Information about Asia and the Pacific Asia y el Pacífico
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Singapore

Author(s):
International Monetary Fund
Published Date:
June 1998
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Information about Asia and the Pacific Asia y el Pacífico
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Table 1.Singapore: Expenditure on Gross Domestic Product at 1990 Market Prices, 1992-97
Q1Q2Q3
199219931994199519961997
(In millions of Singapore dollars)
Gross domestic product77,35385,39394,393102,652109,78727,85129,19830,361
Domestic demand70,01679,14081,63588,31397,67626,78824,92627,932
Consumption42,25746,85449,16652,12457,31116,14914,42615,292
Private34,71738,47340,77442,92446,37612,30212,14212,589
Public7,5408,3818,3929,20010,9353,8472,2842,703
Gross capital formation27,75932,28732,46936,18940,36510,63910,50012,640
Gross fixed investment27,55230,80433,36836,37142,23010,84910,97912,001
Change in stocks2071,483-899-182-1,865-210-479639
Net exports of goods and nonfactor services7,6687,02113,73515,83613,6251,5904,5752,730
Statistical discrepancy-330-769-977-1,497-1,514-527-303-301
Population (millions)3.183.263.363.473.61
Real GDP per capita24,34026,19928,06429,60430,395
(Percentage change over corresponding period of previous year)
Gross domestic product6.210.410.58.87.04.18.210.1
Domestic demand7.813.03.28.210.64.27.019.0
Consumption6.010.94.96.010.05.08.25.8
Private6.610.86.05.38.06.66.78.9
Public3.211.10.19.618.90.216.6-6.6
Gross capital formation10.716.30.611.511.52.95.540.1
Gross fixed investment12.611.88.39.016.15.93.919.0
Population2.22.63.23.14.2
Real GDP per capita4.07.67.15.52.7
Source: Data provided by the Singapore authorities.
Source: Data provided by the Singapore authorities.
Table 2.Singapore: Expenditure on Gross Domestic Product at Current Market Prices, 1992-96
19921993199419951996
(In millions of Singapore dollars)
Gross domestic product80,94094,223108,505121,081132,629
Domestic demand73,14686,10791,01899,596112,295
Consumption44,03350,59455,54559,48865,784
Private36,43642,05646,57049,57753,935
Public7,5978,5388,9759,91111,849
Gross capital formation29,11335,51335,47340,10846,511
Gross fixed investment28,84332,95036,47140,30948,417
Change in stocks2692,563-998-201-1,906
Net exports of goods and nonfactor services8,5888,78318,47821,40920,421
Statistical discrepancy-794-667-99176-87
(As percent of GDP)
Gross domestic product100.0100.0100.0100.0100.0
Domestic demand90.491.483.982.384.7
Consumption54.453.751.249.149.6
Private45.044.642.940.940.7
Public9.49.18.38.28.9
Gross capital formation36.037.732.733.135.1
Gross fixed investment35.635.033.633.336.5
Change in stocks0.32.7-0.9-0.2-1.4
Net exports of goods and nonfactor services10.69.317.017.715.4
Statistical discrepancy-1.0-0.7-0.90.1-0.1
GDP deflator (Index 1990 = 100)104.6110.3114.9118.0120.8
(Percentage change)1.25.54.22.62.4
Gross national product (GNP)82,37693,430109,692121,381133,772
(As percent of GDP)101.899.2101.1100.2100.9
Source: Data provided by the Singapore authorities.
Source: Data provided by the Singapore authorities.
Table 3.Singapore: Gross Domestic Product by Industry at 1990 Market Prices, 1992-97
Q1Q2Q3
199219931994199519961997
(In millions of Singapore dollars)
Gross domestic product77,35385,39394,393102,652109,78727,85129,19830,361
Agriculture and fishing162158166180192484743
Quarrying6349443028566
Manufacturing20,95723,00425,92628,52929,4856,7687,6748,058
Utilities1,4061,5041,6391,7411,869471515544
Construction5,5486,0176,9917,5868,9832,3162,4242,630
Commerce14,51015,72917,16118,71319,8355,1045,1625,228
Transport and communications9,90210,92812,10213,41314,5013,7913,9164,083
Financial and business services20,66323,40925,68427,63429,9057,9988,2788,515
Other services8,5629,30310,05510,62611,4553,0593,0223,120
Less: Imputed bank service charge-5,126-5,510-6,076-6,469-7,138-1,901-2,005-2,032
Add: Import duties706802701669672192159166
(Percentage change over corresponding period of previous year)
Gross domestic product6.210.410.58.87.04.18.210.1
Agriculture and fishing0.3-2.45.48.17.01.3-2.1-11.2
Quarrying-21.5-23.2-8.6-31.8-7.6-31.5-10.3-5.9
Manufacturing2.49.812.710.03.4-5.43.59.5
Utilities5.77.08.96.27.38.99.712.1
Construction21.78.416.28.518.49.611.813.4
Commerce3.98.49.19.06.02.98.08.6
Transport and communications6.110.410.710.88.18.09.610.8
Financial and business services6.813.39.77.68.210.511.411.6
Other services7.58.78.15.77.88.79.07.0
Less: Imputed bank service charge2.07.510.36.510.311.310.810.7
Add: Import duties14.413.6-12.6-4.60.42.114.41.8
Source: Data provided by the Singapore authorities.
Source: Data provided by the Singapore authorities.
Table 4.Singapore: National Saving, Capital Formation, and the Current Account, 1992-96
19921993199419951996
(In millions of Singapore dollars)
Gross national saving38,25942,31554,01960,55766,456
Government 1/8,73310,38313,58013,89815,785
Private sector and other29,52631,93240,43946,65950,671
CPF savings 2/5,4788075,3158,3866,532
Gross capital formation29,11335,51335,47340,10846,511
Gross fixed investment28,84332,95036,47140,30948,417
Public5,8806,4897,6397,6388,166
Private22,96326,46128,83232,67240,252
Increase in stocks2692,563-998-201-1,906
Current account balance9,1467,02218,54620,44819,944
Net exports of goods and nonfactor services8,5888,78318,47821,40920,421
Net factor income from abroad1,436-7921,1863011,143
Net transfers from abroad-878-969-1,118-1,262-1,620
(As percent of GDP)
Gross national saving47.344.949.850.050.1
Government 1/10.811.012.511.511.9
Private sector and other36.533.937.338.538.2
CPF savings 2/6.80.94.96.94.9
Gross capital formation36.037.732.733.135.1
Gross fixed investment35.635.033.633.336.5
Public7.36.97.06.36.2
Private28.428.126.627.030.3
Increase in stocks0.32.7-0.9-0.2-1.4
Current account balance11.37.517.116.915.0
Net exports of goods and nonfactor services10.69.317.017.715.4
Net factor income from abroad1.8-0.81.10.20.9
Net transfers from abroad-1.1-1.0-1.0-1.0-1.2
Memorandum item:
GDP80,94094,223108,505121,081132,629
Source: Data provided by the Singapore authorities.

The government’s current surplus (GFS basis) [calendar year figures estimated from fiscal year data.]

Change in amounts due to members.

Source: Data provided by the Singapore authorities.

The government’s current surplus (GFS basis) [calendar year figures estimated from fiscal year data.]

Change in amounts due to members.

Table 5.Singapore: Gross Fixed Investment at 1990 Market Prices, 1992-96
19921993199419951996
(In millions of Singapore dollars)
Gross fixed investment27,55230,80333,36836,37242,230
Gross fixed investment (public)5,4925,9017,0047,1727,371
Construction and works4,3184,9715,6575,8576,761
Residential buildings1,9182,5752,6042,5783,267
Nonresidential buildings1,0051,1051,4121,6001,680
Other construction and works1,3951,2911,6411,6791,814
Transport equipment27577924736
Machinery and equipment1,1478731,2681,067574
Gross fixed investment (private)22,06124,90326,36429,20034,859
Construction and works8,6018,96310,50612,09114,471
Residential buildings3,2583,7004,6475,8667,486
Nonresidential buildings5,1294,9375,5845,9806,432
Other construction and works213327275245553
Transport equipment4,6165,2704,2874,9746,575
Machinery and equipment8,84410,66911,57112,13513,813
(Percentage change over corresponding period of previous; year)
Gross fixed investment12.611.88.39.016.1
Gross fixed investment (public)3.67.418.72.42.8
Construction and works16.115.113.83.515.4
Transport equipment3.5113.539.1211.3-85.5
Machinery and equipment-26.3-23.945.2-15.8-46.1
Gross fixed investment (private)15.112.95.910.819.4
Construction and works30.14.217.215.119.7
Transport equipment11.114.2-18.716.032.2
Machinery and equipment5.320.68.54.913.8
Source: Data provided by the Singapore authorities.
Source: Data provided by the Singapore authorities.
Table 6.Singapore; Changes in Productivity and Earnings, 1992-97(Percentage change over corresponding period of previous year)
Q1Q2Q3
199219931994199519961997
Productivity, total economy2.96.95.83.60.7-1.42.13.5
Manufacturing2.911.811.26.63.4-3.55.310.3
Construction13.9-5.34.6-3.8-5.7-9.9-7.3-5.9
Commerce0.65.55.46.13.00.44.85.3
Transport and communications2.05.98.76.33.43.95.46.9
Financial and business services1.97.82.2-0.60.12.92.82.5
Average monthly earnings, total economy7.56.38.86.46.05.16.05.2
Manufacturing8.67.89.78.17.66.97.87.6
Construction13.75.58.94.12.1-0.2-0.20.4
Commerce8.16.38.17.15.43.94.95.1
Transport and communications7.34.58.16.07.45.99.54.8
Financial and business services4.05.76.76.25.46.76.26.1
Source: Administrative data provided by the Singapore authorities.
Source: Administrative data provided by the Singapore authorities.
Table 7.Singapore: Unit Labor Costs, 1992-97(Index 1988 = 100)
Q1Q2Q3
199219931994199519961997
Total economy
Average earnings 1/141.7150.7163.9174.3184.4191.4182.2185.8
(Percentage change)8.16.48.86.35.85.16.05.2
Average labor costs 2/146.8158.8173.6182.8190.4194.5183.7188.6
(Percentage change)6.78.29.35.34.23.44.13.2
Labor productivity114.9122.9130.0134.7135.6132.5137.4139.9
(Percentage change)2.96.95.83.60.7-1.42.13.5
Unit labor costs127.7129.2133.5135.7140.4146.8133.7134.8
(Percentage change)3.71.23.31.63.54.92.0-0.3
Manufacturing sector
Average earnings 1/151.1162.9178.8193.3207.9225.5206.2213.5
(Percentage change)8.67.89.88.17.66.97.87.6
Average labor costs 2/155.5168.4181.6190.7203.1218.7202.0206.7
(Percentage change)9.38.37.95.06.55.96.76.1
Labor productivity115.9129.5144.0153.5158.8148.1167.2175.5
(Percentage change)2.911.811.26.63.4-3.55.310.3
Unit labor costs134.2130.0126.1124.2127.9147.7120.8117.8
(Percentage change)6.3-3.1-3.0-1.53.09.71.3-3.8
Unit business costs122.2121.0120.2122.7125.6136.0122.3121.0
(Percentage change)3.0-1.0-0.72.12.45.60.7-1.4
Source: Administrative data provided by the Singapore authorities.

