 |
Business and Market Overview of Singapore
Author: Khal Mastan  | Posted: 04-07-2006 | Comments: 0 | Views: 82 | Rating: (63)  (?) 
ECONOMY. Singapore is the most advanced economy among the Southeast Asian countries with a GDP per capita of US$25,207 in 2004 which is comparable to many advanced economies in the European Union. Singapore lacks natural resources but is a regional hub for international trade, shipping and air transport. Many US, European and Japanese multinational companies have established Singapore as a regional office for their business operations.
Singapore's GDP grew at an average of 2.7% annually from 2000 to 2004 to reach US$106.9 billion by 2004 while inflation remaining below 2.0%. Though Singapore's economy is the most advanced among the Southeast Asian countries, unemployment increased from 1.8% during the Asian economic crisis of 1997 to 5.3% in 2004. To diversify and expand the country's economy, the government is developing Singapore into a regional hub for finance and high technology.
The service sector accounted for 66.2% of Singapore's GDP in 2004 while the manufacturing sector accounted for 33.7%. Agriculture plays a minimal role in Singapore's economy and accounted only 0.1% of the country's GDP. Major industries in Singapore include electronics, chemicals, financial services, petroleum refining, food processing, ship repair, offshore platform construction, biotechnology and entrepot trade.
DEMOGRAPHY. Singapore's population of 4.2 million in 2004 is predominantly Chinese accounting for 77% of the population. Other ethnic communities include Malays (14%) and Indians (8%). Major religions practiced include Buddhism, Taoism, Hinduism, Christianity and Islam. The Chinese are generally agnostic, Buddhist, Tao or follow the Christian faith while Malays are mostly Muslims and Indians generally Hindus, Christian or Muslims. Main languages used are English (widely spoken and used in business and by the government), Chinese (mainly Mandarin and Hokkien), Malay and Tamil.
Singapore is a city-state and therefore nearly all its population live in an urban community. Most Singaporeans live in high-rise apartments or flats accounting for nearly 90% of the households while the remaining 10% live on landed property.
Singaporean consumers have the high level of disposable income compared to consumers in other Southeast Asian countries. High-income households account for nearly 27% of the total households while middle-income households account for 32%. Low-income households i.e. those earning than US$1,900 per month account for 41% of the total households.
INFRASTRUCTURE. Domestic and international telecommunication services are excellent and one of the best in the region. Internet broadband services are efficient and widely available. Singapore's road system is efficiently managed and the city-state is well served by a public transport system. Singapore has efficiently managed seaports and airport which are used as regional hubs by many sea and air carriers.
INTERNATIONAL TRADE. Singapore has one of the busiest ports in the world and a regional hub for entrepot trade. Singapore's major trading partners are Malaysia, US, Hong Kong, China, Japan, Taiwan, Thailand and South Korea. Many of the goods imported from and exported to Malaysia and Indonesia are re-exports from other countries. Major exports from the Singapore include electrical and electronic products, machineries and equipments, processed foods, consumer goods, chemicals and mineral fuels. Major imports include machineries and equipments, mineral fuels, chemicals and foods.
CONSUMER USAGE OF TECHNOLOGY. More than 90% of all homes have mobile phones putting the country on par with Sweden, Norway, Austria and Norway. Nearly all homes have at least a fixed-line telephone, television and refrigerator. The penetration of computers is also high with 70% of all homes having a computer and there are nearly 2.5 million internet users for a population of 4.3 million. Furthermore, there are more than 2.5 million credit cards in the county and online payments are well established. However, only 35% of all homes own a car due to the extremely high cost to own a car in Singapore.
RETAIL MARKET. Singapore has one of the highest standards of living in Asia after Japan and Singaporeans are keen shoppers. Estimated retail sales in Singapore in 2004 were US$11 billion. Unlike other countries in Southeast Asia, retail chains dominate over the industry by sales value. These include shopping malls, hypermarkets, supermarkets, department stores, convenience stores and speciality stores. Singapore has many established international retailers and brands attracting tourists from Southeast and Northeast Asia. Many shopping malls have also sprouted in the suburban areas existing side-by-side with the "mom and pop" establishments.
FOOD CULTURE. Singapore's multi-ethnic communities has had influenced on Singapore's food culture. Furthermore, Singaporeans are accustomed and often frequent various western and Japanese food service establishments including fast food outlets. Eating out is popular among Singaporeans and the current trend is to eat out rather than at home. Thus, Singaporeans spent 9% of their income on foods for cooking at home and 12% for eating out.
Rate this Article:
Current: 0 / 5 stars - 0 vote(s).
