Information about Asia and the Pacific Asia y el Pacífico
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Singapore

Author(s):
International Monetary Fund
Published Date:
January 1996
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Table 1.Singapore: Growth of Gross Domestic Product and Components at 1985 Market Prices, 1990–95(Annual percentage change)
199019911992199319941995
Q1 1/Q2 1/
Domestic demand12.46.26.711.52.01.26.5
Consumption8.36.04.58.93.63.16.4
Private7.55.45.08.14.32.66.2
Public11.88.32.312.00.84.97.6
Gross fixed investment10.314.512.012.37.64.55.2
Private10.112.014.913.45.54.55.4
Public11.124.22.18.216.44.64.6
Change in stocks 2/3.1-2.4-0.61.2-3.1-2.40.5
Final domestic demand 3/9.09.17.410.25.33.75.9
Net exports of goods and nonfactor services 2/-3.41.40.9-0.811.59.51.4
Statistical discrepancy 2/0.9-0.6-1.20.1-3.2-3.51.2
Gross domestic product8.86.76.010.110.17.28.1
Manufacturing9.55.42.510.112.98.37.5
Financial and business services11.87.65.812.99.05.38.2
Commerce11.09.04.88.09.18.89.3
Transport and communications9.17.76.310.610.810.011.4
Other services7.66.06.26.75.96.811.4
Construction7.022.32038.015.73.48.0
Sources: Data provided by the Singapore authorities; Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995; and staff estimates.

Percentage change over same period of previous year.

Contribution to GDP growth over same period in previous year.

Excludes changes in stocks.

Sources: Data provided by the Singapore authorities; Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995; and staff estimates.

Percentage change over same period of previous year.

Contribution to GDP growth over same period in previous year.

Excludes changes in stocks.

Table 2.Singapore: Gross Domestic Product by Industry at 1985 Market Prices, 1990–95(In millions of Singapore dollars)
1990199119921993199419941995
Q1Q2Q3Q4Q1Q2
Gross domestic product57,47161,29364,95071,54278,76518,45519,45520,40120,45419,77521,039
Agriculture and fishing177161162158167414141444243
Quarrying698155433910910101011
Manufacturing16,55817,45817,88719,69722,2354,8465,7225,9205,7475,2506,153
Utilities1,2031,2811,3541,4511,582368393414407393423
Construction3,0423,7214,4854,8425,6041,2901,3291,4951,4901,3341,435
Commerce10,31411,24211,78112,72813,8863,2453,3373,5563,7483,5313,646
Transport and communications8,1618,7869,34010,33211,4442,7442,7942,9422,9643,0173,113
Financial and business services14,95416,08417,01519,21520,9365,1905,1985,3365,2125,4685,623
Other services6,0896,4536,8567,3137,7421,8891,9081,9551,9902,0182,009
Less: Imputed bank service charge3,6234,5064,6014,9105,4861,3511,4051,4191,3111,4861,541
Add: Import duties527532616673616183129151153198124
Memorandum items:
GDP (at current market prices)67,70575,28080,63792,348105,313
Real GDP growth 1/8.86.76.010.110.111.99.510.98.37.28.1
GDP deflator 1/5.74.21.13.93.6
Source: Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995.

Annual percentage change.

Source: Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995.

Annual percentage change.

Table 3.Singapore: Expenditure on Gross Domestic Product at Current Market Prices, 1990–94(In millions of Singapore dollars)
19901991199219931994
Consumption36,50439,90842,59347,53851,284
Private29,81032,56235,08139,07042,342
Public6,6947,3467,5128,4688,942
Gross fixed capital formation21,44325,14128,79732,92536,267
Private18,98319,46722,81826,26128,532
Public4,3675,6745,9796,6647,735
Increase in stocks2,7221,2595482,516-2,342
Net exports of goods and services6,1418,9539,6888,65519,875
Statistical discrepancy89519-989714229
Gross domestic product at market prices67,70575,28080,63792,348105,313
Net factor income from abroad42871,215733-433
Gross national product at market prices68,13375,28781,85293,081104,880
Memorandum item:
Per capita GNP (S$)22,58724,36625,75628,55831,182
Sources: Data provided by the Singapore authorities; Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995; and Department of Statistics, Yearbook of Statistics.
Sources: Data provided by the Singapore authorities; Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995; and Department of Statistics, Yearbook of Statistics.
Table 4.Singapore: Expenditure on Gross Domestic Product at 1985 Market Prices, 1990–95(In millions of Singapore dollars)
1990199119921993199419941995
Q1Q2Q3Q4Q1Q2
Consumption32,88834,85136,40439,62741,06710,7849,67010,15710,45611,12010,291
Private26,60628,04629,44231,83233,2098,3377,9868,1988,6888,5538,479
Public6,2826,8056,9627,7957,8582,4471,6841,9591,7682,5671,812
Gross fixed capital formation19,07921,85124,47727,49229,5917,2237,0117,5387,8197,5477,379
Private15,17717,00419,53022,13823,3575,7765,5885,8236,1706,0505,891
Public3,9024,8474,9475,3546,2341,4471,4231,7151,6491,4971,488
Increase in stocks1,917542199989-1,205-409-17-269-510-85073
Net exports of goods and services3,2264,0154,5674,07512,2761,0183,6233,9493,6862,7643,893
Statistical discrepancy36134-697-641-2,964-161-832-974-997-806-597
Gross domestic product at 1985 market prices57,47161,29364,95071,54278,76518,45519,45520,40120,45419,77521,039
Sources: Data provided by the Singapore authorities; Department of Statistics, Yearbook of Statistics; Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995; and staff estimates.
Sources: Data provided by the Singapore authorities; Department of Statistics, Yearbook of Statistics; Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995; and staff estimates.
Table 5.Singapore: Consumption, Investment, and Savings at Current Market Prices, 1990–94(In millions of Singapore dollars)
19901991199219931994
Consumption36,50439,90842,59347,53851,284
Gross national savings29,93034,49839,37043,79952,178
Government savings 1/6,0417,0468,73310,38313,580
Private savings 2/23,88927,45230,63733,41638,598
Of which:
CPF savings 3/4,5955,4035,4788075,315
Investment 4/24,16526,40029,34535,44133,925
Of which:
Government4,3975,6745,9796,6647,735
Foreign savings-5,765-8,098-10,025-8,358-18,253
Net imports of goods and services-6,141-8,953-9,688-8,655-19,875
Net factor payments-428-7-1,215-733433
Net transfers abroad8038638781,0291,188
(In percent of GDP)
Gross national savings44.245.848.847.449.5
Public8.99.410.811.212.9
Private35.336.538.036.236.7
Of which:
CPF6.87.26.80.95.0
Gross capital formation35.735.136.438.432.2
Public6.57.57.47.27.3
Private29.227.529.031.224.9
Foreign savings-8.5-10.8-12.4-9.1-17.3
Sources: Data provided by the Singapore authorities; and staff estimate

The Government’s operating surplus. Calendar year figures estimated from fiscal year data.

National savings minus government savings. Includes savings of households, corporations, and nonbudget public sector enterprises.

Change in amounts due to members.

Gross fixed capital formation plus increase in inventories.

Sources: Data provided by the Singapore authorities; and staff estimate

The Government’s operating surplus. Calendar year figures estimated from fiscal year data.

National savings minus government savings. Includes savings of households, corporations, and nonbudget public sector enterprises.

Change in amounts due to members.

Gross fixed capital formation plus increase in inventories.

Table 6.Singapore: Gross Fixed Capital Formation at 1985 Market Prices, 1990–95(In millions of Singapore dollars)
1990199119921993199419941995
Q1Q2Q3Q4Q1Q2
Private fixed capital formation15,17717,00419,53022,13823,3575,7765,5885,8236,1706,069
Construction4,3375,5277,1227,2988,5832,0861,9322,2202,3452,219
Residential construction1,8752,0912,6022,9703,690914870928978984
Nonresidential and other construction2,4623,4364,5204,3284,8931,1721,0621,2921,3671,235
Transport equipment3,2163,8504,2354,8434,0211,1811,0329478611,108
Machinery and equipment7,6247,6278,1739,99710,7532,5092,6242,6562,9642,742
Public fixed capital formation3,9024,8474,9475,3546,2341,4471,4231,7151,6491,478
Construction2,8373,3663,8464,4815,0221,1881,1701,3291,3351,222
Residential construction1,1361,4011,7622,3932,395583579618615532
Nonresidential and other construction1,7011,9652,0842,0882,627605591711720690
Transport equipment251922505788221947
Machinery and equipment1,0401,4621,0798231,155251245364295209
Total fixed capital formation19,07921,85124,47724,49229,5917,2237,0117,5387,8197,5477,379
Percent change over previous year10.314.512.012.37.611.83.211.64.54.55.2
Sources: Data provided by the Singapore authorities; Ministry of Trade and Industry, Economic Survey of Singapore, Annual Report and Second Quarter 1995; and staff estimates.
Sources: Data provided by the Singapore authorities; Ministry of Trade and Industry, Economic Survey of Singapore, Annual Report and Second Quarter 1995; and staff estimates.
Table 7.Singapore: Indicators of Labor Costs, 1990–94
19901991199219931994
Changes in average monthly earnings9.39.27.56.38.8
Total contribution to CPF 1/
(percent of monthly wages)39.540.040.040.040.0
By workers23.022.522.021.520.0
By employees16.517.518.018.520.0
Employers’ contribution to the Skills Development Fund
(percent of monthly wages) 2/1.01.01.01.01.0
Average labor costs 3/12.98.46.26.47.2
Source: Data provided by the Singapore authorities.

For the year beginning July 1.

Contribution per worker whose monthly income is lower than S$750.

Annual percentage change in total labor costs per employee.