Refers to CPF contributors; from 1992 onwards, excludes the self-employed.

Derived as a residual.

Source: Administrative data provided by the Singapore authorities.

Refers to CPF contributors; from 1992 onwards, excludes the self-employed.

Derived as a residual.

Table 8.Singapore; Employment by Industry, 1992-96
19921993199419951996
(In thousands of persons)
Total labor force1,619.61,635.71,693.11,749.31,801.9
Total employment1,576.01,592.01,649.31,702.11,748.2
Agriculture, fishing, and quarrying5.54.25.24.53.7
Manufacturing434.1429.5422.5412.7406.3
Utilities8.07.58.55.77.2
Construction103.2102.1108.8113.9115.0
Commerce356.0363.6376.9347.8405.9
Transport and communications158.4166.8174.7182.8195.3
Financial and business services171.4173.4198.6248.2246.0
Other services339.2344.1353.6375.8367.7
Activities not adequately defined0.20.80.510.71.1
Memorandum item:
Population3,178.03,259.43,363.53,467.53,612.0
(In percent)
Unemployment rate (percent of the labor force)2.72.72.62.73.0
Labor force (percent of the population)51.050.250.350.449.9
Source: Household survey data provided by the Singapore authorities.
Source: Household survey data provided by the Singapore authorities.
Table 9.Singapore: Consumer Price Index, 1992-97
Q1Q2Q3
Weights199219931994199519961997
(Index, October 1992-September 1993 = 100)
All items100.0098.3100.5103.6105.4106.9108.1108.6109.6
Food29.9599.5100.3103.9106.2108.5110.4110.3111.0
Clothing6.0699.2100.3102.6104.1104.6105.7105.1104.9
Housing23.4197.4100.5101.8102.6103.1103.9104.5106.1
Transport and communication15.8398.5101.0107.8108.5108.9110.2112.6115.3
Education and stationary5.7397.3100.5103.0107.4110.6111.6111.6112.9
Health2.8097.4101.0104.2105.8108.3109.5111.5112.8
Miscellaneous16.6296.5100.5102.3104.8106.8107.1107.2106.3
(Percentage change over corresponding period of previous year)
All items100.002.32.33.11.81.41.71.82.3
Food29.951.30.83.52.32.32.82.01.7
Clothing6.062.21.22.21.50.50.7-0.31.1
Housing23.412.13.21.30.70.51.11.52.9
Transport and communication15.832.92.66.70.60.61.83.65.8
Education and stationary5.734.73.32.54.23.0L61.51.3
Health2.802.83.73.11.62.42.03.34.0
Miscellaneous16.623.14.11.82.41.90.90.4-0.5
Source: Data provided by the Singapore authorities.
Source: Data provided by the Singapore authorities.
Table 10.Singapore: Domestic Supply Price Index, 1992-97
Q1Q2Q3
Weights199219931994199519961997
(Index 1990 = 100)
All items100.0091.789.287.387.487.486.985.285.7
Food4.0796.593.495.596.7100.1101.0100.7102.1
Beverages and tobacco1.02108.1112.4113.6113.5114.1115.0115.0115.7
Crude materials1.3393.194.696.7101.5101.299.098.296.3
Mineral fuels21.1980.271.766.668.276.581.374.273.6
Animal and vegetable oils0.71118.3114.1138.2152.4133.9139.5139.9134.6
Chemicals and chemical products7.4794.791.890.090.989.088.988.988.7
Manufactured goods14.5795.493.893.596.994.892.492.392.6
Machinery and transport equipment39.0893.592.890.987.884.881.981.482.4
Miscellaneous manufactures10.6196.295.995.296.495.5
(Percentage change over corresponding period of previous year)
All items100.00-4.4-2.8-2.00.00.0-0.9-2.3-0.8
Source: Data provided by the Singapore authorities.
Source: Data provided by the Singapore authorities.
Table 11.Singapore; Property Price Index, 1992-97
Q1Q2Q3
199219931994199519961997
(End of period index, 1990 = 100)
All properties127.8169.6239.4266.5279.6270.0267.3256.0
Residential properties134.0182.3259.3286.0300.2289.1286.7274.2
Industrial properties127.1131.1172.7228.9254.3265.3259.6245.7
Commercial properties85.996.1126.6146.9148.3141.9138.7136.3
(Percentage change over corresponding period of previous year)
All properties12.732.741.211.34.9-2.3-8.4-10.7
Residential properties16.036.042.210.35.0-2.6-8.9-11.1
Industrial properties14.63.131.732.511.17.44.0-3.9
Commercial properties-14.411.931.716.01.0-4.6-7.7-9.9
Source: Data provided by the Singapore authorities.
Source: Data provided by the Singapore authorities.
Table 12.Singapore: Investment Incentives in Effect During 1997 (concluded)
Tax IncentivesDate IntroducedQualifying ActivitiesMinimum RequirementsTax Concessions
Pioneer status1959Eligible manufacturing and service activities.The project introduces technology, knowhow or skills into an industry which is substantially more advanced than that of the average level prevailing in that industry; and there are no companies in Singapore performing a similar activity.Exemption of 26 percent corporate tax on profits arising from pioneer activity. Tax relief period is 5-10 years.
Expansion incentive1967Eligible manufacturing and service activities.Minimum investment of S$10 million in new productive equipment and machinery (for manufacturing activities only).Exemption of 26 percent corporate tax on profits in 1 excess of pre-expansion level. Tax relief period of 1 up to 10 years with provision for extension.
Investment allowance incentive1979Eligible manufacturing and service activities; approved research and development activities; approved construction operations; approved projects for reducing consumption of water.Qualifying period of up to 5 years within which specified investments must be made.Exemption of taxable income of an amount equal to a specified proportion (up to 50 percent) of new investment in productive equipment.
Operational Headquarters(OHQ)1986Eligible headquarters operations.The Operational Headquarters should manage related companies outside Singapore. They must provide approved headquarters services to related overseas companies from Singapore.Income arising from the provision in Singapore of approved services will be taxed at 10 percent. Other income from overseas subsidiaries and associated companies may also be eligible for effective tax relief. Incentive will be up to 10 years with provision for extension.
Export of Services1987Eligible service activities.Services must be undertaken with respect to overseas projects from Singapore base. Minimum export levels of 20 percent of total revenue.90 percent of the qualifying export income in excess of predetermined base is exempted from tax. Tax relief period of up to 10 years with provision
Venture capital incentive1986Investment by eligible companies and individuals in approved new technology projects.Companies must be at least 50 percent owned by Singapore citizens or Singapore permanent residents, and incorporated and resident in Singapore for tax purposes. Individuals must be Singapore citizens or permanent residents.Losses incurred from the sale of shares, up to 1 100 percent of equity invested, can be set off against the investors’ other taxable income.
Overseas Enterprise Incentive1994Approved overseas investments and projectsCompanies must be at least 50 percent owned by Singapore citizens or Singapore permanent residents, and incorporated and resident in Singapore for tax purposes.Exemption of 26 percent corporate tax on qualifying income. Tax relief period is for up to 10 years.
Double deduction for overseas investment development expenditure1994Eligible manufacturing and service activitiesExpenditure incurred in approved feasibility studies and overseas project offices.Double deduction of qualifying expenditure against income.
Development and Expansion Incentive (replaced the Past-Pioneer Incentive)1996Eligible manufacturing and services activitiesCompanies must engage in new projects or expand or upgrade existing projects in Singapore. The new project or expansion/upgrading must generate significant economic spin-offs to the economy.Corporate tax rate of 13 percent on qualifying income above a predertermined base up to 10 years with provision for extension.
Source: Singapore, Economic Development Board.
Source: Singapore, Economic Development Board.
Table 13.Singapore: Annual Foreign Direct Investment Inflows by Industry, 1992-95 1/(In millions of Singapore dollars)
1992199319941995
Total inflows 2/2,098.06,106.010,870.19,661.8
Agriculture and fishing54.0-100.0-2.1-0.2
Quarrying33.35.03.5-4.4
Manufacturing-624.72,384.34,724.83,483.3
Construction-142.1-128.7132.5357.5
Commerce-627.71,179.42,347.8236.2
Transport and communications159.2439.9563.3119.7
Financial and business services3,244.12,336.83,199.05,440.8
Other services1.9-10.9-98.728.9
Source: Data provided by the Singapore authorities.

