|
United Arab Emirates |
Singapore |
Economy - overview |
The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP from the oil and gas sector to 30%. Since the discovery of oil in the UAE nearly 60 years ago, the country has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis of 2008-09, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi Government that was refinanced in March 2014. The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment. |
Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of electronics, petroleum products, chemicals, medical and optical devices, pharmaceuticals, and on Singapore’s vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010. Growth from 2012-2017 was slower than during the previous decade, a result of slowing structural growth - as Singapore reached high-income levels - and soft global demand for exports. Growth recovered to 3.6% in 2017 with a strengthening global economy. The government is attempting to restructure Singapore’s economy to reduce its dependence on foreign labor, raise productivity growth, and increase wages amid slowing labor force growth and an aging population. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a signatory of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and a party to the Regional Comprehensive Economic Partnership (RCEP) negotiations with nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community. |
GDP (purchasing power parity) |
$691.9 billion (2017 est.) $682.8 billion (2016 est.) $662.7 billion (2015 est.) note: data are in 2017 dollars country comparison to the world: 33 |
$513.7 billion (2017 est.) $501.1 billion (2016 est.) $491.3 billion (2015 est.) note: data are in 2017 dollars country comparison to the world: 41 |
GDP (official exchange rate) |
$378.7 billion (2017 est.) |
$305.8 billion (2017 est.) |
GDP - real growth rate |
1.3% (2017 est.) 3% (2016 est.) 3.8% (2015 est.) country comparison to the world: 181 |
2.5% (2017 est.) 2% (2016 est.) 1.9% (2015 est.) country comparison to the world: 134 |
GDP - per capita (PPP) |
$68,200 (2017 est.) $69,300 (2016 est.) $69,200 (2015 est.) note: data are in 2017 dollars country comparison to the world: 14 |
$90,500 (2017 est.) $89,400 (2016 est.) $88,800 (2015 est.) note: data are in 2017 dollars country comparison to the world: 7 |
Gross national saving |
24.8% of GDP (2017 est.) 27.5% of GDP (2016 est.) 29.7% of GDP (2015 est.) country comparison to the world: 53 |
45% of GDP (2017 est.) 44.4% of GDP (2016 est.) 44.9% of GDP (2015 est.) country comparison to the world: 5 |
GDP - composition, by end use |
household consumption: 50.5% government consumption: 12.1% investment in fixed capital: 20.4% investment in inventories: 1.3% exports of goods and services: 94.9% imports of goods and services: -79.2% (2017 est.) |
household consumption: 34.7% government consumption: 11.4% investment in fixed capital: 23.5% investment in inventories: 1.9% exports of goods and services: 179.2% imports of goods and services: -150.6% (2017 est.) |
GDP - composition, by sector of origin |
agriculture: 0.9% industry: 49.8% services: 49.2% (2017 est.) |
agriculture: 0% industry: 26% services: 74% (2016 est.) |
Agriculture - products |
dates, vegetables, watermelons; poultry, eggs, dairy products; fish |
vegetables; poultry, eggs; fish, ornamental fish, orchids |
Industries |
petroleum and petrochemicals; fishing, aluminum, cement, fertilizer, commercial ship repair, construction materials, handicrafts, textiles |
electronics, chemicals, financial services, oil drilling equipment, petroleum refining, biomedical products, scientific instruments, telecommunication equipment, processed food and beverages, ship repair, offshore platform construction, entrepot trade |
Industrial production growth rate |
-0.1% (2017 est.) country comparison to the world: 189 |
3% (2017 est.) country comparison to the world: 101 |
Labor force |
5.344 million note: expatriates account for about 85% of the workforce (2017 est.) country comparison to the world: 78 |
3.668 million note: excludes non-residents (2017 est.) country comparison to the world: 99 |
Labor force - by occupation |
agriculture: 7% industry: 15% services: 78% (2000 est.) |
agriculture: 0.96% industry: 15.5% services: 83.5% note: excludes non-residents (2016 est.) |
Unemployment rate |
3.6% (2014 est.) 2.4% (2001 est.) country comparison to the world: 39 |
2.2% (2017 est.) 2.1% (2016 est.) country comparison to the world: 18 |
Population below poverty line |
19.5% (2003 est.) |
NA% |
Household income or consumption by percentage share |
lowest 10%: NA% highest 10%: NA% |
lowest 10%: 1.7% highest 10%: 26% (2016 est.) |
Budget |
revenues: $83.44 billion expenditures: $112.4 billion note: the UAE federal budget does not account for emirate-level spending in Abu Dhabi and Dubai (2017 est.) |
revenues: $53.4 billion expenditures: $56.49 billion note: expenditures include both operational and development expenditures (2017 est.) |
Taxes and other revenues |
22% of GDP (2017 est.) country comparison to the world: 136 |
17.5% of GDP (2017 est.) country comparison to the world: 174 |
Budget surplus (+) or deficit (-) |