Source: Data provided by the Singapore authorities.

For the year beginning July 1.

Contribution per worker whose monthly income is lower than S$750.

Annual percentage change in total labor costs per employee.

Table 8.Singapore: Changes in Average Monthly Earnings, 1990–94(Period average)
19901991199219931994
Total9.39.27.56.38.8
Manufacturing12.211.38.67.89.7
Construction13.011.813.75.58.9
Commerce11.28.77.36.38.1
Transport and communications8.24.27.34.58.1
Financial and business services8.88.14.05.76.7
Source: Ministry of Trade and Industry, Economic Survey of Singapore, 1994.
Source: Ministry of Trade and Industry, Economic Survey of Singapore, 1994.
Table 9.Singapore: Unit Labor Costs, 1990–95(1988 = 100)
1990199119921993199419941995
Q1Q2Q3Q4Q1Q2
Total economy
Average earnings120.0131.1141.7150.7163.9158.9152.2155.1189.1170.2
Average labor costs129.0137.3145.8155.2166.3160.5151.6160.1193.0171.7163.6
Labor productivity109.0108.7111.5118.9125.3119.3124.4129.0128.4122.5128.9
Unit labor costs118.3126.4130.7130.5133.0134.6121.9124.1150.4140.2126.9
(Percentage change) 1/8.66.83.4-0.21.9-0.11.81.13.74.24.1
Manufacturing sector
Avenge earnings125.0139.1151.1162.9178.8179.1163.0170.3202.9195.5
Average labor costs129.0138.4150.9162.3175.2175.3161.0169.0195.6189.8173.8
Labor productivity108.6109.5112.7126.5140.9124.8145.0149.2144.5131.0150.9
Unit labor costs118.7126.5133.9128.3124.4139.8110.5112.7134.7144.9115.2
(Percentage change) 1/8.46.65.8-4.2-3.0-4.2-4.0-2.6-1.23.64.3
Sources: Data provided by the Singapore authorities; Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995; and staff estimates.

Percent change over corresponding period of the previous year.

Sources: Data provided by the Singapore authorities; Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995; and staff estimates.

Percent change over corresponding period of the previous year.

Table 10.Singapore: Changes in Productivity by Sector, 1990–95(Annual percentage change)
1990199119921993199419941995
Q1Q2Q3Q4Q1Q2
Total3.91.52.66.75.37.24.36.13.82.73.6
Total (excluding construction)4.01.62.18.05.78.34.96.23.63.44.3
Manufacturing4.63.53.012.211.412.511.711.99.35.04.1
Construction1.23.912.7-5.94.1-1.10.08.58.6-4.21.9
Commerce6.33.31.45.15.36.24.06.15.26.16.7
Transport and communications5.04.62.26.18.78.67.58.89.87.78.2
Financial and business services2.50.50.87.31.28.41.02.7-6.2-2.4-0.2
Source: Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995.
Source: Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995.
Table 11.Singapore: Employment by Industry, 1990–94(In thousands of persons)
19901991199219931994
Agriculture, fishing and

quarrying
5.94.75.54.25.2
Manufacturing447.4429.6434.1429.5422.5
Utilities6.77.18.07.58.5
Construction122.199.0103.2102.1108.8
Commerce337.5345.3356.0363.6376.9
Transport and communications146.6152.9158.4166.8174.7
Financial and business services167.2163.3171.4173.4198.6
Community, social, and personal services303.5322.0339.2344.1353.6
Other0.00.30.20.80.5
Total employment1,537.01,524.31,576.21,592.01,649.3
Labor force1,562.81,554.31,619.61,635.71,693.1
Labor participation rate66.064.865.364.564.9
Male79.079.879.979.179.6
Female53.050.551.350.650.9
Unemployment rate

(in percent; midyear)
1.71.92.72.72.6
Source: Data provided by the Singapore authorities.
Source: Data provided by the Singapore authorities.
Table 12.Singapore: Consumer Price Index, 1990–95(October 1992-September 1993 = 100)
Weights1990199119921993199419941995
Q1Q2Q3Q4Q1Q2
All items10,00092.996.198.3100.5103.6102.3103.4104.2104.7104.9105.5
Food2,99596.798.299.5100.3103.9102.4103.7104.5104.9106.1105.8
Clothing60695.497.099.2100.3102.6101.2102.5102.9103.7104.0104.5
Housing2,34193.695.497.4100.5101.8101.1102.0102.0102.2102.3102.7
Transport and communications1,58389.495.798.5101.0107.8104.9106.3109.2111.0107.4109.1
Education57386.792.997.3100.5103.0101.8102.8103.7103.9106.0106.8
Health28086.994.797.4101.0104.2103.3104.1104.5104.9105.3105.4
Miscellaneous1,62289.393.696.5100.5102.3101.8102.3102.4102.8103.6105.5
Sources: Data provided by the Singapore authorities; and Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995.
Sources: Data provided by the Singapore authorities; and Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995.
Table 13.Singapore: Domestic Supply Price Index, 1990–95 1/(1990 = 100)
Weights 2/1990199119921993199419941995
Q1Q2Q3Q4Q1Q2
All items10,000100.095.991.789.287.386.587.288.187.687.487.9
Food407100.096.796.593.495.595.194.096.296.696.9
Beverages and tobacco102100.0105.4108.1112.4113.6113.9113.6113.2113.6113.4
Crude materials133100.098.293.194.696.794.595.298.099.1103.8
Mineral fuels2,119100.089.080.271.766.660.966.370.868.570.1
Animal and vegetable oils71100.0109.4118.3114.1138.2117.5130.1144.2160.9161.7
Chemicals and chemical products747100.0100.694.791.890.090.088.489.592.190.0
Manufactured goods1,457100.099.295.493.893.593.393.393.693.695.2
Machinery and equipment3,908100.096.293.592.890.992.291.390.489.687.6
Miscellaneous manufactures1,061100.098.496.295.995.295.695.395.095.095.8
Sources: Data provided by the Singapore authorities; and Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995.

The domestic supply price index is designed to measure the change in the level of prices of goods manufactured locally or imported and retained for domestic use.

The weights are based on the 1990 distribution pattern of retained imports and locally manufactured goods sold in the domestic market.

Sources: Data provided by the Singapore authorities; and Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995.

The domestic supply price index is designed to measure the change in the level of prices of goods manufactured locally or imported and retained for domestic use.

The weights are based on the 1990 distribution pattern of retained imports and locally manufactured goods sold in the domestic market.

Table 14.Singapore: Property Price Indexes, 1990–95(1990 = 100)
ResidentialCommercialIndustrialAll Property
1990100.0100.0100.0100.0
1991110.4100.0110.4109.1
1992127.693.6121.2123.1
1993163.491.6129.3153.1
1994234.8111.6151.1216.1
1994
Q1199.3100.2137.2184.5
Q2227.1105.0141.5208.5
Q3253.5114.7153.0232.2
Q4259.3126.6172.7239.4
1995
Q1266.3136.9185.5247.0
Source: Data provided by the Singapore authorities.
Source: Data provided by the Singapore authorities.
Table 15.Singapore: Retail Prices of Petroleum Products, 1990–95

(In Singapore cents per liter) 1/

19901991199219931994Average

Jan.-May

1995
Premium gasoline117.87123.08122.17120.44119.65120.65
Regular gasoline110.42110.55109.79108.45107.07108.00
Diesel51.4050.6548.5248.9847.3947.10
Source: Data provided by the Singapore authorities.

Year-end prices.

Source: Data provided by the Singapore authorities.

Year-end prices.

Table 16.Singapore: Summary of Government Operations, 1990/91–1995/96 1/(In percent of GDP)
1990/911991/921992/931993/941994/95Budget

1995/96
Total revenue30.729.931.634.634.734.6
Current revenue25.325.625.325.825.524.6
Tax15.416.317.217.017.617.1
Nontax9.99.28.18.97.97.5
Capital revenue 2/5.44.36.38.79.210.0
Total expenditure and net lending19.020.117.917.619.425.5
Current expenditure13.814.312.810.910.611.8
Development expenditure4.84.74.44.13.75.9
Net lending0.31.10.72.75.27.9
Overall surplus11.79.811.915.414.28.0
Current surplus11.511.212.515.014.912.8
Primary operating surplus 3/3.55.06.68.07.54.9
Memorandum items:
Operating revenue 4/19.320.521.421.622.121.3
Operating and development expenditure 5/15.615.414.713.513.016.2
Fund transfers 6/0.00.01.81.51.01.1
Sources: Data provided by the Singapore authorities; 1995/96 budget document; and staff estimates.

The fiscal year runs from April 1 to March 31. Figures are a percentage of estimated fiscal year GDP.

Sale of government property.

Primary operating surplus equals overall surplus excluding capital revenue, net lending, investment income, debt interest, and fund transfers.

Current revenue excluding investment income.

Operating expenditure is current expenditure excluding debt interest.

Includes transfers to the Edusave Endowment Fund, the Medical Endowment Fund, and the CPF top-up scheme.

Sources: Data provided by the Singapore authorities; 1995/96 budget document; and staff estimates.

The fiscal year runs from April 1 to March 31. Figures are a percentage of estimated fiscal year GDP.

Sale of government property.

Primary operating surplus equals overall surplus excluding capital revenue, net lending, investment income, debt interest, and fund transfers.

Current revenue excluding investment income.

Operating expenditure is current expenditure excluding debt interest.

Includes transfers to the Edusave Endowment Fund, the Medical Endowment Fund, and the CPF top-up scheme.

