Page 9 - Doing Business in Singapore

COMMERCIAL ENVIRONMENT

SINGAPORE’S ECONOMY

Singapore has a highly developed free-market economy that depends heavily on exports. In 2022, it recorded a
GDP of S$643,546 million (about US$480,636 million). Its per capita GDP is also among the highest in the world
at S$114,165 (about US$85,264) in 2022.

Singapore’s GDP Composition by Sector (2022)

Utilities
1.1%

Accommodation & Food Services
0.7% and 0.9%

Information & Communications
Manufacturing
21.6% 5.4%

Ownership of Dwellings
Professional 3.3%
Services 5.4%
Transportation & Construction
Storage 10.4% 2.7%
Wholesale Trade: 18.6%
Retail Trade: 1.3%
Other Services
9.3%
Finance &
Insurance 13.5%

Source: Singapore Department of Statistics

INDUSTRIES IN SINGAPORE
Aerospace Engineering
Singapore is the most comprehensive aerospace hub for Maintenance, Repair and Overhaul (MRO) in Asia,
accounting for a quarter of the region’s MRO output. Its existing capabilities in precision engineering and
electronics also support production of complex aero-engine components.

Singapore’s Seletar Aerospace Park provides a conducive environment for aerospace companies to operate and
collaborate.

Clean Energy
There is a strong focus on solar energy in Singapore, given its strategic location in the tropical sunbelt and strong
semiconductor capabilities. Other areas of focus include wind energy, biomass, tidal energy, smart grids, green
buildings, and energy efficiency and carbon services.

Major energy players have set up operations in Singapore, attracted by factors such as its strong capabilities
in electronics, precision engineering and chemicals, mass manufacturing know-how, and robust intellectual
property protection regime.

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