FDI inflows are equal to the change in the inward FDI stock.

Figures may not add up to the respective totals due to rounding.

Source: Data provided by the Singapore authorities.

FDI inflows are equal to the change in the inward FDI stock.

Figures may not add up to the respective totals due to rounding.

Table 14.Singapore: Summary of Government Operations, 1991/92-1997/98 1/(As percent of GDP)
BudgetActualBudgetActualBudget
1991/921992/931993/941994/951995/961996/971997/98
Total revenue29.130.633.033.134.033.131.735.136.0
Current revenue24.724.424.524.224.023.822.226.521.8
Tax revenue16.317.016.617.217.116.015.617.115.2
Investment income4.23.13.42.82.73.52.55.22.4
Other nontax revenue4.24.24.54.34.14.34.24.24.3
Capital revenue 2/4.36.28.58.910.09.39.58.614.1
Total expenditure and net lending20.117.717.218.925.520.321.924.526.9
Current expenditure14.312.710.610.311.810.410.911.410.6
Operating expenditure10.710.29.29.110.49.29.710.49.6
Debt servicing3.42.41.31.01.21.01.00.80.8
Agency fees on land sales0.10.10.00.10.10.10.10.10.1
Expenses on investment0.10.10.10.10.10.10.10.10.1
Development expenditure and net lending5.85.16.68.613.89.911.013.016.4
Development expenditure4.74.44.03.65.94.84.66.76.6
Net lending1.10.72.75.07.95.16.36.39.7
Fund transfers 3/0.01.81.51.01.11.20.52.50.4
Overall surplus/deficit (-)9.011.014.313.27.311.69.38.28.6
Primary operating surplus 4/5.06.57.88.64.96.15.24.03.0
Sources: Data provided by the Singapore authorities; and staff estimates.

Fiscal year runs from April 1 through March 31.

Sale of government property.

Includes transfers to the Edusave Endowment Fund, the Medical Endowment Fund, the CPF share ownership top-up scheme, CPF top-up scheme, and senior pensioners g Excludes one-time transfer to the Pension Fund for FY 1995/96.

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

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

Fiscal year runs from April 1 through March 31.

Sale of government property.

Includes transfers to the Edusave Endowment Fund, the Medical Endowment Fund, the CPF share ownership top-up scheme, CPF top-up scheme, and senior pensioners g Excludes one-time transfer to the Pension Fund for FY 1995/96.

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

Table 15.Singapore: Government Budget, 1991/92-1997/98 1/(In millions of Singapore dollars)
BudgetActualBudgetActualBudget
1991/921992/931993/941994/951995/961996/971997/98
Total revenue22,23625,60032,30736,68838,73641,18141,68447,73552,843
Current revenue18,92120,39923,94926,80727,34729,63229,25235,98732,089
Tax revenue12,46614,23716,22419,00019,54019,89620,45023,20522,352
Investment income3,2242,6273,2933,0933,0954,3773,3017,0573,485
Other nontax revenue3,2313,5354,4324,7144,7125,3595,5015,7256,252
Capital receipts3,3155,2018,3589,88111,38911,54912,43211,74820,754
Total expenditure and net lending15,34814,86216,87120,95529,12625,27428,76933,27839,559
Current expenditure 2/10,93410,62410,38211,40613,42512,94214,36015,54915,529
Operating expenditure8,1748,5129,00110,07211,83411,44912,79114,15914,100
Debt servicing2,6291,9801,2311,1361,3911,2241,2921,1141,128
Agency fees on land sales4045437175113117115108
Expenses on investment9187107127125156160161193
Development expenditure and net lending4,4144,2386,4899,54915,70112,33214,40917,72924,030
Development expenditure3,6013,6493,8953,9716,6735,9626,0909,1289,752
Net lending8135892,5945,5789,0286,3708,3198,60114,278
Fund transfers 3/01,5001,4421,1001,2331,4686553,366660
Overall surplus/deficit (-)6,8889,23813,99414,6338,37714,43912,26011,09112,624
Memorandum item:
Current budget surplus7,9879,77513,56715,40113,92216,69014,89220,43816,560
Primary operating surplus 4/3,7915,4797,6109,4735,5457,5756,7935,3674,451
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.

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.

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

Table 16.Singapore: Government Budget Financing, 1991/92-1996/97(In millions of Singapore dollars)
1991/921992/931993/941994/951995/961996/97
Overall surplus/deficit (-) 1/7,49311,33615,96116,42415,92912,819
Total financing-7,493-11,336-15,961-16,424-15,929-12,819
Domestic financing (net)-7,468-11,321-15,947-16,419-15,924-12,819
Banking system-2,373-4,556-4,708-7,343-5,956-3,574
MAS-2,044-4,839-4,364-9,396-6,739-7,775
Commercial banks-329283-3432,0537824,201
Nonbanks 2/-5,095-6,765-11,240-9,076-9,968-9,245
External financing (net)-25-15-14-5-50
Sources: Data provided by the Singapore authorities; and staff estimates.

Excluding government transfers that do not require financing.

Residual

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

Excluding government transfers that do not require financing.

Residual

Table 17.Singapore; Government Revenue, 1991/92-1997/98 1/(In millions of Singapore dollars)
BudgetActualBudgetActualBudget
1991/921992/931993/941994/951995/961996/971997/98
Total revenue22,23625,60032,30736,68838,73641,18141,68447,73552,843
Current revenue18,92220,39923,94926,80727,34829,63129,25235,98632,089
Tax revenue12,466143716,22419,00019,54119,89620,45123,20522,352
Taxes on net income and profits 2/5,3706,4327,2947,7488,6218,1458,7639,0739,270
Statutory boards’ contributions6667164415485026285861,877570
Taxes on assets1,3611,4981,6451,8441,7521,7571,6981,8231,740
Real estate1,3071,4761,6021,7981,7141,6951,6531,7541,670
Death and gift taxes542243463862456970
Taxes on goods and services3,7744,1724,8696,6956,7047,3557,5517,7868,439
Goods and services tax0001,5231,6261,6271,7991,7461,860
Selective excises on goods756786831788806868863900972
Tobacco8271767060130127141152
Liquor135159158164167170163164180
Petroleum products540556598554579568573595640
Selective taxes on services6927719149731,0211,1021,1301,2311,352
Entertainment duty131517755556
Betting and gambling taxes6437078399189691,0401,0631,1611,274
Tax on public utility and telephone bills355059484757626572
Motor vehicle taxes1,3801,5421,9351,9921,9222,1442,1491,9982,198
Other taxes on goods and services9471,0721,1881,4191,3291,6141,6101,9102,058
Import duties702746867771762740753767833
Liquor111123130139143148153167190
Petroleum products111000000
Tobacco265252272251218236211281293
Motor vehicles269310418376398350384315346
Other566146535544
Stamp duties5936731,1071,3941,2001,2711,1001,8781,500
Nontax revenue6,4566,1627,7257,8077,8079,7358,80112,7819,737
Fees and charges2,0632,3773,3943,7263,5663,8183,4593,7554,126
Investment income3,2242,6273,2933,0933,0954,3773,3017,0573,485
Other1,1691,1581,0389881,1461,5402,0411,9692,126
Capital revenue 3/3,3155,2018,3589,88111,38911,54912,43211,74820,754
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.

Sate 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.

Sate of government property.

Table 18.Singapore: Government Expenditure, 1991/92-1997/98 1/(In millions of Singapore dollars)
BudgetActualBudgetActualBudget
1991/921992/931993/941994/951995/961996/971997/98
Total expenditure and net lending15,34814,86216,87120,95529,12625,27428,76933,27839,559
Current expenditure10,93410,62410,38211,40613,42512,94214,36015,54915,529
Manpower (including defense’s manpower)2,0812,0552,1802,4832,8252,6782,9892,8903,371
Pensions28329931835900000
Defense outlays (military expenditure)3,1303,5013,5863,8665,1504,9175,3005,2755,611
Other purchases of goods and services7308459421,0511,2851,3071,5031,4311,660
Debt servicing2,6291,9801,2311,1361,3911,2241,2921,1141,128
Subsidies and transfers 2/1,9501,8121,9752,3132,5742,5472,9994,5633,458
Agency fees on land sales4045437175113117115108
Expenses on investment9187107127125156160161193
Development expenditure3,6013,6493,8953,9716,6735,9626,0909,1289,752
Acquisition of fixed capital assets and
purchases of land and intangible assets1,9001,7792,0792,1743,7193,1173,5016,5915,760
Capital transfers 3/1,7011,8701,8161,7972,9542,8452,5892,5373,992
Net lending8135892,5945,5789,0286,3708,3198,60114,278
Loans to statutory boards1,9962,2263,9657,17910,5049,21510,05010,90217,244
Repayments by statutory boards-1,183-1,637-1,371-1,601-1,476-2,845-1,731-2,301-2,966
Memorandum item:
Fund transfers 4/01,5001,4421,1001,2331,4686553,366660
Source: Data provided by the Singapore authorities.