Table 17.Singapore: Government Budget, 1990/91–1995/96 1/(In millions of Singapore dollars)
1990/911991/921992/931993/941994/951995/96
BudgetActualBudget
Total revenue21,28022,84126,19833,07428,06637,37939,427
Current revenue17,51619,52620,99724,71622,72627,49828,038
Tax revenue10,65812,46614,23716,22415,70719,00019,540
Fees and charges1,5262,0632,3773,3942,4063,7263,566
Investment income4,1763,8283,2254,0603,7973,7843,786
Other1,1561,1691,1581,0388169881,146
Capital receipts3,7643,3155,2018,3585,3409,88111,389
Total expenditure and net lending13,14515,34814,86216,87121,13320,95529,126
Current expenditure 2/9,56710,93410,62410,38212,13111,40613,425
Operating expenditure7,4358,1748,5129,00110,56710,07211,834
Debt servicing2,0212,6291,9801,2311,4261,1361,391
Agency fees on land sales39404543447175
Expenses on investment72918710794127125
Development expenditure and net lending3,5784,4144,2386,4899,0029,54915,701
Direct development3,3573,6013,6493,8956,1793,9716,673
Net lending2218135892,5942,8235,5789,028
Fund transfers 3/001,5001,4426001,1001,233
Overall surplus/deficit (-)8,1357,4939,83614,7616,33314,2619,068
Memorandum items:
Current budget surplus7,9498,59210,37314,33410,59516,09214,613
Primary operating surplus 4/2,4373,7925,4797,6102,0459,4735,545
Source: Data provided by the Singapore authorities.

Fiscal year runs from April 1 through March 31.

Includes agency fees on land sales and expenses on investment.

Excludes one-time transfer to the Pension Fund for FY 1995/96 Includes additional $200 per person CPF top-up scheme announced in March 1995.

Overall surplus excluding capital revenue, net lending, investment income, debt service, and fund transfers.

Source: Data provided by the Singapore authorities.

Fiscal year runs from April 1 through March 31.

Includes agency fees on land sales and expenses on investment.

Excludes one-time transfer to the Pension Fund for FY 1995/96 Includes additional $200 per person CPF top-up scheme announced in March 1995.

Overall surplus excluding capital revenue, net lending, investment income, debt service, and fund transfers.

Table 18.Singapore: Government Revenue, 1990/91–1995/96 1/
1990/911991/921992/931993/941994/951995/96
BudgetActualBudget
Total revenue21,27922,84026,19833,07328,06636,31639,428
Current revenue17,51519,52520,99824,71622,72626,01528,039
Tax revenue10,65812,46614,23716,22415,70718,00019,540
Taxes on net income and profits 2/4,5775,3706,4327,2946,3507,3878,621
Statutory boards’ contributions569666716441431543502
Taxes on assets1,1521,3621,4981,6451,5381,7021,752
Real estate1,1181,3071,4761,6021,5041,6681,714
Death and gift taxes34542243343438
Taxes on goods and services3,2253,7744,1724,8695,6716,4136,704
Goods and services tax00009591,4631,626
Selective excises on goods664756786831842797806
Tobacco59827176966760
Liquor141135159158146168167
Petroleum products465540556598600562579
Selective taxes on services5816917719148929371,021
Entertainment duty19131517655
Betting and gambling taxes542643707839843887969
Tax on public utility and telephone bills20355059434547
Motor vehicle taxes1,2591,3801,5421,9351,7961,8751,922
Other taxes7209471,0721,1881,1821,3411,329
Import duties575702746867868754762
Liquor97111123130128141143
Petroleum products1111000
Tobacco202265252272300225218
Motor vehicles218269310418440386398
Other58566146023
Stamp duties5615936731,1078501,2001,200
Nontax revenue6,8577,0596,7608,4927,0198,0158,498
Fees and charges1,5262,0632,3773,3942,4063,5613,566
Investment income4,1763,8283,2254,0603,7973,6783,786
Other1,1561,1691,1581,0388167751,146
Capital revenue 3/3,7643,3155,2018,3585,34010,30211,389
Source: Data provided by the Singapore authorities.

Fiscal year runs from April 1 through March 31.

The breakdown into corporate and individual income tax is estimated to be 70 percent and 30 percent, respectively.

Sale of government property.

Source: Data provided by the Singapore authorities.

Fiscal year runs from April 1 through March 31.

The breakdown into corporate and individual income tax is estimated to be 70 percent and 30 percent, respectively.

Sale of government property.

Table 19.Singapore: Government Expenditure, 1990/91–1995/96 1/(In millions of Singapore dollars)
1990/911991/921992/931993/941994/951995/96
BudgetActualBudget
Total expenditure13,14515,34814,86216,87121,13320,95529,126
Current expenditure9,56710,93410,62410,38212,13111,40613,425
Manpower2,0082,0812,0552,1802,5002,4832,825
Pensions2622832993183883590
Defense outlays3,0433,1303,5013,5864,2573,8665,150
Other purchases of goods and services6997308459421,1001,0511,285
Debt servicing2,0212,6291,9801,2311,4261,1361,391
Subsidies and transfers 2/1,4231,9501,8121,9752,3222,3132,574
Agency fees on land sales39404543447175
Expenses on investment72918710794127125
Development expenditure3,3573,6013,6493,8956,1793,9716,673
Acquisition of fixed capital assets and purchases of land and intangible assets2,1831,9001,7792,0793,0802,1743,719
Capital transfers 3/1,1741,7011,8701,8163,0991,7972,954
Net lending2218135892,5942,8235,5789,028
Loans to statutory boards1,6481,9962,2263,9654,0377,17910,504
Repayments by statutory boards-1,427-1,183-1,637-1,371-1,214-1,601-1,476
Memorandum item:
Financial transfers 4/001,5001,4426001,1001,233
Sources: Data provided by the Singapore authorities; annual budget documents; and staff estimates.

The fiscal year runs from April 1 to March 31.

Excludes internal transfers to the Sinking and Development Funds. Includes grants (mainly to educational institutions, statutory boards, and government-owned companies), subventions to local and international organizations and social transfers.

Mainly housing subsidies paid to the HDB for the difference between the market and required prices for public housing. Includes capital outlay on MRT and capital grants to universities, etc.

Excludes one-time transfer to the Pension Fund for FY 1995/96. Includes additional $200 per person CPF top-up scheme announced in March 1995.

Sources: Data provided by the Singapore authorities; annual budget documents; and staff estimates.

The fiscal year runs from April 1 to March 31.

Excludes internal transfers to the Sinking and Development Funds. Includes grants (mainly to educational institutions, statutory boards, and government-owned companies), subventions to local and international organizations and social transfers.

Mainly housing subsidies paid to the HDB for the difference between the market and required prices for public housing. Includes capital outlay on MRT and capital grants to universities, etc.

Excludes one-time transfer to the Pension Fund for FY 1995/96. Includes additional $200 per person CPF top-up scheme announced in March 1995.

Table 20.Singapore: Government Expenditure and Net Lending, Functional Classification, 1990/91–1995/96 1/(In millions of Singapore dollars)
1990/911991/921992/931993/941994/951995/96
BudgetActualBudget
Education2,0572,8172,5982,9033,3673,2733,658
Current expenditure1,7952,3572,0432,2102,4862,4862,714
Capital expenditure262460555693881787944
Health5246327707661,0638721,311
Current expenditure461491606637729661797
Capital expenditure63141164129334211514
Other social and community services1,8391,4951,2931,3951,7381,3252,137
Current expenditure417460508569673689766
Capital expenditure1,4221,0357858261,0656361,371
Economic services 2/1,5621,7641,9341,7413,1812,2032,871
Current expenditure426434447448614599705
Capital expenditure1,1361,3301,4871,2932,5671,6042,166
Internal security and defense3,9204,1254,5204,7035,5545,0996,658
Current expenditure3,6133,7284,1274,2715,0044,6586,040
Capital expenditure307397393432550441618
General administration 3/6286597471,0701,4559121,872
Current expenditure461421482548673620812
Capital expenditure1672382655227822921,060
Unallocable, including interest payments 4/2,3943,0432,4111,6991,9521,6931,591
Total current expenditure9,56710,93410,62410,38212,13111,40613,425
Total capital expenditure3,3573,6013,6493,8956,1793,9716,673
Net lending2218135892,5942,8235,5789,028
Loans to statutory boards 5/1,6481,9962,2263,9654,0377,17910,504
Repayments by statutory boards-1,427-1,183-1,637-1,371-1,214-1,601-1,476
Total government expenditure and net lending13,14515,34814,86216,87121,13320,95529,126
Sources: Data provided by the Singapore authorities; and Annex D of The Budget for the Financial Year.

Fiscal year runs from April 1 through March 31.

Excludes loans to statutory boards and public enterprises.

Excludes internal transfers to the Sinking Fund and the Development Fund.

Also includes retirement pensions to former government employees, agency foes on land sales, and expenses on investment.

Includes lending to the HDB for the purchase of land.

Sources: Data provided by the Singapore authorities; and Annex D of The Budget for the Financial Year.

Fiscal year runs from April 1 through March 31.

Excludes loans to statutory boards and public enterprises.

Excludes internal transfers to the Sinking Fund and the Development Fund.

Also includes retirement pensions to former government employees, agency foes on land sales, and expenses on investment.

Includes lending to the HDB for the purchase of land.

Table 21.Singapore: Government Domestic Debt by Holders, 1990–94 1/(Amount outstanding at end of period; in millions of Singapore dollars)
19901991199219931994
Government medium-term debt49,28855,53062,28864,82070,340
Government bonds41,15041,81056,36056,85156,502
Central Provident Fund32,12032,12045,62044,62043,620
Commercial banks 2/5,9346,4036,946
Post Office Savings Bank1,2151,4291,604
Insurance companies1,1371,3861,812
Other744472129
Advance deposits 3/8,13813,7205,9287,96913,838
Treasury bills and deposits2,0703,4704,9404,9905,000
Commercial banks 2/1,9893,3624,6414,7824,887
Other81108299208113
Total domestic debt51,35859,00067,22869,81075,340
Source: Data provided by the Singapore authorities.

