Atradius Country Report: Singapore -- December 2010

Atradius’ country overviews provide short, concise information on large Western economies´ economic performance and insolvency development and on main emerging markets´ current political and economical situation and outlook.


General situation and outlook

As a result of the global crisis, Singapore slipped into its worst recession since independence, due to a dramatic decline in transhipment, tourism and the export of electronics. As global demand picked up again and the Asia-Pacific region showed robust growth rates, Singapore’s former weakness became its strength again. The recovery in 2010 has been impressive, with year-on-year growth rates of 16.9% and 19.5% in Q1 and Q2.


Despite massive stimulus measures during the crisis the 2009 and 2010 fiscal deficits are modest: at 1.0% and 0.7% of GDP respectively. Singapore’s fiscal discipline is excellent, and over the long term the budget is balanced.


After an exceptionally high growth rate of more than 12% this year, GDP growth will moderate to about 4.0-4.5%, as decreasing global growth will reduce export demand. However, growth in Asia-Pacific region is forecast to remain robust, with strong domestic demand and driving intra-regional trade.


General Information

Government type - Parliamentary republic
Currency - Singapore Dollar (SGD)
Population - 4.6 million
Main import sources (2009)

  • USA - 11.8%  
  • Malaysia - 11.6%
  • China - 10.6%
  • Japan - 7.6% 
  • Indonesia - 5.8%


Main export markets (2009)

  • Hong Kong - 11.6%
  • Malaysia - 11.5% 
  • China - 9.8%
  • Indonesia - 9.7%
  • USA - 6.6%

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