The fiscal year runs from April 1 through 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 outlays on the MRT and capital grants to universities, etc.

Comprises transfers to the Edusave Endowment Fund, Medical Endowment Fund, and CPF Sotus; excludes one-time transfer to the Pension Fund for FY 1995/96.

Source: Data provided by the Singapore authorities.

The fiscal year runs from April 1 through 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 outlays on the MRT and capital grants to universities, etc.

Comprises transfers to the Edusave Endowment Fund, Medical Endowment Fund, and CPF Sotus; excludes one-time transfer to the Pension Fund for FY 1995/96.

Table 19.Singapore: Government Expenditure and Net Lending, Functional Classification, 1991/92-1997/98 1/(In millions of Singapore dollars)
BudgetActualBudgetActualBudget
1991/921992/931993/941994/951995/961996/971997/98
Education2,8172,5982,9033,2733,6583,4213,9763,7144,625
Current expenditure2,3572,0432,2102,4862,7142,6833,0352,9973,566
Capital expenditure4605556937879447389417171,059
Health6327707668721,3111,1371,1211,1531,214
Current expenditure491606637661797756818824965
Capital expenditure141164129211514381303329249
Other social and community services1,4951,2931,3951,3252,1372,4512,4552,5173,411
Current expenditure460508569689766757856873949
Capital expenditure1,0357858266361,3711,6941,5991,6441,802
Economic services 2/1,7641,9341,7412,2032,8712,8162,2742,7854,981
Current expenditure434447448599705729902947997
Capital expenditure1,3301,4871,2931,6042,1662,0871,3721,8383,984
Internal security and defense4,1254,5204,7035,0996,6586,3607,0987,0238,049
Current expenditure3,7284,1274,2714,6586,0405,7936,2856,2396,723
Capital expenditure3973934324416185678137841,326
General administration 3/6597471,0709121,8721,2261,9574,5952,230
Current expenditure421482548620812731895779899
Capital expenditure2382655222921,0604951,0623,8161,331
Unallocable, including interest payments 4/3,0432,4111,6991,6931,5911,4931,5692,8901,428
Total current expenditure10,93410,62410,38211,40613,42512,94214,36015,54915,528
Total capital expenditure3,6013,6493,8953,9716,6735,9626,0909,1289,752
Net lending8135892,5945,5789,0286,3708,3198,60114,278
Loans to statutory boards 5/1,9962,2263,9657,17910,5049,21510,05010,90217,244
Repayments by statutory boards-1,183-1,637-1,371-1,601-1,476-2,845-1,731-2,301-2,966
Total government expenditure and net lending15,34814,86216,87120,95529,12625,27428,76933,27839,559
Sources: Data provided by the Singapore authorities.

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 fees on land sales, and expenses on investment.

Includes lending to the HDB for the purchase of land.

Sources: Data provided by the Singapore authorities.

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 fees on land sales, and expenses on investment.

Includes lending to the HDB for the purchase of land.

Table 20.Singapore: Government Domestic Debt by Holders, 1991-96 1/(Amount outstanding at end of period; in millions of Singapore dollars)
199119921993199419951996
Government medium-term debt55,53062,28864,82070,34080,75888,841
Government bonds41,81056,36056,85156,50259,70267,854
Central provident fund32,12045,62044,62043,62045,12051,620
Commercial banks 2/6,4036,946
Post Office Savings Bank1,4291,604
Insurance companies1,3861,812
Other472129
Advance deposits 3/13,7205,9287,96913,83821,05620,987
Treasury bills and deposits3,4704,9404,9905,0005,7505,990
Commercial banks 2/3,3624,6414,7824,8875,6615,939
Other1082992081138951
Total domestic debt59,00067,22869,81075,34086,50894,831
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 21.Singapore: Revenue and Expenditure of Statutory Boards, 1990-96 1/(In millions of Singapore dollars)
Operating 2/Operating 2/
RevenueExpenditureSurplus
19909,8847,2442,640
199110,6837,7302,953
1992 3/9,0587,3851,673
19939,5117,3772,133
199411,4609,0912,369
199510,1238,7881,335
19967,8436,4371,406
Source: Economic Survey of Singapore.

Eight major statutory boards for 1993-95: Civil Aviation Authority of Singapore, Housing Development Board, JurongTown Corporation, Mass Rapid Transit Corporation, Port of Singapore Authority, Public Utilities Board, Sentosa Development Corporation, and Urban Redevelopment Authority in 1993 and 1994. In 1995, the Public Utilities Board is excluded following its corporatization. Also, with effect from September 1,1995, the Mass Rapid Transit Corporation was merged with Registry of Vehicles, Road and Transportation Division of Public Works Department and Land Transport Division of the Ministry of Communications to form Land Transport Authority. Consequently, the figures for Mass Rapid Transit Corporation cover only up to August 1995. Figures for Land Transport Rapid Transit Corporation cover only up to August 1995. Authority cover the period from September 1,1995. For 1990-92, includes in addition to the above, Singapore Broadcasting Corporation and Singapore Telecom.

Excludes debt service.

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

Source: Economic Survey of Singapore.

Eight major statutory boards for 1993-95: Civil Aviation Authority of Singapore, Housing Development Board, JurongTown Corporation, Mass Rapid Transit Corporation, Port of Singapore Authority, Public Utilities Board, Sentosa Development Corporation, and Urban Redevelopment Authority in 1993 and 1994. In 1995, the Public Utilities Board is excluded following its corporatization. Also, with effect from September 1,1995, the Mass Rapid Transit Corporation was merged with Registry of Vehicles, Road and Transportation Division of Public Works Department and Land Transport Division of the Ministry of Communications to form Land Transport Authority. Consequently, the figures for Mass Rapid Transit Corporation cover only up to August 1995. Figures for Land Transport Rapid Transit Corporation cover only up to August 1995. Authority cover the period from September 1,1995. For 1990-92, includes in addition to the above, Singapore Broadcasting Corporation and Singapore Telecom.

Excludes debt service.

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

Table 22.Singapore: Monetary Survey Summary, 1992-97
199219931994199519961997
Mar.Jun.Sep.
(In billions of Singapore dollars at end-period)
Net foreign assets68.476.281.886.290.395.194.593.0
Monetary authorities65.277.484.797.0107.4113.5115.2118.1
Deposit money banks 1/3.2-1.2-2.9-10.8-17.1-18.4-20.7-25.0
Domestic credit49.655.662.773.686.490.394.698.3
Claims on private sector68.979.391.4109.9127.3130.1133.7139.9
Claims on government (net)-19.2-23.7-28.7-36.3-40.9-39.8-39.0-41.7
Other items (net)-42.3-49.6-50.6-57.8-64.7-68.3-70.1-70.8
Broad money (M2)75.782.194.0102.0112.0117.0119.1120.5
Narrow money (Ml)18.522.923.425.327.028.528.228.0
Quasi-money57.259.270.676.684.988.690.892.5
(Twelve-month change, in percent)
Net foreign assets18.511.47.45.34.89.87.75.1
Domestic credit5.512.012.817.417.316.718.219.3
Claims on private sector9.815.215.320.315.814.012.113.9
Claims on government (net)-22.7-23.3-21.0-26.4-12.8-8.40.3-3.1
Narrow money (Ml)12.723.62.38.36.79.86.95.5
Broad money (M2)8.98.514.48.59.81L810.610.2
(Twelve-month change, in percent of broad money at beginning of period)
Net foreign assets15.410.36.94.64.08.16.34.1
Domestic credit3.77.98.711.612.512.313.514.5
Other assets (net)-10.2-9.7-1.1-7.8-6.7-8.7-9.2-8.4
Memorandum items:
Income velocity of M2 2/1.11.21.21.21.2
Money multiplier 3/5.65.66.06.06.26.06.56.5
12-month change in M3 (percent)8.210.915.910.18.510.610.110.6
12-month change in reserve money (percent10.68.46.29.46.714.23.84.8
Source: Data provided by the Singapore authorities.

Commercial banks and discount houses.

Ratio of annual GDP to average M2.

Ratio of M2 to reserve money.

Source: Data provided by the Singapore authorities.

Commercial banks and discount houses.

Ratio of annual GDP to average M2.

Ratio of M2 to reserve money.