Net outstanding at nominal value.

Includes holdings of Development Bank of Singapore.

Deposits placed by the CPF and POSB in the Government’s account with the MAS for future subscriptions to government securities.

Source: Data provided by the Singapore authorities.

Net outstanding at nominal value.

Includes holdings of Development Bank of Singapore.

Deposits placed by the CPF and POSB in the Government’s account with the MAS for future subscriptions to government securities.

Table 22.Singapore: Revenue and Expenditure of Statutory Boards, 1990–94 1/(In millions of Singapore dollars)
RevenueOperating 2/

Expenditure
Operating 2/

Surplus
19909,8847,2442,640
199110,6837,7302,953
1992 3/9,0587,3851,673
19939,8257,6332,192
1994 (preliminary)8,3655,9152,450
Source: Ministry of Trade and Industry, Economic Survey of Singapore, 1994.

Ten major statutory boards: Civil Aviation Authority of Singapore, Housing Development Board, Goring Town Corporation, Mass Rapid Transit Corporation, Port of Singapore Authority, Public Utilities Board, Sentosa Development Corporation, Singapore Broadcasting Corporation, Singapore Telecom, and Urban Redevelopment Authority.

Excludes debt service.

Excludes Singapore Telecom after April 1992, when it was reconstituted as a corporation.

Source: Ministry of Trade and Industry, Economic Survey of Singapore, 1994.

Ten major statutory boards: Civil Aviation Authority of Singapore, Housing Development Board, Goring Town Corporation, Mass Rapid Transit Corporation, Port of Singapore Authority, Public Utilities Board, Sentosa Development Corporation, Singapore Broadcasting Corporation, Singapore Telecom, and Urban Redevelopment Authority.

Excludes debt service.

Excludes Singapore Telecom after April 1992, when it was reconstituted as a corporation.

Table 23.Singapore: Monetary Survey Summary, 1990–95
199019911992199319941995

May
(In billions of Singapore dollars at end-period)
Net foreign assets48.857.768.476.281.880.6
Monetary authorities48.455.765.277.484.791.2
Deposit money banks 1/0.42.03.2-1.2-2.9-10.5
Domestic credit41.347.149.655.662.769.8
Claims on private sector55.862.768.979.391.4101.1
Claims on Government (net)-14.5-15.7-19.2-23.7-28.7-31.3
Other items (net)-28.3-35.2-42.3-49.6-50.6-52.9
Broad money (M2)61.869.575.782.194.097.5
Narrow money (M1)15.316.418.522.923.426.0
Quasi-money46.653.157.259.270.671.4
(12-month rate of change)
Net foreign assets16.318.318.511.47.44.8
Domestic credit12.313.95.512.012.821.6
Claims on private sector14.412.49.815.215.322.4
Claims on Government (net)-20.9-8.2-22.7-23.3-21.0-24.3
Narrow money (M1)11.07.712.723.62.38.5
Broad money (M2)20.012.48.98.514.415.1
(12-month change in percent of broad money at beginning of period)
Net foreign assets13.314.515.410.36.94.4
Domestic credit8.89.33.77.98.714.6
Other items (net)-2.1-11.3-10.2-9.7-1.1-3.9
Memorandum items:
Income velocity of M2 2/1.191.151.111.171.20
Money multiplier 3/5.595.675.575.586.036.14
12-month change in M3 (percent)18.411.18.210.915.915.8
12-month change in reserve money (percent)7.210.810.98.35.87.0
Sources: Data provided by the Singapore authorities; and staff estimates.

Commercial banks and discount houses.

Ratio of annual GDP to average M2.

Ratio of M2 to reserve money.

Sources: Data provided by the Singapore authorities; and staff estimates.

Commercial banks and discount houses.

Ratio of annual GDP to average M2.

Ratio of M2 to reserve money.

Table 24.Singapore: Monetary Survey, 1990–95
1990199119921993199419941995
MarchJuneSept.Dec.MarchMay
(In millions of Singapore dollars)
Net foreign assets48,78057,71868,39776,19681,83376,73477,78278,48781,83380,33080,637
Monetary authorities48,42255,68965,19677,38684,73179,13980,33583,55284,73186,73791,172
Foreign assets48,52155,80365,78877,86785,16679,61680,78083,99585,16687,16191,565
Foreign liabilities99114592481435477445443435424393
Deposit money banks 1/3582,0293,201-1,190-2,898-2,405-2,553-5,065-2,898-6,407-10,535
Foreign assets43,86042,08951,64450,40256,95649,87451,65552,00956,95653,18053,656
Foreign liabilities43,50240,06048,44351,59259,85452,27954,20857,07459,85459,58764,191
Net domestic assets13,06511,8247,3325,93412,1485,5797,92811,50312,14814,34016,853
Domestic credit41,31747,05349,62455,58362,69956,50157,89161,84062,69965,65369,796
Claims on private sector of banks55,80562,73368,85879,29091,38481,11383,93388,20391,38497,450101,073
Claims on Government (net)-14,488-15,680-19,234-23,707-28,685-24,612-26,042-26,363-28,685-31,797-31,225
Monetary authorities-17,678-20,177-25,077-30,080-35,669-30,602-32,273-33,012-35,669-39,999-39,917
Claims on Government00000000000
Government deposits17,67820,17725,07730,08035,66930,60232,27333,01235,66939,99939,917
Deposit money banks3,1904,4975,8436,3736,9845,9906,2316,6496,9848,2028,642
Claims on Government7,9239,76511,58712,75813,56812,80312,96113,26613,56814,70814,869
Government deposits4,7335,2685,7446,3856,5846,8136,7306,6176,5846,5066,227
Other items (net)-28,232-35,229-42,293-49,649-50,551-50,922-49,963-50,337-50,551-51,313-52,943
Monetary authorities-19,681-23,267-26,542-32,596-33,495-34,045-32,953-35,236-33,495-31,025-35,374
Deposit money banks-8,571-11,962-15,751-17,053-17,056-16,878-17,009-15,101-17,056-20,287-17,570
Broad money (M2)61,84569,54275,72982,13093,98182,31385,71089,99093,98194,67097,490
Narrow money (M1)15,26116,43018,51622,88223,41222,49122,39723,13923,41223,83526,048
Currency outside banks7,1097,4978,2798,9429,4209,0048,9559,0659,4209,4509,463
Demand deposits8,1528,93310,23613,94013,99113,48713,44214,07513,99114,38416,586
Quasi-money46,58453,11257,21359,24870,56959,82163,31466,85170,56970,83571,441
Time, savings, and other deposits45,42452,19156,47258,41369,97359,15562,72566,28969,97370,24670,851
S$NCDs1,160922741835596667588562596589590
Memorandum item:
M3 1/75,79284,20091,082100,969117,035101,997106,506111,296117,035118,509121,579
Sources: Data provided by the Singapore authorities; Monetary Authority of Singapore, Monthly Statistical Bulletin, June 1995; and staff estimates.

Defined as M2 plus deposits with finance companies and Post Office Savings Flank (POSB)

Sources: Data provided by the Singapore authorities; Monetary Authority of Singapore, Monthly Statistical Bulletin, June 1995; and staff estimates.

Defined as M2 plus deposits with finance companies and Post Office Savings Flank (POSB)

Table 25.Singapore: Assets and Liabilities of the Monetary Authority of Singapore, 1990–95
1990199119921993199419941995
MarchJuneSept.Dec.MarchMay
(In millions of Singapore dollars)
Assets48,52855,81165,79577,87585,17579,62380,78884,00485,17587,16991,573
Foreign assets (gross)48,52155,80365,78877,86785,16679,61680,78083,99585,16687,16191,565
Claims on private sector (gross)78789789988
Liabilities48,52855,81165,79577,87585,17579,62380,78884,00485,17587,16991,573
Reserve money11,06612,25713,58714,71915,57814,50115,11815,31615,37815,72215,889
Currency outside banks 1/7,1097,4978,2798,9429,4209,0048,9559,0659,4209,4509,463
Currency and deposits of banks3,9584,7605,3085,7776,1585,4976,1636,2526,1586,2716,426
Foreign liabilities99114592481435477445443435424393
Government deposits17,67820,17725,07730,08035,66930,60232,27333,01235,66939,99939,917
Other liabilities (net)19,68523,26326,53932,39533,49334,04332,95235,23333,49331,02535,374
(Change as percent of initial stock of reserve money)
Net foreign assets95.865.777.689.749.9-1.22.18.03.511.210.1
Government deposits-40.8-22.6-40.0-36.8-38.0-2.2-5.84.8-2.4-16.4-3.8
Other items (net)-47.9-32.3-26.7-44.6-6.11.25.5-9.7-3.00.5-8.0
Reserve money7.210.810.88.35.8-2.21.83.1-1.9-4.7-1.7
Sources: Data provided by the Singapore authorities; and staff estimates.

Excludes commemorative, numismatic, and bullion coins issued by the Board of Commissioners of Currency of Singapore.

Sources: Data provided by the Singapore authorities; and staff estimates.

Excludes commemorative, numismatic, and bullion coins issued by the Board of Commissioners of Currency of Singapore.

