Economy of Singapore
Singapore economy is always in the great position compare with the resource of the county. The luckiest thing of the country is it located in a good place to trade with other countries. Over the years, Singapore’s exports have been developing to gain more value in the products.
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In this year, GDP or gross domestic product of Singapore grew 4.4 percent in the first three months of 2018, with full-year growth of 2018 expected to come in at 2.5 to 3.5 percent. In the first quarter, the manufacturing section that supported GDP came in great number with 9.8 percent up from its 4.8 percent also with the finance and insurance that grew 7.0 percent from 4.4 percent.
Firstly, the employment rates that go on the different way of GDP because it had been declined by a smaller extent compared with the same period last year. The unemployment rate became lower from 2.1 percent to 2.0 percent and the number of residents who has no job fell from 3.0 percent to 2.8 percent.
The further improvement will be harder to achieve despite unemployment rates have declined from last year. Moreover, about the taxation of Singapore, the corporate tax rate is capped at 17 percent when the personal tax rates start at 0 percent and are capped at 22 percent for residents and 15 percent to 22 percent for non-residents. Good and service tax rate is 7 percent since 1994. Singapore’s inflation in June rose to 0.6 percent and the interest rate in Singapore grew from 1.12 percent to 1.34 percent. The averaged of all time is 1.cc percent according to from July 2018
Furthermore, the percentage of international trade has been growing up every year and expected to grow more. Last year, Singapore’s exports expected to grow 9.7 percent that making Singapore becomes the 9th largest exporter worldwide. In 2016, Singapore became the largest exporter in the world with 208 billion dollar Singapore. During the last five years, the exporting rate has decreased at rate 0f -5.7 percent.
The top products are Refined Petroleum with 15.6 percent and Integrated Circuits with 13 percent. The most important partner is China with 14 percent. And the second is Malaysia with 9.0 percent. Next is the percentage of imports product, the imports have decreased with rate -4.5 percent in the last five year. The most import of Singapore is Integrated Circuits with 18 percent include gas turbines, computers stuff, telephone and etc. Singapore’s the best import partners are also China with 15 percent and Malaysia with 11 percent.
To wrap it all up, Singapore’s economy stays in the good position compared with other country and its statistic from every year. Most of the factor of the economy such as economic growth, employment rates, taxation, inflation rates, interest rates, import and export ration and international trade has been increasing and going in a good way. After past the first quarter of 2018, with global final demand expected to stay firm in this year. Also, the expectation of GDP growth for this year is about 2.5 to 3.5 percent even it will take more risks.