Table 23.Singapore: Monetary Survey, 1992-97(In millions of Singapore dollars)
199219931994199519961997
Mar.Jun.Sep.
Net foreign assets68,39776,19681,83386,16490,26095,11594,49493,015
Monetary authorities65,19677,38684,73196,966107,405113,507115,167118,051
Foreign assets65,78877,86785,16697,337107,751113,848115,528118,436
Foreign liabilities592481435371346341361385
Deposit money banks3,201-1,190-2,898-10,802-17,145-18,392-20,673-25,036
Foreign assets51,64450,40256,95655,32160,30266,76468,23973,408
Foreign liabilities48,44351,59259,85466,12377,44785,15688,91298,444
Net domestic assets7,3325,93412,14815,80321,69121,92024,59527,528
Domestic credit49,62455,58362,69873,63886,36890,25394,64798,281
Claims on private sector68,85879,29091,383109,893127,280130,072133,691139,932
Claims on government (net)-19,234-23,707-28,685-36,255-40,912-39,819-39,044-41,651
Monetary authorities-25,077-30,080-35,669-44,471-51,554-54,513-55,841-58,471
Claims on government00000000
Government deposits25,07730,08035,66944,47151,55454,51355,84158,471
Deposit money banks5,8436,3736,9848,21610,64214,69416,79716,820
Claims on government11,58712,75813,56815,75417,53818,30518,22618,378
Government deposits5,7446,3856,5847,5386,8963,6111,4291,558
Other items (net)-42,293-49,649-50,550-57,835-64,677-68,333-70,052-70,753
Monetary authorities-26,595-32,645-33,494-35,463-37,670-39,620-41,022-40,990
Deposit money banks-15,698-17,004-17,056-22,372-27,007-28,713-29,030-29,763
Broad money (M2)75,72982,13093,981101,967111,951117,035119,089120,543
Narrow money (Ml)18,51622,88223,41225,34927,04028,46628,24128,013
Currency outside banks8,2798,9429,4209,90710,29310,72610,50810,311
Demand deposits10,23713,94013,99215,44316,74717,74117,73317,702
Quasi-money57,21359,24870,56976,61884,91188,56990,84892,530
Time, savings, and other deposits56,47258,41369,97375,80384,06687,75790,06091,842
S$NCDs741835596815845813788688
Memorandum item:
M3 1/91,082100,969117,035128,837139,845145,096147,768150,767
Source; Data provided by the Singapore authorities.

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

Source; Data provided by the Singapore authorities.

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

Table 24.Singapore: Assets and Liabilities of the Monetary Authority of Singapore, 1992-97
199219931994199519961997
Mar.Jun.Sep.
(In millions of Singapore dollars)
Assets65,79577,87585,17597,345107,759113,856115,536118,444
Foreign assets (gross)65,78877,86785,16697,337107,751113,848115,528118,436
Claims on private sector (gross)78988888
Liabilities65,79577,87585,17597,345107,759113,856115,536118,444
Reserve money13,53114,66915,57717,04018,18919,38218,31218,598
Currency outside banks 1/8,2798,9429,4209,90710,29310,72610,50810,311
Currency and deposits of banks5,2525,7276,1577,1347,8968,6577,8048,287
Foreign liabilities592481435371346341361385
Government deposits25,07730,08035,66944,47151,55454,51355,84158,471
Other liabilities (net)26,59532,64533,49435,46337,67039,62041,02240,990
(Change as percent of initial stock of reserve money)
Net foreign assets77.790.150.178.561.333.58.615.7
Government deposits40.137.038.156.541.616.36.914.4
Other items (net)27.044.75.812.613.010.77.2-0.2
Reserve money10.68.46.29.46.76.6-5.51.6
Source: Data provided by the Singapore authorities.

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

Source: Data provided by the Singapore authorities.

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

Table 25.Singapore: Assets and Liabilities of Commercial Banks, 1992-97(In millions of Singapore dollars)
199219931994199519961997
Mar.Jun.Sep.
Assets153,302170,250201,953224,579252,723265,871265,602284,865
Reserves5,3085,7776,1587,1617,9078,6517,8028,310
Cash543.1578.3593.5689811811766802
Balances with MAS4,7655,1995,5646,4727,0957,8407,0367,508
Foreign assets 1/51,64450,40256,95655,32160,30266,76468,23973,408
Claims on government11,58712,75813,56815,75417,53818,30518,22618,378
Claims on private sector 2/68,85179,28291,375109,885127,272130,064133,684139,924
Balances with local banks11,93617,40228,41130,92733,55535,50931,37136,839
S$NCDs held19918071105199193217217
Other assets 3/3,7784,4495,4145,4265,9516,3856,0637,789
Liabilities153,302170,250201,953224,579252,723265,871265,602284,865
Deposits of nonbanks66,70872,35383,96491,246100,813105,497107,793109,544
Demand deposits10,23613,94013,99115,44316,74717,74017,73317,702
Time and savings deposits 4/56,47258,41369,97375,80384,06687,75790,06091,842
Foreign liabilities 5/48,44351,59259,85466,12377,44785,15688,91298,444
Government deposits5,7446,3856,5847,5386,8963,6111,4291,558
Capital and reserves11,37913,29615,68518,90420,97722,26021,99823,043
Balances due to local banks11,86316,62725,12629,88134,32936,33332,23537,755
S$NCDs issued9401,0166679201,0431,0051,005905
Other liabilities 6/8,2268,98210,0739,96711,21812,00912,23013,616
Memorandum item: Annual percentage change in total assets/liabilities12.611.118.611.212.513.710.415.8
Source: Data provided by the Singapore authorities.

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 SSNCDs.

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.

Source: Data provided by the Singapore authorities.

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 SSNCDs.

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 26.Singapore: Interest Rate Structure, 1992-97(Percent per annum; end of period)
199219931994199519961997
Mar.Jun.Sep.
Commercial banks
Prime lending rate5.555.346.496.266.266.266.266.26
Fixed deposits (12 months)2.972.794.234.013.993.993.983.98
Finance companies
Loans for motor vehicles (3 years)7.807.177.516.375.715.705.705.90
Housing loans (15 years)6.646.487.056.956.816.826.826.83
Fixed deposits (12 months)3.243.254.524.013.983.854.044.01
Interbank rates
1-month2.003.383.882.382.943.503.633.94
3-month2.193.314.382.442.943.563.634.00
Commercial bills (3-month)1.502.252.251.502.881.753.253.38
Negotiable certificates of deposit (3-month)2.253.134.312.562.943.503.694.13
Government securities
Treasury bills (3-month)0.901.350.650.711.151.052.932.48
Bonds (5-year)3.782.933.912.752.893.083.403.59
Source: Data provided by the Singapore authorities.
Source: Data provided by the Singapore authorities.
Table 27.Singapore: Interest Rate Differentials, 1992-97(End-of-period; in percent per annum)
199219931994199519961997
Mar.Jun.Sep.
(1) 3-month interbank rate2.193.314.382.443.383.503.634.00
(2) 3-month SIBOR3.503.386.505.565.565.635.815.75
(3) Uncovered differential 1/-1.31-0.07-2.12-3.12-2.18-2.13-2.18-1.75
(4) Forward premium (+) or discount (-) on S$0.96-0.521.382.741.911.911.791.27
(5) Covered differential 2/-0.11-0.22-0.25-0.110.110.170.01-0.04
Source: Data provided by the Singapore authorities.

(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 cost of borrowing in the interbank market by about 1 percentage point when interbank rates are about 10 percent. The adjusted differentials are thus the calculated as (l)/(l-R)-(2)+(4), where R-0.10.

Source: Data provided by the Singapore authorities.

(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 cost of borrowing in the interbank market by about 1 percentage point when interbank rates are about 10 percent. The adjusted differentials are thus the calculated as (l)/(l-R)-(2)+(4), where R-0.10.

Table 28.Singapore: Banks’ Loans and Advances to Nonbank Customers by Industry, 1992-97
199219931994199519961997
Mar.Jun.Sep.
(In millions of Singapore dollars; at end of period)
Total69,13978,45490,974108,974126,988129,450132,965139,414
Agriculture, mining, and quarrying87106120159133218178239
Manufacturing8,3808,3538,85611,00312,24812,39812,35012,182
Building and construction 1/17,91123,11328,21334,19641,80442,92044,06247,411
General commerce17,18917,73319,44321,64423,93223,74924,97625,510
Transport, storage, and communication1,9401,8381,9022,1782,6192,9523,1933,253
Financial institutions11,25013,13313,64416,88919,44819,48819,38420,897
Professional and private individuals8,1369,35313,78616,89020,25621,05022,01322,766
Others4,2474,8275,0106,0166,5486,6766,8097,156
(Twelve-month change, in percent)
Total8.013.516.019.816.514.411.413.5
Agriculture, mining, and quarrying-10.822.013.633.0-16.647.69.818.1
Manufacturing3.2-0.36.024.211.35.94.92.4
Building and construction 1/15.029.022.121.222.219.313.915.8
General commerce9.53.29.611.310.69.39.610.6
Transport, storage, and communication6.8-5.33.514.520.226.730.620.7
Financial institutions9.016.73.923.815.213.46.414.0
Professional and private individuals-1.915.047.422.519.916.215.918.2
Others3.813.73.820.18.811.68.010.1
Source: Data provided by the Singapore authorities.

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

Source: Data provided by the Singapore authorities.

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

Table 29.Singapore: Operations of Nonbank Financial Institutions, 1992-97(In millions of Singapore dollars, at end of period)
199219931994199519961997
Mar.Jun.Sep.
Finance companies
Total assets/liabilities13,20814,99418,99821,13621,18920,57721,05521,465
Loans and advances9,56411,51714,70916,25216,76316,91117,37917,847
Deposits9,55110,56813,79015,41815,07214,42014,86015,167
Merchant banks 1/
Total assets/liabilities5,9846,8596,7007,2457,4977,8697,7588,314
Amounts due from banks3,8934,5594,7885,1925,3395,5305,4365,920
Loans and advances to nonbanks1,3351,3981,1311,2951,2471,2501,2551,273
Amounts due to banks1,3181,3051,3761,5201,7201,8421,7831,873
Borrowings from nonbanks1,2091,1851,2291,3251,1941,1901,1631,094
Post Office Savings Bank
Liabilities
Total depositors’ balances18,12720,31020,26922,33624,89825,04025,16224,836
Assets
Term loans3,1753,2325,4066,3477,3828,0698,3519,552
Fixed deposits10,83210,8229,1318,82110,30810,37810,2688,773
Government securities1,8532,3032,3792,7222,9392,8172,4452,396
Source: Data provided by the Singapore authorities.