Table 26.Singapore: Assets and Liabilities of Commercial Banks, 1990–95
1990199119921993199419941995
MarchJuneSept.Dec.MarchMay
Reserves3,9584,7605,3085,7776,1585,4976,1636,2526,1586,2716,426
Cash471533543578594593597575594597638
Balances with MAS3,4864,2274,7655,1995,5644,9045,5665,6775,5645,6745,788
Foreign assets 1/43,86042,09051,64450,40256,95649,87451,65552,00956,95653,18053,656
Claims on Government7,9239,76511,58712,75813,56812,80312,96113,26613,56814,70814,869
Claims on private sector 2/55,79862,72568,85179,28291,37581,10683,92588,19491,37597,442101,065
Balances with local banks18,43812,05811,93617,40228,41118,35222,43531,07228,41130,63335,132
S$NCDs held297272199180711238871715353
Other assets 3/3,7284,4243,7784,4495,4144,5434,6774,9635,4145,8475,435
Assets = liabilities134,002136,093153,302170,250201,953172,298181,903195,828201,953208,135216,636
Deposits of nonbanks53,57261,12866,71172,35483,96772,64476,16880,36783,96784,63287,436
Demand deposits8,1528,93310,23613,94013,99113,48713,44214,07513,99114,38416,586
Time and savings deposits 4/45,42052,19556,47458,41469,97659,15762,72666,29269,97670,24770,851
Foreign liabilities 5/43,50240,06048,44351,59259,85452,27954,20857,07459,85459,58764,191
Government deposits4,7335,2685,7446,3856,5846,8136,7306,6176,5846,5066,229
Capital and reserves8,6239,74811,37913,29615,68513,43314,29415,19215,68515,73815,995
Balances due to local banks14,51210,42011,86316,62725,12617,01620,03826,02825,12630,01230,955
S$NCDs issued1,4571,1939401,016667790676633667642643
Other liabilities 6/7,6028,2778,2238,98110,0709,3259,7899,91710,07011,01911,187
Memorandum item:
Percent change in total assets/liabilities5.31.612.611.118.613.515.623.018.620.819.0
Sources: Data provided by the Singapore authorities; Monetary Authority of Singapore, Monthly Statistical Bulletin, June 1995; and staff estimates.

Includes amounts due from Asian Currency Units.

Includes bills refinanced by MAS. Excludes bills rediscounted between commercial banks.

Includes: money at call with MAS; checks purchase payable in Singapore; Singapore interbranch balances; fixed assets in Singapore; and other domestic assets.

Excludes S$NCDs.

Includes amounts due to ACUs and capital and reserves of foreign banks.

Includes: amounts borrowed from creditors in Singapore; bills payable in Singapore, import and export bills rediscounted with MAS; Singapore interbranch balances; and other domestic liabilities.

Sources: Data provided by the Singapore authorities; Monetary Authority of Singapore, Monthly Statistical Bulletin, June 1995; and staff estimates.

Includes amounts due from Asian Currency Units.

Includes bills refinanced by MAS. Excludes bills rediscounted between commercial banks.

Includes: money at call with MAS; checks purchase payable in Singapore; Singapore interbranch balances; fixed assets in Singapore; and other domestic assets.

Excludes S$NCDs.

Includes amounts due to ACUs and capital and reserves of foreign banks.

Includes: amounts borrowed from creditors in Singapore; bills payable in Singapore, import and export bills rediscounted with MAS; Singapore interbranch balances; and other domestic liabilities.

Table 27.Singapore: Interest Rate Structure, 1990–95(In percent per annum; end of period)
Bank Loan and deposit RatesMoney Market Rates 1/Government Bonds
Prime lending rateFixed depositsSaving depositsPost Office Saving Bank deposits rate 2/Inter-Bank rateTreasury bill rateCommercial bill rateS$ NCDs 3/Five-year
3-month6-month12-month
1990
March6.653.934.334.933.003.25-2.256.383.796.446.445.21
June7.604.955.455.703.584.00-3.007.252.727.637.385.18
September7.905.205.636.083.884.50-3.506.754.907.256.755.48
December7.735.055.375.483.834.50-3.504.881.605.004.755.18
1991
March7.434.524.854.993.734.50-3.504.632.504.634.635.02
June7.714.895.305.383.764.50-3.506.134.306.006.065.07
September7.854.885.245.283.754.50-3.504.813.704.634.884.98
December7.103.844.134.173.054.00-3.003.251.202.753.004.67
1992
March6.183.083.313.562.333.00-2.253.441.332.003.384.05
June6.133.033.263.512.303.00-2.252.942.332.753.064.09
September5.632.562.793.061.862.75-2.001.750.801.251.813.79
December5.552.462.692.971.792.50-1.752.190.901.502.253.78
1993
March5.382.282.532.831.602.50-1.751.690.350.631.753.19
June5.362.272.512.811.592.25-1.502.750.701.632.633.12
September5.362.282.532.811.592.25-1.502.691.461.882.632.92
December5.342.262.512.791.592.25-1.503.311.352.253.132.93
1994
March5.592.672.933.191.982.25-1.503.441.732.383.443.23
June5.732.903.153.432.182.50-1.753.752.733.383.753.63
September6.013.143.423.692.462.50-1.753.691.852.633.753.69
December6.493.623.894.232.933.00-2.254.380.652.254.313.91
1995
January6.493.623.894.232.933.00-2.253.060.781.883.194.00
February6.493.623.894.232.933.00-2.252.751.031.502.883.89
March6.493.623.894.232.933.00-2.252.880.651.132.883.28
April6.493.623.894.232.933.00-2.252.000.380.502.132.81
May6.493.623.894.232.933.00-2.251.000.450.631.002.44
June6.343.453.724.062.762.380.881.632.382.56
Sources: Data provided by the Singapore authorities; and Monetary Authority of Singapore, Monthly Statistical Bulletin, June 1995.

For three-month maturity.

A two-tier interest rate system is in effect; the first figure refers to savings up to S$100,000 and the second to savings of more than S$100,000.

Negotiable certificates of deposits.

Sources: Data provided by the Singapore authorities; and Monetary Authority of Singapore, Monthly Statistical Bulletin, June 1995.

For three-month maturity.

A two-tier interest rate system is in effect; the first figure refers to savings up to S$100,000 and the second to savings of more than S$100,000.

Negotiable certificates of deposits.

Table 28.Singapore: Interest Rate Differentials, 1990–95(End of period; in percent per annum)
Three-Month

Interbank Rate

(1)
Three-Month

SIBOR

(2)
Uncovered

Differential 1/

(3)
Forward

Premium (+) or

Discount (-) on

Singapore Dollar

(4)
Covered

Differential 2/

(5)
1990
March6.388.50-2.121.12-0.29
June7.258.38-1.13-0.16-0.48
September6.758.38-1.630.67-0.21
December4.887.75-2.871.96-0.37
1991
March4.636.38-1.751.13-0.10
June6.136.25-0.12-0.94-0.38
September4.815.69-0.881.371.02
December3.254.38-1.130.870.10
1992
March3.444.38-0.940.28-0.28
June2.944.00-1.060.61-0.12
September1.753.38-1.631.27-0.16
December2.193.50-1.310.96-0.11
1993
March1.693.25-1.561.380.01
June2.753.38-0.630.01-0.31
September2.693.19-0.500.01-0.19
December3.313.38-0.07-0.52-0.22
1994
January3.193.31-0.12-0.48-024
February3.003.81-0.810.05-0.43
March3.443.940.50-0.10-0.22
April3.884.31-0.43-0.26-0.26
May3.634.63-1.000.39-0.20
June3.754.69-0.940.42-0.10
July3.504.94-1.440.93-0.12
August3.885.00-1.120.45-0.23
September3.695.50-1.811.19-0.21
October3.385.69-2.311.81-0.13
November4.385.94-1.560.74-0.33
December4.386.50-2.121.38-0.26
1995
January3.066.31-3.252.84-0.07
February2.756.25-3.502.53-0.66
March2.886.25-3.373.230.18
April2.006.25-4.254.260.23
May1.006.13-5.134.98-0.04
June2.386.06-3.683.550.13
Sources: Data provided by the Singapore authorities; and Monetary Authority of Singapore, Monthly Statistical Bulletin, June 1995.

(1) minus (2).

Adjusted for reserve and liquidity requirements on domestic current liabilities and the forward premium or discount The MAS has estimated that the effect of the Minimum Cash Balance (MCB) requirement and primary and secondary liquid assets ratios was to increase the cost of borrowing in the interbank market by about 1 percentage point when interbank rates are about 10 percent The adjusted differentials are thus calculated as (1)/(1-R)-(2) + (4), where R = 0.10.

Sources: Data provided by the Singapore authorities; and Monetary Authority of Singapore, Monthly Statistical Bulletin, June 1995.

(1) minus (2).

Adjusted for reserve and liquidity requirements on domestic current liabilities and the forward premium or discount The MAS has estimated that the effect of the Minimum Cash Balance (MCB) requirement and primary and secondary liquid assets ratios was to increase the cost of borrowing in the interbank market by about 1 percentage point when interbank rates are about 10 percent The adjusted differentials are thus calculated as (1)/(1-R)-(2) + (4), where R = 0.10.

Table 29.Singapore: Banks’ Loans and Advances to Nonbank Customers, by Industry, 1990–95(In millions of Singapore dollars, at end of period)
199019911992199319941995
MarchMay
Agriculture, mining, and quarrying869787106120147140
Manufacturing7,4898,1238,3808,3538,8569,57010,315
Building and construction 1/12,86415,57817,91123,11328,21330,31631,648
General commerce13,68615,69517,18917,73319,44319,94620,762
Transport, storage, and communication1,7371,8171,9401,8381,9021,9051,933
Financial institutions9,92310,31811,25013,13313,64414,71615,451
Professional and private individuals7,7528,2908,1369,35313,78614,40514,678
Other4,1594,0924,2474,8275,0105,2835,378
Total57,69664,00969,13978,45490,97496,587100,304
Memorandum item:
Annual percentage change in total13.610.98.013.516.020.323.0
Sources: Data provided by the Singapore authorities; and Monetary Authority of Singapore, Annual Report, 1994/95, and Monthly Statistical Bulletin, June 1995.

