Enterprise And Market Overview On Singapore
Singapore is essentially the most superior economic system among the many Southeast Asian nations with a GDP per capita of US$25,207 in 2004 which is comparable to many superior economies within the European Union. Singapore lacks natural sources however is a regional hub for international commerce, transport and air transport. Many US, European and Japanese multinational firms have established Singapore as a regional workplace for his or her enterprise operations.
Singapore’s GDP grew at a mean of 2.7% yearly from 2000 to 2004 to achieve US$106.9 billion by 2004 whereas inflation remaining under 2.0%. Though Singapore’s economic system is essentially the most superior among the Southeast Asian countries, unemployment elevated from 1.8% in the course of the Asian economic crisis of 1997 to 5.3% in 2004. To diversify and develop the country’s economy, the government is creating Singapore into a regional hub for finance and excessive know-how.
The service sector accounted for 66.2% of Singapore’s GDP in 2004 whereas the manufacturing sector accounted for 33.7%. Agriculture plays a minimal role in Singapore’s financial system and accounted solely zero.1% of the country’s GDP. Major industries in Singapore embrace electronics, chemicals, financial companies, petroleum refining, food processing, ship repair, offshore platform development, biotechnology and entrepot commerce.
DEMOGRAPHY. Singapore’s inhabitants of 4.2 million in 2004 is predominantly Chinese accounting for 77% of the population. Different ethnic communities include Malays (14%) and Indians (eight%). Main religions practiced embody Buddhism, Taoism, Hinduism, Christianity and Islam. The Chinese are usually agnostic, Buddhist, Tao or observe the Christian religion while Malays are mostly Muslims and Indians typically Hindus, Christian or Muslims. Essential languages used are English (widely spoken and utilized in enterprise and by the government), Chinese (mainly Mandarin and Hokkien), Malay and Tamil.
Singapore is a metropolis-state and subsequently almost all its inhabitants live in an city group. Most Singaporeans reside in excessive-rise apartments or flats accounting for almost 90% of the households whereas the remaining 10% dwell on landed property.
Singaporean customers have the high degree of disposable earnings in comparison with shoppers in other Southeast Asian international locations. Excessive-income households account for almost 27% of the entire households whereas middle-revenue households account automotive service and petroleum equipmentmpany vision Refinery for 32%. Low-earnings households i.e. those incomes than US$1,900 per thirty days account for forty one% of the overall households.
INFRASTRUCTURE. Domestic and worldwide telecommunication companies are wonderful and one of the best in the area. Internet broadband services are efficient and extensively available. Singapore’s road system is efficiently managed and the town-state is well served by a public transport system. Singapore has effectively managed seaports and airport which are used as regional hubs by many sea and air carriers.
Worldwide Trade. Singapore has one of the busiest ports in the world and a regional hub for entrepot commerce. Singapore’s major trading companions are Malaysia, US, Hong Kong, China, Japan, Taiwan, Thailand and South Korea. Lots of the products imported from and exported to Malaysia and Indonesia are re-exports from other countries. Main exports from the Singapore embrace electrical and digital merchandise, machineries and equipments, processed foods, consumer items, chemicals and mineral fuels. Major imports include machineries and equipments, mineral fuels, chemicals and foods.
Shopper Utilization OF Know-how. More than 90% of all houses have cell phones putting the nation on par with Sweden, Norway, Austria and Norway. Nearly all homes have no less than a fixed-line telephone, television and refrigerator. The penetration of computer systems can be excessive with 70% of all homes having a computer and there are practically 2.5 million internet users for a inhabitants of four.3 million. Furthermore, there are greater than 2.5 million credit playing cards in the county and online payments are automotive service and petroleum equipmentmpany vision well established. Nevertheless, solely 35% of all houses personal a automobile as a result of extraordinarily excessive cost to personal a car in Singapore.
RETAIL MARKET. Singapore has one of the best requirements of residing in Asia after Japan and Singaporeans are eager shoppers. Estimated retail sales in Singapore in 2004 have been US$eleven billion. Unlike other nations in Southeast Asia, retail chains dominate over the business by sales value. These embody buying malls, hypermarkets, supermarkets, department shops, convenience shops and speciality shops. Singapore has many established worldwide retailers and brands attracting tourists from Southeast and Northeast Asia. Many procuring malls have also sprouted within the suburban areas current aspect-by-aspect with the “mom and pop” establishments.
Meals Culture. Singapore’s multi-ethnic communities has had influenced on Singapore’s food tradition. Furthermore, Singaporeans are accustomed and infrequently frequent various western and Japanese food service establishments together with fast meals shops. Consuming out is widespread among Singaporeans and the present development is to eat out slightly than at house. Thus, Singaporeans spent 9% of their earnings on foods for cooking at dwelling and 12% for eating out.