Excludes Asian dollar market operations.

Source: Data provided by the Singapore authorities.

Excludes Asian dollar market operations.

Table 30.Singapore: Financial Operations of the Central Provident Fund, 1992-97(In millions of Singapore dollars)
199219931994199519961997 (unaudited)
Q1Q2Q3
Excess of contributions over withdrawals3,615-5173,9876,2834,0932,348223644
Contributions9,02810,42711,27913,53614,6234,9053,3633,572
Withdrawals (net of refunds)5,41310,9447,2927,25310,5302,5573,1402,928
Public housing2,1391,8221,8752,7823,000774855902
Residential properties1,4751,6881,6261,8092,059503589602
Reached 55 years of age 1/7739281,0791,1121,205239305266
Leaving Singapore and Malaysia 2/1611782022413108210087
Death73738488109253231
Medisave scheme238250276296316798689
Others 3/5546,0052,1509253,5318551,173951
Interest earnings from investments1,9431,3881,3972,1992,553675694709
Interest credited to members balances1,8681,3301,3372,1162,453659672677
Increase in members balances5,4788075,3158,3866,5323,0018891,315
Members balances, end-period51,52752,33457,64966,03572,56775,56876,45777,772
Advance deposits with MAS 4/6,0581,7834,6178,1858,0763,0156321,255
Holdings of government securities, end-period 5/45,62044,62043,62045,12051,62051,62051,62057,120
Source: Data provided by the Singapore authorities.

Includes first and subsequent withdrawals.

Includes Malaysians leaving Singapore permanently.

Excludes Government and Capping refunds, Self-Employed and Small Families Improvement Scheme refunds.

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

Excludes advance deposits with MAS.

Source: Data provided by the Singapore authorities.

Includes first and subsequent withdrawals.

Includes Malaysians leaving Singapore permanently.

Excludes Government and Capping refunds, Self-Employed and Small Families Improvement Scheme refunds.

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

Excludes advance deposits with MAS.

Table 31.Singapore: Operations of Asian Currency Units, 1992-97(In millions of U.S. dollars, at end of period)
199219931994199519961997
Mar.Jun.Sep.
Total assets355,379386,103416,345478,233506,870531,554560,244559,704
Loans to nonbanks134,184136,857145,823173,265180,506177,129187,580182,615
Interbank funds194,758214,277234,339258,770278,743304,358319,919322,229
In Singapore9,72612,71717,10718,59222,35723,95627,35129,483
Inter-ACU26,74031,71436,35739,67040,23748,97148,33150,845
Outside Singapore158,291169,846180,875200,509216,149231,432244,238241,902
Other assets26,43734,96936,18446,19847,62250,06752,74554,860
Total liabilities355,379386,103416,345478,233506,870531,554560,244559,704
Deposits of nonbanks63,61262,66965,78880,60495,374102,891107,052109,426
Interbank funds279,821308,940333,538376,107389,470406,899429,983421,164
In Singapore18,19518,50222,67625,13425,25730,38732,85833,647
Inter-ACU26,74231,71736,35439,67040,24348,97248,34150,861
Outside Singapore234,885258,721274,507311,303323,969327,540348,783336,656
Other liabilities11,94514,49417,02021,52322,02721,76423,20929,115
Memorandum item: Annual percentage change in total assets/liabilities-0.78.67.814.96.011.015.512.6
Source: Data provided by the Singapore authorities.
Source: Data provided by the Singapore authorities.
Table 32.Singapore: Net Funds Raised in the Domestic Capital Market, 1992-97(In millions of Singapore dollars)
199219931994199519961997
Q1Q2Q3
Total11,57414,36613,17915,86615,5585,1802,5493,716
Net funds raised by government6,7582,5395,51910,41810,0973,3493071,285
Gross issue of securities17,7003,2603,7507,20012,15001,6307,980
Redemptions-3,150-2,768-4,100-4,000-3,9980-1,958-2,450
Government holdings of government securities060031230
Conversion of accumulated advance deposits-14,00000-3,000-8,00000-7,000
New advance deposits6,2082,0415,86910,2189,9423,3376322,755
New capital raised by private sector2,4358,1684,7331,6813,1515441,2031,704
Public share issues5155,8321,400645906321394392
Rights issues1,1511,3522,0505721,1551232121,234
Private placements7699841,2834641,09010059778
Private debt securities issued2,3813,6592,9273,7672,3101,2871,039727
Listed securities 1/1,2591,5186441,695590130404330
Unlisted securities 2/1,1222,1412,2832,0721,7201,157635397
Source: Data provided by the Singapore authorities.

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

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

Source: Data provided by the Singapore authorities.

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

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

Table 33.Singapore: Stock Market Indicators, 1992-97(End-period data)
199219931994199519961997
Q1Q2Q3
Strait Times Industrial Index1,5242,4262,2402,2672,2172,0731,9881,955
(Annual percentage change)(2.2)(59.1)-(7.7)(1.2)-(2.2)-(13.2)-(13.4)-(10.2)
Number of listed companies217238275297323334347352
(In millions of Singapore dollars)
Turnover30,768134,299129,46997,42388,85533,04223,04333,404
(In percent of market capitalization)(29.4)(55.2)(48.8)(33.3)(29.5)(9.2)(6.4)(9.1)
Market capitalization104,496243,255265,330292,481301,643357,761360,142368,477
(In percent of GDP)(129.0)(258.1)(244.5)(241.6)(227.4)
Main board103,463239,422262,102288,303297,184352,064354,851363,193
SESDAQ1,0333,8333,2284,1794,4605,6975,2915,284
Source: Data provided by the Singapore authorities.
Source: Data provided by the Singapore authorities.
Table 34.Singapore: Balance of Payments Summary in U.S. Dollars, 1992-97 1/(In millions of U.S. dollars)
QlQ2Q3
199219931994199519961997
Current account balance5,6154,34612,14214,42714,1452,9634,3223,587
Balance on goods and services6,1544,94512,87415,31715,2943,2794,6553,915
Trade balance-3,909-4,939-1,048-1,309-529-94148-929
Exports of goods, f.o.b.63,95775,10794,984115,473122,52428,86731,30331,440
Imports of goods, f.o.b.67,86680,04696,032116,782123,05429,80831,25532,369
Balance on services10,0629,88513,92216,62515,8234,2194,6074,844
Exports of services26,75829,35036,32043,71945,59211,65612,52212,485
Of which: Investment income8,0587,9429,65510,77211,9973,2293,5873,401
Imports of services16,69619,46522,39827,09329,7697,4377,9157,640
Of which: Investment income6,4937,7037,9579,45610,0312,4882,6552,628
Current transfers, net-539-600-732-890-1,149-315-333-327
Capital account balance (including errors and omissions)4993,176-7,362-5,838-6,7641,321-3,152-1,636
Capital account balance1,793-1,081-11,429-2,445-1,403-4,9309862,848
Errors and omissions-1,2944,2564,068-3,392-5,3616,252-4,138-4,485
Counterpart item 2/-3629535,0371,929771-2,468827-5,285
Overall balance 3/5,7528,4759,81710,5188,1521,8171,997-3334
Official reserves (end-period stock) 4/39,88548,36058,17768,69576,84778,66480,66177,327
SDRs6878354961626668
Reserve position in the Fund156216252297294276270260
Foreign exchange39,66148,06657,89068,34976,49178,32780,2576,999
Memorandum items:
Current account balance (as percent of GDP)11.37.417.116.915.0
Official reserves (in months of imports, f.o.b.)7.17.27.37.17.57.77.97.4
Exchange rate (period average)1.62901.61581.52741.41741.41001.42041.43481.4880
(End of period)1.64491.60801.46071.41431.39981.44511.43001.5295
Sources: Data provided by the Singapore authorities; and the Economic Survey of Singapore.

Data are calculated using the period average exchange rate, except for official reserves, counterpart item, and overall balance.

Counterpart to valuation changes in official reserves; calculated as residual.

Defined as the change in the stock of official reserves.

Consistent with the data published in the International Financial Statistics.

Sources: Data provided by the Singapore authorities; and the Economic Survey of Singapore.

Data are calculated using the period average exchange rate, except for official reserves, counterpart item, and overall balance.

Counterpart to valuation changes in official reserves; calculated as residual.

Defined as the change in the stock of official reserves.

Consistent with the data published in the International Financial Statistics.