Includes building and building cooperative societies, building developers, real estate agents, and housing loans.

Sources: Data provided by the Singapore authorities; and Monetary Authority of Singapore, Annual Report, 1994/95, and Monthly Statistical Bulletin, June 1995.

Includes building and building cooperative societies, building developers, real estate agents, and housing loans.

Table 30.Singapore: Operations of Nonbank Financial Institutions, 1990–95(In millions of Singapore dollars, at end of period)
199019911992199319941994
MarchMay
Finance companies
Total assets/liabilities11,42412,46013,20814,99418,99819,54019,641
Of which:
Loans and advances7,7668,6669,56411,51714,70915,20415,496
Deposits8,3978,9729,55110,56813,79014,03513,989
Merchant banks 1/
Total assets/liabilities7,3286,6895,9846,8596,7006,7456,927
Of which:
Amounts due from banks4,8794,1703,8934,5594,7884,8654,670
Amounts due to banks1,4251,4001,3181,3051,3761,4741,598
Loans and advances to nonbanks1,6371,7481,3351,3981,1311,1561,160
Borrowings from nonbanks2,2341,7591,2091,1851,2291,1271,093
Post Office Savings Bank Liabilities
Total depositors’ balances13,38815,64518,12720,31020,26920,133
Assets
Term loans3,1303,3833,1753,2325,4065,971
Fixed deposits7,0418,64710,83210,8229,1318,443
Government securities1,2151,4291,8532,3032,3792,467
Sources: Data provided by the Singapore authorities; and Monetary Authority of Singapore, Monthly Statistical Bulletin, June 1995.

Excludes Asian dollar market operations.

Sources: Data provided by the Singapore authorities; and Monetary Authority of Singapore, Monthly Statistical Bulletin, June 1995.

Excludes Asian dollar market operations.

Table 31.Singapore: Financial Operations of the Central Provident Fund, 1990–95(In millions of Singapore dollars)
199019911992199319941995

Q1
Excess of contributions over withdrawals (during period)3,170.73,436.53,609.9-522.23,977.61,693.0
Members’ contributions7,174.28,101.49,028.210,427.011,278.53,626.7
Withdrawals (including refunds)4,003.54,664.95,418.310,949.27,300.91,933.7
Approved housing schemes 1/2,259.03,000.63,614.13,509.43,500.4983.3
Under section 15 2/1,021.0958.11,015.01,187.01,372.9336.4
Medical schemes 3/240.1265.4275.7292.1335.270.5
Others483.4440.8513.55,960.72,092.4543.5
Interest credited to members’ balances (during period)1,424.11,966.11,868.01,329.61,337.3447.2
Advanced deposits with MAS (during period) 4/4,211.05,478.36,058.01,782.84,617.32,282.6
Interest earnings from investments (during period)1,505.02,053.31,943.31,387.81,397.4458.6
Holdings of government securities (end-period) 5/32,120.032,120.045,620.044,620.043,620.043,620.0
Members’ balances (end-period)40,646.446,049.051,526.952,334.357,649.259,789.4
Source: Monetary Authority of Singapore, Annual Report, 1994/95.

Housing schemes include Public Housing and Residential Properties Schemes.

Section 15 of the CPF Act allows withdrawals to be made on any of the following grounds: (a) member having reached the age of 55 years; (b) leaving Singapore and West Malaysia; (c) physical incapacity; (d) unsound mind; (e) death; and (f) Malaysian citizen (leaving Singapore).

Medical Schemes include Medisave & MediShield Schemes.

Deposits placed with MAS during the year excluding interest on bonds retained as deposits by MAS.

Excludes advance deposits with MAS.

Source: Monetary Authority of Singapore, Annual Report, 1994/95.

Housing schemes include Public Housing and Residential Properties Schemes.

Section 15 of the CPF Act allows withdrawals to be made on any of the following grounds: (a) member having reached the age of 55 years; (b) leaving Singapore and West Malaysia; (c) physical incapacity; (d) unsound mind; (e) death; and (f) Malaysian citizen (leaving Singapore).

Medical Schemes include Medisave & MediShield Schemes.

Deposits placed with MAS during the year excluding interest on bonds retained as deposits by MAS.

Excludes advance deposits with MAS.

Table 32.Singapore: Operations of Asian Currency Units, 1990–95(In millions of U.S. dollars, at end of period)
199019911992199319941995

March
Loans to nonbanks125,516134,078134,184136,857145,823159,565
Interbank funds239,120197,028194,758214,277234,339244,806
Of which:
Outside Singapore195,935162,181158,291169,846180,875188,808
Inter-ACU34,44026,62626,74031,71436,35738,378
Other assets25,76026,61926,43734,96936,18441,471
Total assets/liabilities390,396357,725355,379386,103416,345445,841
Deposits of nonbanks66,88663,49963,61262,66965,78871,257
Interbank funds309,427281,813279,821308,940333,538353,968
Of which:
Outside Singapore263,033240,931234,885258,721274,507288,745
Inter-ACU34,43826,62426,74231,71736,35438,377
Other liabilities14,08312,41211,94514,49417,02020,616
Memorandum item:
Annual percentage change in total assets/liabilities16.0-8.4-0.78.67.8
Source: Monetary Authority of Singapore, Annual Report, 1994/95.
Source: Monetary Authority of Singapore, Annual Report, 1994/95.
Table 33.Singapore: Assets and Liabilities of Asian Currency Units, 1990–95(In millions of U.S. dollars; at end of period)
AssetsLiabilitiesTotal

Assets/

Liabilities
Loans to

nonbanking

sector
Interbank

funds
Other

assets
Deposits of

nonbanking

sector
Interbank

funds
Other

liabilities
1990125,516239,12025,76066,886309,42714,083390,396
1991134,078197,02826,61963,499281,81312,412357,725
1992134,184194,75826,43763,612279,82111,945355,379
1993136,857214,27734,96962,669308,94014,494386,103
1994145,823234,33936,18465,788333,53817,020416,345
March 1995159,565244,80641,47171,257353,96820,616445,841
May 1995167,555255,74844,90672,785371,42723,997468,208
Source: Monetary Authority of Singapore, Annual Report, 1994/95.
Source: Monetary Authority of Singapore, Annual Report, 1994/95.
Table 34.Singapore: Net Funds Raised in the Domestic Capital Market, 1990–95(In millions of Singapore dollars)
199019911992199319941995

Q1
Net funds raised by Government5,1186,2446,7582,5385,5193,652
Gross issue of securities1,8502,30017,7003,2603,7501,050
Less:
Redemptions1,1991,6393,1502,7684,1000.0
Government holdings of government securities-1.0-1.00.0-6.00.00.0
Conversion of accumulated advance deposits0.00.014,0000.00.00.0
New advance deposits4,4665,5826,2082,0415,8692,602
New capital raised by private sector3,0371,0582,4348,1694,733173
Public share issues8992795155,8321,40047
Rights issues1,4876861,1511,3522,050126
Private placements652937699841,2830.0
Private debt securities issued1,6321,94l2,3813,6592,927669
Listed securities 1/4996721,2591,518644179
Unlisted securities 2/1,1331,2691,1222,1412,283490
Total9,7879,24311,57314,36613,1794,493
Sources: Data provided by the Singapore authorities; and Monetary Authority of Singapore, Annual Report, 1994/95.

Bonds, debentures, and loan stocks listed on the Stock Exchange of Singapore.

Unlisted bonds, revolving underwriting and note issuance facilities, and NCDs.

Sources: Data provided by the Singapore authorities; and Monetary Authority of Singapore, Annual Report, 1994/95.

Bonds, debentures, and loan stocks listed on the Stock Exchange of Singapore.

Unlisted bonds, revolving underwriting and note issuance facilities, and NCDs.

Table 35.Singapore: Stock Market Indicators, 1990–95
199019911992199319941995

Q1
Listed companies (end-period)188202217237273275
Main board175186192207230230
SESDAQ131625304345
Turnover
In millions of units 1/19,29616,28215,07471,17749,0909,490
In millions of S$37,66231,38030,768134,299129,46923,430
As percent of market capitalization43.731.929.455.248.8
Market capitalization (end-period)
In millions of S$86,01198,346104,496243,255265,330259,139
As percent of GDP127.0130.6129.6263.4251.9
Straits Times Index (end-period)
Level1,154.51,490.71,524.42,425.72,239.62,093.1
Percent change 2/29.129.22.259.2-7.70.6
Average price/earnings ratio20.119.519.124.730.424.7
Source: Data provided by the Singapore authorities.

Includes cash and SESDAQ market.

Relative to the corresponding period of the previous year.

Source: Data provided by the Singapore authorities.

Includes cash and SESDAQ market.

Relative to the corresponding period of the previous year.

Table 36.Singapore: Balance of Payments Summary, 1990–95(In millions of U.S. dollars)
199019911992199319941995
Pre.

Q1
Pre.