-7.6% of GDP (2017 est.) country comparison to the world: 195 |
-1% of GDP (2017 est.) country comparison to the world: 60 |
Public debt |
60.3% of GDP (2017 est.) 62.7% of GDP (2016 est.) country comparison to the world: 73 |
114.6% of GDP (2017 est.) 112.9% of GDP (2016 est.) note: Singapore's public debt consists largely of Singapore Government Securities (SGS) issued to assist the Central Provident Fund (CPF), which administers Singapore's defined contribution pension fund; special issues of SGS are held by the CPF, and are non-tradable; the government has not borrowed to finance deficit expenditures since the 1980s; Singapore has no external public debt country comparison to the world: 11 |
Fiscal year |
calendar year |
1 April - 31 March |
Inflation rate (consumer prices) |
2.1% (2017 est.) 1.8% (2016 est.) country comparison to the world: 100 |
0.9% (2017 est.) -0.5% (2016 est.) country comparison to the world: 33 |
Central bank discount rate |
NA% |
1.17% (2016 est.) 1.21% (2015 est.) country comparison to the world: 127 |
Stock of narrow money |
$134.8 billion (31 December 2017 est.) $129 billion (31 December 2016 est.) country comparison to the world: 31 |
$134.3 billion (31 December 2017 est.) $119.4 billion (31 December 2016 est.) country comparison to the world: 32 |
Stock of broad money |
$355.8 billion (31 December 2017 est.) $333.6 billion (31 December 2016 est.) country comparison to the world: 32 |
$437.6 billion (31 December 2017 est.) $388.6 billion (31 December 2016 est.) country comparison to the world: 25 |
Stock of domestic credit |
$412.5 billion (31 December 2017 est.) $389.9 billion (31 December 2016 est.) country comparison to the world: 32 |
$455.4 billion (31 December 2017 est.) $383.3 billion (31 December 2016 est.) country comparison to the world: 28 |
Market value of publicly traded shares |
$195.9 billion (31 December 2015 est.) $201.6 billion (31 December 2014 est.) $180.3 billion (31 December 2013 est.) country comparison to the world: 33 |
$654.8 billion (31 December 2016 est.) $640 billion (31 December 2015 est.) $752.8 billion (31 December 2014 est.) country comparison to the world: 17 |
Current account balance |
$7.878 billion (2017 est.) $8.412 billion (2016 est.) country comparison to the world: 23 |
$59.79 billion (2017 est.) $56.5 billion (2016 est.) country comparison to the world: 9 |
Exports |
$314.7 billion (2017 est.) $298.6 billion (2016 est.) country comparison to the world: 18 |
$396.4 billion (2017 est.) $361.6 billion (2016 est.) country comparison to the world: 14 |
Exports - commodities |
crude oil 45%, natural gas, reexports, dried fish, dates (2012 est.) |
machinery and equipment (including electronics and telecommunications), pharmaceuticals and other chemicals, refined petroleum products, foodstuffs and beverages |
Exports - partners |
India 9.9%, Iran 8.9%, Japan 8.8%, Switzerland 8.5%, Oman 5.4%, China 5.1% (2016) |
China 12.8%, Hong Kong 12.6%, Malaysia 10.5%, Indonesia 7.8%, US 6.8%, Japan 4.5%, South Korea 4.4% (2016) |
Imports |
$241.3 billion (2017 est.) $230.3 billion (2016 est.) country comparison to the world: 20 |
$309.7 billion (2017 est.) $278.8 billion (2016 est.) country comparison to the world: 16 |
Imports - commodities |
machinery and transport equipment, chemicals, food |
machinery and equipment, mineral fuels, chemicals, foodstuffs, consumer goods |
Imports - partners |
China 7.4%, US 6.9%, India 6.8%, Germany 4.4% (2016) |
China 14.3%, Malaysia 11.4%, US 10.8%, Japan 7%, South Korea 6.1%, Indonesia 4.8% (2016) |
Reserves of foreign exchange and gold |
$89.79 billion (31 December 2017 est.) $85.39 billion (31 December 2016 est.) country comparison to the world: 28 |
$266.3 billion (31 December 2017 est.) $246.6 billion (31 December 2016 est.) country comparison to the world: 12 |
Debt - external |
$239.7 billion (31 December 2017 est.) $218.7 billion (31 December 2016 est.) country comparison to the world: 34 |
$482.8 billion (31 December 2017 est.) $504.2 billion (31 December 2016 est.) country comparison to the world: 26 |
Stock of direct foreign investment - at home |
$144.3 billion (31 December 2017 est.) $134.8 billion (31 December 2016 est.) country comparison to the world: 38 |
$1.158 trillion (31 December 2017 est.) $1.096 trillion (31 December 2016 est.) country comparison to the world: 10 |
Stock of direct foreign investment - abroad |
$124.9 billion (31 December 2017 est.) $114.6 billion (31 December 2016 est.) country comparison to the world: 33 |
$725.9 billion (31 December 2017 est.) $682.4 billion (31 December 2016 est.) country comparison to the world: 15 |
Exchange rates |
Emirati dirhams (AED) per US dollar - 3.67 (2017 est.) 3.67 (2016 est.) 3.67 (2015 est.) 3.67 (2014 est.) 3.67 (2013 est.) |
Singapore dollars (SGD) per US dollar - 1.39 (2017 est.) 1.38 (2016 est.) 1.38 (2015 est.) 1.37 (2014 est.) 1.27 (2013 est.) |
Distribution of family income - Gini index |
- |
45.8 (2016 est.) 46.3 (2015 est.) country comparison to the world: 37 |
Commercial bank prime lending rate |
- |
5.4% (31 December 2017 est.) 5.35% (31 December 2016 est.) country comparison to the world: 136 |