Table 35.Singapore: Domestic Exports by Commodity, 1992-97(In millions of Singapore dollars)
Q1Q2Q3
199219931994199519961997
Total66,33775,39488,53398,473103,58924,58126,87927,352
Oil13,40914,55713,98513,72116,5514,0384,3133,754
Non-oil52,92860,83774,54884,75187,03820,54322,56623,598
Food, beverages, and tobacco1,6261,5971,6981,6801,752398394425
Chemicals and chemical products4,1744,4644,6965,6215,6261,4661,4961,760
Manufactured goods2,1902,4432,7312,9242,844667743755
Office machinery18,06522,08327,96133,50437,4158,9329,76210,070
Industrial and nonelectrical machinery2,2862,3402,7353,0573,240794884896
Telecommunication apparatus5,9756,9379,0668,7587,4551,4501,5811,637
Electrical machinery and generators9,88411,97616,79720,01020,4234,8945,5165,791
Ships and other transport equipment1,0161,4371,2151,096967226221206
Miscellaneous manufactured articles5,2354,9875,2085,3325,1761,2581,4821,589
Others2,4772,5732,4412,7692,140458487469
Sources: Data provided by the Singapore authorities; and the Economic Survey of Singapore.
Sources: Data provided by the Singapore authorities; and the Economic Survey of Singapore.
Table 36.Singapore: Exports of Electronics, 1994-97(In millions of Singapore dollars)
Q1Q2Q3
1994199519961997
Total exports of electronics74,32888,75794,25722,09624,46525,629
United States21,34525,04527,1115,8636,9387,627
Malaysia11,94213,71113,8203,1613,4973,593
European Union (16)14,23916,54317,0214,3934,3514,706
Japan4,7797,2987,9221,6981,8251,666
Domestic exports51,03959,34261,87214,39015,85816,418
United States17,76920,67522,3024,8815,6886,273
Malaysia6,9616,8996,6981,6081,7831,712
European Union (16)10,93612,52913,0043,4943,3403,428
Japan3,6275,5045,7181,0561,1381,058
Re-exports23,28929,41532,3857,7068,6079,211
United States3,5764,3704,8099821,2501,354
Malaysia4,9816,8127,1221,5531,7141,881
European Union (16)3,3034,0144,0178991,0111,278
Japan1,1521,7942,204642687608
Domestic exports51,03959,34261,87214,39015,85816,418
Electronic components11,69014,66815,1113,6674,1484,335
Disk drives11,13113,50916,5574,1644,6154,275
PCs3,5424,1213,764769766904
Source: Data provided by the Singapore authorities.
Source: Data provided by the Singapore authorities.
Table 37.Singapore: Direction of Exports, 1992-97 1/, 2/
Q1Q2Q3
199219931994199519961997
(In millions of Singapore dollars)
Total103,351119,473147,327167,515176,27242,12045,98747,794
Southeast Asia24,09929,72344,19050,81451,62312,30513,06513,393
Malaysia12,92516,94229,09032,12531,7437,4858,3488,474
Thailand6,4426,8058,1869,67210,0062,2732,2262,159
Philippines1,3172,2142,4112,7333,2389641,0421,164
Brunei1,0801,0251,2462,0772,412519407646
Other2,3352,7373,2574,2074,2241,0641,042950
Northeast Asia24,33430,39636,23142,85447,38511,48213,25012,640
Japan7,8578,92110,34313,06614,4553,1053,2913,266
Hong Kong, SAR8,08110,36412,81414,35215,6873,7365,1264,377
Taiwan Province of China4,1884,6415,9406,8226,8701,8432,0222,219
China1,8113,0683,2073,9114,7841,2731,5081,418
Korea, Republic of2,3253,3263,8714,5975,3531,4581,2671,322
Other727656106236673638
South Asia3,7873,3373,8614,7545,0671,2491,2831,347
Middle East2,9652,6982,6212,7512,851720712731
Oceania3,7913,8674,7365,0555,3761,3211,4461,463
Western Europe17,43118,93021,15623,70124,2396,1896,1526,676
Germany4,3894,7475,2305,6665,4131,3291,2481,332
United Kingdom3,0033,5753,9854,3524,9841,4321,5631,470
France1,5831,7591,9992,8523,467869780902
Netherlands3,2173,1003,9314,4614,0739309641,137
Italy1,0651,0531,0501,091716186180173
Switzerland661705785567564617065
Other3,5133,9914,1764,7125,0221,3821,3471,597
North America22,56025,09228,57331,39133,0847,2328,4599,678
United States21,77924,29227,63730,54732,4467,0968,3079,504
Other781800936844638136152174
Rest of the world4,3845,4305,9596,1956,6471,6221,6201,866
(In percent of total exports)
Southeast Asia23.324.930.030.329.329.228.428.0
Northeast Asia23.525.424.625.626.927.328.826.4
South Asia3.72.82.62.82.93.02.82.8
Middle East2.92.31.81.61.61.71.51.5
Oceania3.73.23.23.03.03.13.13.1
Western Europe16.915.814.414.113.814.713.414.0
North America21.821.019.418.718.817.218.420.2
Rest of the world4.24.54.03.73.83.93.53.9
Source: Data provided by the Singapore authorities.

Grouping of countries conforms to official Singapore presentation.

The term “country,” as used in this table, 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 data are maintained and provided internationally on a separate and independent basis.

Source: Data provided by the Singapore authorities.

Grouping of countries conforms to official Singapore presentation.

The term “country,” as used in this table, 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 data are maintained and provided internationally on a separate and independent basis.

Table 38.Singapore: Direction of Imports, 1992-97 1/, 2/
Q1Q2Q3
199219931994199519961997
(In millions of Singapore dollars)
Total117,530137,603156,396176,313185,18345,15248,04551,502
Southeast Asia23,32630,29235,53939,26841,15310,40910,83811,433
Malaysia17,28722,67025,60027,28527,8086,8707,2617,853
Thailand4,3655,6767,4719,09710,1172,6272,5142,444
Other1,6741,9462,4682,8863,2289121,0631,136
Northeast Asia40,61148,22656,13163,75159,59213,91815,45416,567
Japan24,75330,11134,42237,28833,6177,5508,5449,114
Hong Kong, SAR3,5874,3395,2855,8215,9221,2241,4711,582
Taiwan Province of China4,7215,4586,0187,2517,4211,7222,0522,147
China3,66g3,8774,4125,7306,2591,6521,9552,293
Korea, Republic of3,8694,4295,9867,6526,3621,7671,4281,425
Other13128911346
South Asia1,1071,3121,4541,5141,658464413470
Middle East9,77910,00710,01211,39914,6903,9613,9513,596
Oceania2,3592,7412,7442,9103,231649792800
Western Europe17,75419,18022,97626,63530,0837,1397,4228,007
Germany3,8394,2035,2706,1276,7601,5351,5971,734
United Kingdom3,2813,5934,3264,6875,0671,2771,4611,366
France2,9273,1313,3183,9645,2501,3951,1031,291
Italy2,0881,8322,2092,5103,188636686856
Other5,6196,4217,8539,3479,8182,2962,5752,760
North America19,88122,90924,55227,28231,2177,7978,0419,386
United States19,34122,36023,90226,47030,2567,5657,7679,048
Other540549650812961232274338
Rest of the world2,7132,9362,9883,5543,5598151,1341,243
(In percent of total exports)
Southeast Asia19.822.022.722.322.223.122.622.2
Northeast Asia34.635.035.936.232.230.832.232.2
South Asia0.91.00.90.90.91.00.90.9
Middle East8.37.36.46.57.98.88.27.0
Oceania2.02.01.81.71.71.41.61.6
Western Europe15.113.914.715.116.215.815.415.5
North America16.916.615.715.516.917.316.718.2
Rest of the world2.32.11.92.01.91.82.42.4
Source: Data provided by the Singapore authorities.

Grouping of countries conforms to official Singapore presentation.

The term “country,” as used in this table, does not in all oases 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 data are maintained and provided internationally on a separate and independent basis.

Source: Data provided by the Singapore authorities.

Grouping of countries conforms to official Singapore presentation.

The term “country,” as used in this table, does not in all oases 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 data are maintained and provided internationally on a separate and independent basis.

Table 39.Singapore: Structure of Imports, 1992-97(In millions of Singapore dollars)
Q1Q2Q3
199219931994199519961997
Total imports117,530137,603156,396176,313185,18345,15248,04551,511
Retained imports88,675102,888109,118120,628126,02330,94332,62734,830
Food products3,5093,7083,5283,5543,776890962979
Beverages and tobacco432502493473633126172133
Crude materials (inedible)9201,029970967980237246270
Mineral fuels14,91914,87113,71914,09417,1564,6624,7824,236
Animal and vegetable oils744697431404325808894
Chemicals6,8057,0477,1207,8567,5101,6931,8652,097
Manufactured goods11,25911,93411,72813,39312,8082,9633,3153,892
Iron and steel2,5502,7362,5613,1733,008718777906
Metal manufactures1,9512,1702,1282,3252,438570663745
Machinery and transport equipment41,10752,65159,16666,77968,37316,38217,22618,996
Power generators2,7753,2553,1512,9882,710590723716
Telecommunication apparatus4,7697,0346,5376,0234,5731,1731,2621,282
Motor vehicles2,0642,3742,4842,8162,467552590458
Ships and aircraft3,6944,3993,6763,9786,8631,7771,3641,729
Miscellaneous manufactures8,2469,55610,63611,73713,1473,2543,5103,641
Others7348931,3271,3711,315656461492
Entrepot imports28,85534,71547,27855,68559,16014,20915,41816,681
Source: Data provided by the Singapore authorities.
Source: Data provided by the Singapore authorities.
Table 40.Singapore: Entrepot Trade by Commodity, 1992-97(In millions of Singapore dollars)
Q1Q2Q3
199219931994199519961997
Total
Entrepot imports 1/28,85534,71547,27855,68559,16014,20915,41816,681
Re-exports37,01444,07958,79469,04272,68317,52719,10820,460
Rubber
Entrepot imports849683698794656132120109
Re-exports917738754858708143130118
Lumber
Entrepot imports281261227194156404449
Re-exports353329287246199505762
Spices
Entrepot imports8779114181138425493
Re-exports96871262001534660103
Coffee
Entrepot imports94112415315109252831
Re-exports103123458347120273134
Tin
Entrepot imports73665334
Re-exports84776445
Other food
Entrepot imports1,3191,3181,4611,4921,379322310285
Re-exports1,6231,6231,7891,8111,661391375346
Beverages and tobacco
Entrepot imports1,3301,6401,7031,5851,873523410514
Re-exports1,5081,8721,9191,7902,138598469587
Other crude material (inedible)
Entrepot imports45251957660348110610499
Re-exports543635697715579126124121
Mineral fuels
Entrepot imports8147711241605510767
Re-exports10155891371786111575
Animal and vegetable oils
Entrepot imports143139218351200324546
Re-exports163155239385221364849
Chemicals
Entrepot imports2,0882,6203,0563,5863,482828944940
Re-exports2,5583,1993,7224,3794,2591,0141,1501,148
Manufactured goods
Entrepot imports4,1744,5025,1766,4846,0821,4041,6291,683
Re-exports4,9255,3136,1257,6907,2281,6711,9382,010
Machinery and transport
Entrepot imports15,37919,59029,65035,66339,5689,50310,42211,253
Re-exports18,60123,55735,12842,25745,97411,03412,18713,044
Others
Entrepot imports4,7175,5206,3496,8477,8071,9952,0702,335
Re-exports5,5156,3897,4548,2209,2592,3262,4202,758
Source: Data provided by the Singapore authorities.

