Singapore's economic strategy proved a success, producing real growth that averaged 7.8% from 1965 to 2009 Data Analysis
Year| 2004| 2005| 2006| 2007| 2008|
GDP (current US$ Billion)| 109.66| 120.94| 139.18| 166.95| 181.95| Exports of goods andservices (current US$ Billion)| 246.14| 285.96| 338.80| 384.26| 426.38| Imports of goods andservices (current US$ Billion)| 218.36| 251.40| 296.74| 331.38| 391.68| Exports of goods andservices (% of GDP)| 224.45| 236.45| 243.44| 230.17| 234.34| Imports of goods andservices (% of GDP)| 199.12| 207.87| 213.21| 198.49| 215.27| Trade (% of GDP)| 423.57| 444.32| 456.65| 428.66| 449.61|
(i) Exports of goods and services (current US$)
From the table above, we see that the export value of 2004 grew from $246,139,915,991.24 in year 2004 gradually into $426,378,465,616.26 in year 2008, indicating a 173% increase in value over the period of 5 years....