Q2
Current account3,1814,6876,1555,17311,9503,8254,526
Trade balance-7,357-6,669-6,665-8,857-4,880442701
Exports, f.o.b.52,19958,31264,52175,05195,80426,04729,974
Imports, c.i.f.-59,556-64,981-71,186-83,908-100,684-25,60529,272
Services balance (net)10,98111,85613,35914,66717,6083,6014,053
Investment income1,0618041,4301,224655-81426
Travel2,7902,6143,1483,2543,434893709
Other7,1308,4388,78110,18913,5192,7902,918
Transfer payments (net)-443-500-539-637-778-218-229
Capital (net)4,687745-1,3265,5101,7872,9734,013
Nonmonetary3,0071,712-6062,7926315401,233
Of which: Direct investment3,5413,8551,0343,2323,411
Monetary (commercial banks)1,680-967-7202,7181,1562,4332,780
Errors and omissions-2,410-1,2281,285-3,161-8,957-5,422-4,441
Counterpart item 1/1,9452,181-3629545,0361,737
Overall balance7,4036,3855,7528,4769,8163,1144,098
Memorandum items:
Current account (percent of GNP)8.510.812.29.017.4
Official reserves
End-period stock (USS million)27,74834,13339,88548,36158,17761,29165,722 2/
Months of retained imports 3/7.18.28.89.19.8
Sources: Data provided by the Singapore authorities; Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995; and staff estimates.

Counterpart to valuation changes in official reserves.

May 1995.

Retained imports as reported in trade statistics, before adjustment to balance of payments basis.

Sources: Data provided by the Singapore authorities; Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995; and staff estimates.

Counterpart to valuation changes in official reserves.

May 1995.

Retained imports as reported in trade statistics, before adjustment to balance of payments basis.

Table 37.Singapore. Domestic Exports by Commodity, 1990–95In millions of Singapore dollars)
199019911992199319941995
Q1Q2
Food9581,1251,1651,0781,169284
Beverages and tobacco386398461519529126
Crude materials 1/460449457426448138
Petroleum products 2/17,13717,20213,40914,55613,9853,4443,485
Animal and vegetable oils58755658445633487
Chemicals3,6194,2084,1744,4644,6961,3051,535
Of which:
Medical products25125323526326959
Plastic materials9581,1459209661,087328
Manufactured goods2,1272,2472,1902,4432,731660754
Of which:
Veneer and plywood947974635814
Textile yarn and fabrics19323920630830876
Iron and steel15319427928625463
Machinery and equipment32,35234,47738,33846,08359,07115,124
Of which:
Office machines14,52015,19418,06522,08327,9617,1697,964
Industrial machines512477449500515148
Electronic motors and resistors1,0041,1191,1341,3632,100515
Television and radio4,8464,7264,2494,2845,4671,236
Electronic components5,1485,9846,6148,21511,6903,225
Ships, boats, and oil rigs303274620931647188
Miscellaneous manufactures4,8665,0965,2354,9875,2081,2341,309
Of which:
Clothing, except fur1,7931,7791,5901,2011,026204
Optical and photographic equipment14617318015920478
Watches and clocks18422123731323369
Musical instruments274260557609647121
Miscellaneous26327332438036188
Total62,75466,03166,33775,39488,53322,49024,080
Sources: Data provided by the Singapore authorities; Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995; and staff estimates.

Excludes processed rubber and sawn timber.

Includes oil bunkers.

Sources: Data provided by the Singapore authorities; Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995; and staff estimates.

Excludes processed rubber and sawn timber.

Includes oil bunkers.

Table 38.Singapore: Direction of Exports, 1990–95 1/(In millions of Singapore dollars)
199019911992199319941995

Q1
Southeast Asia22,59525,57624,09929,72344,19011,524
Malaysia12,44915,23612,92516,94229,0907,221
Thailand6,3106,4016,4426,8058,1892,267
Philippines1,2151,1761,3172,2142,411606
Brunei9789561,0801,0251,246399
Other1,6431,8072,3352,7373,2541,031
Northeast Asia21,53323,77324,33430,39636,2319,798
Japan8,3028,8367,8578,92110,3432,800
Hong Kong 2/6,1867,3478,08110,36412,8143,374
Taiwan Province of China3,4223,6214,1884,6415,9401,572
China1,4431,4851,8113,0683,207939
Korea, Republic of2,1082,4082,3253,3263,8711,091
Other727672765622
South Asia4,0233,5663,7872,3313,8611,099
India1,9901,7271,5241,5331,928575
Sri Lanka402399554503516136
Bangladesh714627541560658211
Pakistan50145243042347199
Other41636173831828878
Middle East2,3673,1172,9652,6982,621794
Saudi Arabia500783671623503116
United Arab Emirates8081,0361,0531,1001,217314
Iran, Islamic Republic of2162553051579827
Other8431,043936818803337
Oceania3,1733,2663,7913,8674,7361,136
Australia2,3372,5172,4572,7023,490823
New Zealand368326478366481125
Other468423856799765188
Western Europe15,34416,16217,43118,93021,1565,539
Germany3,8254,2634,3894,7475,2301,432
United Kingdom3,0313,0823,0033,5753,985945
France1,5561,1901,5831,7591,999491
Netherlands2,0332,6203,2173,1003,9311,147
Italy1,2609631,0651,0531,050248
Switzerland439773661705785216
Other3,2003,2723,5133,9914,1761,060
North America21,10220,91822,56025,09228,5736,754
United States20,24620,10321,77924,29227,6376,534
Other856815781800936220
Rest of the world5,0705,5034,3845,4305,9591,510
Total95,206101,880103,351119,473147,32738,154
Sources: Data provided by the Singapore authorities; and Ministry of Trade and Industry, Economic Survey, 1994, Table A11.3.

Grouping of countries conforms to official Singapore presentation.

The term “country” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.

Sources: Data provided by the Singapore authorities; and Ministry of Trade and Industry, Economic Survey, 1994, Table A11.3.

Grouping of countries conforms to official Singapore presentation.

The term “country” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.

Table 39.Singapore: Direction of Imports, 1990–95 1/(In millions of Singapore dollars)
199019911992199319941995

Q1
Southeast Asia19,42122,62223,32630,29235,5399,009
Malaysia14,96417,38317,28722,67025,6006,213
Thailand2,9743,6294,3655,6767,4712,062
Other1,4831,6111,6741,9462,468734
Northeast Asia37,20739,59340,61148,22656,13113,761
Japan22,14624,37024,75330,11134,4228,265
Hong Kong 2/3,3653,4343,5874,3395,2851,280
Taiwan Province of China4,6784,6814,7215,4586,0181,494
China3,7733,8393,6683,8774,4121,195
Korea, Republic of3,2183,2413,8694,4295,9861,527
Other2729131280
South Asia9931,0991,1071,3121,454371
India6677238671,0801,208320
Pakistan15418813410710322
Sri Lanka598048648716
Bangladesh839447542011
Other301511762
Middle East11,93010,4659,77910,00710,0122,687
Saudi Arabia5,8635,8646,0185,3595,6071,479
Kuwait84385541,1061,171342
Iran, Islamic Republic of8428678261,049901236
United Arab Emirates2,6772,2201,0921,4541,335387
Bahrain48134923920515050
Other1,2251,1551,050834848193
Oceania2,3922,4502,3592,7412,744713
Australia2,1272,1491,9982,3842,393628
Other26530136135735185
Western Europe16,97416,43917,75419,18022,9765,856
Germany3,8993,6503,8394,2035,2701,370
United Kingdom3,3763,2863,2813,5934,3261,077
France2,6462,9332,9273,1313,318939
Italy1,7331,5722,0881,8322,209564
Other5,3214,9985,6196,4217,8531,906
North America18,24818,74019,88122,90924,5526,231
United States17,58118,03019,34122,36023,9026,038
Other667710540549650193
Rest of the world2,6422,7682,7132,9362,988788
Total109,806114,195117,530137,603156,39639,416
Sources: Data provided by the Singapore authorities; and Ministry of Trade and Industry, Economic Survey, 1994, Table A11.6.

Grouping of countries conforms to official Singapore presentation.

The term “country” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.

Sources: Data provided by the Singapore authorities; and Ministry of Trade and Industry, Economic Survey, 1994, Table A11.6.

Grouping of countries conforms to official Singapore presentation.

The term “country” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.

Table 40.Singapore: Exports Under the Generalized System of Preferences (GSP) by Country of Destination, 1990–95(In millions of Singapore dollars)
199019911992199319941995

Q1
European Union2,6593,4074,2395,8795,9931,515
Japan828576334420464127
Canada13713512313713933
Other1311342616323760
Total3,7554,2524,7226,5996,8331,735
Source: Data provided by the Singapore authorities.
Source: Data provided by the Singapore authorities.
Table 41.Singapore: Price and Volume Trends in Exports and Imports, 1990–94(Percentage change)
19901991199219931994
Price 1/
Exports-0.3-4.8-5.3-1.7-3.4
Domestic exports2.1-6.4-6.8-2.6-5.3
Fuel19.4-11.7-12.4-6.0-13.4
Nonfuel-3.4-4.3-5.7-1.8-4.1
Re-exports-4.4-1.7-2.5-0.3-0.9
Imports-1.3-3.2-3.4-1.6-0.9
Fuel16.2-11.0-8.8-11.6-5.4
Nonfuel-4.1-1.7-2.6-0.3-1.0
Volume
Exports9.612.47.217.627.6
Domestic exports11.312.47.816.724.0
Fuel8.513.7-11.015.510.9
Nonfuel12.311.915.017.027.8
Re-exports6.512.45.919.534.5
Imports14.97.46.519.014.7
Fuel11.73.72.312.6-2.3
Nonfuel15.58.17.320.117.4
Terms of trade0.60.6-7.60.0-1.7
Source: Data provided by the Singapore authorities.

In Singapore dollars.

Source: Data provided by the Singapore authorities.

In Singapore dollars.