Total entrepot imports may differ from the sum of the components, as a result of statistical adjustment.

Source: Data provided by the Singapore authorities.

Total entrepot imports may differ from the sum of the components, as a result of statistical adjustment.

Table 41.Singapore: External Trade-Volumes and Values, 1992-97
Q1Q2Q3
199219931994199519961997
(In millions of Singapore dollars)
Volume (at 1990 prices)
Exports114,669134,884172,095199,736214,29751,92357,50659,353
Domestic exports76,03588,718109,986125,766133,79931,94035,56736,177
Oil17,34120,03622,23022,18823,1055,3776,3795,729
Non-oil58,69468,68287,756103,578110,69426,56329,18830,448
Re-exports38,63446,16662,10973,97080,49819,98321,93923,176
Imports125,633149,462171,388194,986208,75751,86656,06059,319
Value (at current prices)
Exports103,351119,473147,327167,515176,27242,12045,98747,794
Domestic exports66,33775,39488,53498,472103,59024,58126,87927,352
Oil13,40914,55713,98513,72216,5514,0384,3133,753
Non-oil52,92860,83774,54984,75087,03920,54322,56623,599
Re-exports37,01444,07958,79369,04372,68217,53919,10820,442
Imports117,530137,603156,396176,313185,18345,15248,04551,502
(Index 1990 = 100)
Export unit value 1/90.188.685.683.982.381.180.080.5
Import unit value 1/93.692.191.390.488.787.185.786.8
Implicit terms of trade96.396.293.892.892.793.293.392.7
(Percentage change over corresponding period of previous year)
Volume (at 1990 prices)
Exports7.217.627.616.17.3-0.38.810.5
Domestic exports7.816.724.014.36.4-2.45.99.3
Oil-11.015.511.0-0.24.140.53.63.3
Non-oil15.017.027.818.06.9-0.66.510.6
Re-exports5.919.534.519.18.83.313.912.5
Imports6.519.014.713.87.10.48.416.3
Value (at current prices)
Exports1.415.623.313.75.2-2.85.98.7
Domestic exports0.513.717.411.25.2-4.13.87.5
Oil-22.08.6-3.9-1.920.6431.0-2.5
Non-oil8.414.922.513.72.7-4.14.49.3
Re-exports3.319.133.417.45.3-0.89.110.4
Imports2.917.113.712.75.0-2.24.614.6
Export unit value-5.3-1.7-3.3-2.0-1.9-2.5-2.6-1.6
Import unit value-3.4-1.6-0.9-0.9-1.9-2.6-3.5-1.4
Implicit terms of trade-2.0-0.1-2.5-1.10.00.00.9-0.2
Sources: Data provided by the Singapore authorities; and the Economic Survey of Singapore.

Calculated as residuals.

Sources: Data provided by the Singapore authorities; and the Economic Survey of Singapore.

Calculated as residuals.

Table 42.Singapore: Disaggregated Trade Data, 1992-97 1/, 2/(In millions of Singapore dollars)
Q1Q2Q3
199219931994199519961997
Total exports
Value103,351119,473147,327167,515176,27242,12045,98747,794
Price88.486.482.981.580.780.078.778.4
Volume122.8145.2186.7215.9229.455.361.464.0
Mineral fuels
Value13,51014,61214,07513,85816,7284,0994,4283,829
Price77.572.962.961.971.875.067.765.7
Volume100.8115.9129.4129.4134.731.637.833.7
Manufactured goods
Value7,1157,7568,85610,61410,0722,3382,6812,751
Price93.692.090.491.490.388.588.388.9
Volume114.3126.8147.3174.6167.739.745.746.5
Machinery and equipment
Value56,94069,64194,199110,007116,26227,44830,26631,729
Price89.287.783.679.776.575.375.275.3
Volume133.7166.4236.1289.2318.476.484.388.3
Other exports
Value25,78627,46430,19733,03633,2108,2358,6129,485
Price93.392.194.396.993.391.391.391.2
Volume117.5126.7136.1144.9151.338.340.144.2
Total Imports
Value117,530137,603156,396176,313185,18345,15248,04551,502
Price93.591.690.790.689.688.486.987.6
Volume114.5136.8157.0177.2188.246.550.453.5
Mineral fuels
Value14,98714,91213,78814,20417,3134,7174,8894,302
Price81.371.967.769.577.482.274.474.6
Volume105.9119.2117.1117.5128.633.037.833.1
Nonfuel imports
Value102,543122,691142,608162,109167,87040,43543,15647,200
Price95.995.395.094.691.989.689.390.1
Volume115.7139.3162.4185.4197.748.852.356.7
Sources; Data provided by the Singapore authorities; and the Economic Survey of Singapore.

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

Volumes in this table are calculated as residuals.

Sources; Data provided by the Singapore authorities; and the Economic Survey of Singapore.

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

Volumes in this table are calculated as residuals.

Table 43.Singapore: Services Account, 1992-97(In millions of Singapore dollars)
Q1Q2Q3
199219931994199519961997
Balance on services16,39115,97221,26523,56522,3105,9936,6107,208
Investment income2,5493852,5931,8662,7721,0521,3371,149
Others13,84215,58718,67221,69919,5384,9415,2736,059
Shipment-2,247-2,602-2,621-3,209-3,324-817-914-969
Travel4,9525,2675,0424,7212,551565217281
Official transactions45212732-6113
Other transportation and services nec11,13412,91716,23020,16020,2795,1995,9596,744
Services receipts43,58947,42355,47561,96764,28516,55617,96618,577
Investment income13,12712,83214,74715,26916,9164,5865,1475,060
Others30,46134,59140,72846,69847,36911,97012,81913,517
Shipment3,1613,6394,4815,0945,3641,2821,3981,453
Travel9,04610,12110,99711,84611,1462,7422,5612,587
Official transactions169173171173176444444
Other transportation and services nec18,08520,65825,07929,58530,6837,9028,8169,433
Services payments27,19731,45134,21038,40241,97510,56311,35611,369
Investment income10,57812,44712,15413,40314,1443,5343,8103,911
Others16,61919,00422,05624,99927,8317,0297,5467,458
Shipment5,4086,2417,1028,3038,6882,0992,3122,422
Travel4,0944,8545,9557,1258,5952,1772,3442,306
Official transactions166168150146144503341
Other transportation and services nec6,9517,7418,8499,42510,4042,7032,8572,689
Sources: Data provided hy the Singapore authorities; and the Economic Survey of Singapore.
Sources: Data provided hy the Singapore authorities; and the Economic Survey of Singapore.
Table 44.Singapore: Transfer Payments, 1992-97(In millions of Singapore dollars)
Q1Q2Q3
199219931994199519961997
Net transfer payments-878-969-1,118-1,262-1,620-448-478-487
Private-660-783-914-1,034-1,375-374-405-415
Inflow311275286350326818181
Outflow9711,0571,2001,3841,702455486496
Official-218-186-204-228-245-74-73-72
Inflow1010999222
Outflow228196213237254767574
Sources: Data provided by the Singapore authorities; and the Economic Survey of Singapore.
Sources: Data provided by the Singapore authorities; and the Economic Survey of Singapore.
Table 45.Singapore: Financial and Capital Account, 1992-97(In millions of Singapore dollars)
Q1Q2Q3
199219931994199519961997
Capital account balance (including errors and omissions)8145,132-11,244-8,274-9,5371,876-4,522-2,435
Capital account balance2,922-1,746-17,457-3,465-1,978-7,0041,4154,238
Direct investment (net)1,4464,3077,0605,9846,5406941,5033,216
Inflow3,5917,57212,78111,63613,311
Outflow-2,145-3,265-5,721-5,652-6,771
Portfolio investment (net)4,056-8,024-16,606-11,634-12,730-3,640-3,651-3,782
Assets1,778-12,657-16,780-11,700-14,503
Liabilities2,2784,633174661,773
Equity securities2,2784,4582581401,802
Other investment (net)-2,5801,971-7,9112,1854,212-4,0583,5634,804
Assets-10,889-11,478-16,940-11,682-15,847
Liabilities8,30913,4499,02913,86720,059
Net errors and omissions-2,1086,8786,2144,809-7,5598,880-5,937-6,673
Reserve assets-9,959-12,154-7,302-12,174-10,407-6,086-1,680-2,903
Sources: Data provided by the Singapore authorities.
Sources: Data provided by the Singapore authorities.

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