Table 42.Singapore: Disaggregated Trade Data, 1990–95 1/
199019911992199319941995
Q1Q2
Total exports
Value95,206101,880103,351119,473147,32738,01140,845
Volume100.0112.4120.4141.7180.8
Price100.094.688.486.482.982.5
Mineral fuels
Value17,29517,37113,51014,61214,0753,4733,502
Volume100.0113.8101.0116.3129.3
Price100.088.477.572.962.962.9
Manufactured goods
Value6,6517,3207,1157,7568,8562,3942,769
Volume100.0111.7112.8125.6144.5
Price100.096.893.692.090.491.1
Machinery and equipment
Value47,73351,69756,94069,64194,19924,47026,359
Volume100.0113.3131.2161.8226.8
Price100.096.893.692.090.491.1
Other exports
Value23,52725,49125,78727,46530,1987,6748,215
Volume100.0109.8115.1124.1135.4
Price100.098.795.294.194.8
Total imports
Value109,806114,195117,530137,603156,39639,30843,494
Volume100.0107.4114.4136.1156.1
Price100.096.893.591.690.791.0
Mineral fuels
Value17,39916,05014,98714,91213,7883,4943,650
Volume100.0103.7106.1119.5116.8
Price100.088.781.371.967.771.8
Sources: Data provided by the Singapore authorities; and Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995.

Values in millions of Singapore dollars, volumes and prices in indices, 1990 = 100.

Sources: Data provided by the Singapore authorities; and Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995.

Values in millions of Singapore dollars, volumes and prices in indices, 1990 = 100.

Table 43.Singapore: Services Account, 1990–95(In millions of Singapore dollars)
199019911992199319941995
Q1Q2
Net services13,11913,51116,35217,45819,8005,1945,657
Freight and insurance (net)-3,822-3,861-2,247-2,593-2,601-659
Travel5,0574,5165,1285,2585,2451,321
Receipts8,3257,8729,04610,12210,8962,776
Payments-3,268-3,356-3,918-4,864-5,651-1,455
Investment income1,9231,3892,3291,9771,00025
Receipts11,62912,83912,90712,97012,5483,692
Payments-9,706-11,450-10,578-10,993-11,548-3,667
Official transactions644832223
Receipts18417116917317243
Payments-120-123-166-171-150-40
Other transport and services9,89711,41911,13912,81416,1344,504
Receipts16,56417,98918,08420,19324,2836,574
Payments-6,667-6,570-6,945-7,379-8,149-2,070
Sources: Data provided by the Singapore authorities; Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995; and staff estimates.
Sources: Data provided by the Singapore authorities; Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995; and staff estimates.
Table 44.Singapore: Transfer Payments, 1990–95(In millions of Singapore dollars)
199019911992199319941995
Q1Q2
Private-497.0-589.4-659.8-782.4-912.8-235.5
Inflow329.5311.2311.0274.7285.582.2
Outflow-826.5-900.6-970.8-1,057.1-1,198.3-317.7
Government-305.9-274.0-218.3-246.9-275.5-78.3
Inflow9.49.79.69.69.62.5
Outflow-315.3-283.7-227.9-256.9-285.1-80.8
Net transfer payments-802.9-863.4-878.1-1,029.3-1,188.3-313.8-319.0
Sources: Data provided by the Singapore authorities; and Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995.
Sources: Data provided by the Singapore authorities; and Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995.
Table 45.Singapore: Capital Flows, 1990–95(In millions of Singapore dollars)
1990199119921993199419941995
Q1Q2Q3Q4Q1Q2
Total capital (net)8,4951,287-2,1608,9032,7301,0948073,217-2,3884,2885,601
Nonmonetary capital5,4492,958-9874,512965-121659702-2757791,721
Direct investment (net)6,4186,6601,6855,2225,2101,1261,4341,4681,182
Inflow10,1048,4293,8308,1048,5351,9572,2652,2992,014
Outflow-3,686-1,769-2,145-2,882-3,325-831-831-831-832
Portfolio investment (net)-1,880-1,5672,6404951,198225344379250
Other 1/911-2,135-5,312-1,205-5,443-1,472-1,119-1,145-1,707
Monetary capital3,046-1,671-1,1734,3911,7651,2151482,515-2,1133,5093,880
Long-term-1,105-303-308-1,598-1,556-50410-912-150
Inflow00266031102020109
Outflow-1,105-303-574-1,598-1,867-504-192-912-259
Short-term (net)4,151-1,368-8655,9893,3211,7191383,427-1,963
Sources: Data provided by the Singapore authorities; and Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995.

Includes inter-company financing.

Sources: Data provided by the Singapore authorities; and Ministry of Trade and Industry, Economic Survey of Singapore, Second Quarter 1995.

Includes inter-company financing.

Table 46.Singapore: Public External Debt, 1990–94 1/(In millions of Singapore dollars; disbursement outstanding at end-period)
Borrower19901991199219931994
Government11380563215
Lender
Foreign governments7860453015
U.K. special aid loans7560453015
Japanese loans 2/30000
International institutions35191120
IBRD1711720
AsDB188400
Nonfinancial enterprises (statutory boards)284236800
Lender
IBRD 3/50000
AsDB 4/3023100
Commonwealth Development Corporation 5/31100
Suppliers’ credits 5/246212600
Total397315643215
Source: Data provided by the Singapore authorities.

Excludes loans with a maturity of one year or less.

Represents loans from the Japanese Overseas Economic Cooperation Fund and the Export-Import Bank of Japan.

Loans made to Public Utilities Board, Port of Singapore Authority, and Telecommunications Authority of Singapore.

Loans made to Public Utilities Board, Port of Singapore Authority, and Jurong Town Corporation.

Credits to Public Utilities Board and Telecommunications Authority of Singapore.

Source: Data provided by the Singapore authorities.

Excludes loans with a maturity of one year or less.

Represents loans from the Japanese Overseas Economic Cooperation Fund and the Export-Import Bank of Japan.

Loans made to Public Utilities Board, Port of Singapore Authority, and Telecommunications Authority of Singapore.

Loans made to Public Utilities Board, Port of Singapore Authority, and Jurong Town Corporation.

Credits to Public Utilities Board and Telecommunications Authority of Singapore.

Table 47.Singapore: External Debt Amortization Payments of the Public Sector, 1990–94 1/(In millions of Singapore dollars)
19901991199219931994
Government89.028.315.114.76.3
British Special Aid6.76.66.05.04.8
Overseas Economic Cooperation Fund1.03.40.70.30.0
IBRD41.46.03.33.31.5
AsDB31.212.35.16.10.0
Export-Import Bank of Japan8.70.00.00.00.0
Nonfinancial enterprises19.617.726.88.20.0
Public Utilities Board9.37.519.96.80.0
Port of Singapore Authority6.37.12.11.40.0
Telecommunications Authority2.21.40.00.00.0
Jurong Town Corporation1.81.74.80.00.0
Total108.646.041.922.96.3
Source: Data provided by the Singapore authorities.

Excludes loans with a maturity of one year or less.

Source: Data provided by the Singapore authorities.

Excludes loans with a maturity of one year or less.

Table 48.Singapore: External Debt Interest Payments of the Public Sector, 1990–94 1/(In millions of Singapore dollars)
19901991199219931994
Government7.02.81.20.80.0
Overseas Economic Cooperation Fund0.10.00.00.00.0
IBRD3.11.00.50.30.0
AsDB3.31.80.70.50.0
Export-Import Bank of Japan0.50.00.00.00.0
Nonfinancial enterprises5.24.12.90.30.0
Public Utilities Board3.42.82.30.20.0
Port of Singapore Authority1.00.60.30.10.0
Telecommunications Authority0.30.20.00.00.0
Jurong Town Corporation0.50.50.30.00.0
Total12.26.94.11.10.0
Source: Data provided by the Singapore authorities.

Excludes loans with a maturity of one year or less.

Source: Data provided by the Singapore authorities.

Excludes loans with a maturity of one year or less.

Table 49.Singapore: Official International Reserves, 1990–95(In millions of U.S. dollars; end of period)
199019911992199319941995
MarchMay
Total reserves27,74834,13339,88548,36158,17761,29065,722
SDRs1161166878354045
Reserve position in the Fund9886156216252276309
Foreign exchange27,53533,93139,66148,06657,89060,97465,368
Source: Data provided by the Singapore authorities.
Source: Data provided by the Singapore authorities.
Table 50.Singapore: Trade Restrictions on Exports, as of Second Quarter 1995
CountryProductType of Restriction
AustraliaClear float glassAnti-dumping duty
Compact disc playersAnti-dumping duty
Fatty acid estersAnti-dumping duty
Food productsQuarantine restrictions
CanadaTextiles and textile productsMulti-fibre arrangements
Microwave ovensAnti-dumping duty
Photo albumsAnti-dumping duty
European UnionColor television setsAnti-dumping duty
Compact disc playersAnti-dumping duty
Textiles and textile productsMulti-fibre arrangement
Video cassette recordersAnti-dumping duty
IndonesiaRattan (all rattan plaiting material)Export ban
PlywoodExport by appointed company
JapanSilk fabricsPrior import confirmation requirements
MalaysiaElectrical jugsImport permits
Milk powderImport permits
Organic fertilizers (animal origin)Import licence
RattanExport ban
PolyethyleneAutomatic import licence
PolypropyleneAutomatic import licence
Waste paper (except one-sized waste paper)Export licence
NorwayTextiles and textile productsMulti-fibre arrangement
SpainCanned food; seafood rice containing bivalves molluscsDetention of shipment under EU directive
Taiwan Province of ChinaSeafoodImport ban
United StatesTextiles and textile productsMulti-fibre arrangement Stringent rules origin
Ball bearingsFederal acquisition regulation

Anti-dumping duty

Countervailing duty
Refrigerator compressorsCountervailing duty

Export charges
Steel tubes and pipesAnti-dumping duty
Machine toolsImport monitoring program
Color television picture tubesAnti-dumping duty
Industrial beltsAnti-dumping duty

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