Article Source: http://www.articlesbase.com/business-opportunities-articles/business-and-market-overview-of-singapore-39093.html
About the Author:Khal Mastan is a Senior Consultant with Pegasus Business and Market Advisory (http://bma.pegasus-asia.com) based in Malaysia. He involves himself in business and marketing research and provides consulting services on markets in Southeast Asia namely Malaysia, Thailand, Singapore, Indonesia, Philippines and Brunei. He has more than 20 years experience in the region and work experience in various industries. He holds a bachelors degree in Biochemistry and an MBA. He can be contacted at khalzuri@pegasus-asia.com or +6 (03) 7726 5373 in Malaysia.
|
Submitting articles has become one of the most popular means of generating quality backlinks and targeted traffic to your website. Join us today - It's Free! |
|
Related Articles
Business and Market Overview of Philippines
By: Khal Mastan | 04/07/2006 | Business Opportunities
Philippines business and market overview including economy, industry, demography, infrastructure, retail trade and food culture. Provides an overview for those interested in conducting business in the country.
Business and Market Overview of Thailand
By: Khal Mastan | 04/07/2006 | Business Opportunities
Thailand business and market overview including economy, industry, demography, infrastructure, retail trade and food culture. Provides an overview for those interested in conducting business in the country.
Business and Market Overview of Vietnam
By: Khal Mastan | 04/07/2006 | Business Opportunities
Vietnam business and market overview including economy, industry, demography, infrastructure, retail trade and food culture. Provides an overview for those interested in conducting business in the country.
Business and Market Overview of Brunei
By: Khal Mastan | 04/07/2006 | Business Opportunities
Brunei business and market overview including economy, industry, demography, infrastructure, retail trade and food culture. Provides an overview for those interested in conducting business in the country.
Business and Market Overview of Indonesia
By: Khal Mastan | 04/07/2006 | Business Opportunities
Indonesia business and market overview including economy, industry, demography, infrastructure, retail trade and food culture. Provides an overview for those interested in conducting business in the country.
Business and Market Overview of Malaysia
By: Khal Mastan | 04/07/2006 | Business Opportunities
Malaysia business and market overview including economy, industry, demography, infrastructure, retail trade and food culture. Provides an overview for those interested in conducting business in the country.
3 Free Website Marketing Ideas - Easy And Quick
By: Brandon Hopkins | 25/04/2006 | Communication
Online marketing is not cheap. You can spend thousands of dollars on Pay Per Click (Google Adwords) and thousands of site-targetted dollars (AdBrite), and you can spend thousands just buying text links from individual sites.
What is the Best Business Opportunities
By: Martin Chandra | 20/12/2006 | Business Opportunities
Did you know that more and more business opportunity seekers worldwide are discovering the powerful profit potential of Foreign Exchange trading? In this business, there are no employees to hire, no advertising, no products to stock, no downlines to fill -- just you, an Internet connection and a computer.
Got a Question? Ask.
Ask the community a question about this article:
Frequently Asked Questions
C of C?
By: mike | 10-07-2008
what does "C of C" stand for? I am being requested to furnish one for a printing project my company is providing.
Who is Robert Tuck and Leisure Ventures in Houston ...
By: AA Travel | 10-07-2008
Who is Robert Tuck and Leisure Ventures in Houston, Texas?
Looking for a hotel/motel help
By: jen walker | 10-07-2008
HelloI dont know if any one out there can help me or not, but i would like to know, i am trying to buy a hotel/motel start property but my credit score is 500 and no bank is willing to loan me the money to but a property, the size of the preproty that i am looking for is from 30 to 60 room with NO resturant. where i would like to have it is in AK,WA,ID.MT,ND,PA BUT If SOME ONE WOULD LIke me to be some where els thats fine. At this time i am a manager for a wearhouse with a B.S in hospitality and i would be glad if i can get my first starter property. yes i will do what i have to, get down to give you your money back. Please if you can help me let me know.
Who is mark lucero from shadyside pa? does hehave ...
By: Aheartbeataway7 | 09-07-2008
who is mark lucero from shadyside pa? does hehave any criminal records
What is the role of government regulation for coca ...
By: antonio | 09-07-2008
what is the role of government regulation for coca-cola?
Does anybody have any questions concerning Supply Chain Management NVQ's level 2 - 5 ?
By: Spearflex | 09-07-2008
Does anybody have any questions concerning Supply Chain Management NVQ's level 2 - 5 ?
Q&A Powered by: 
Latest Business Opportunities Articles
Is There A Magical Formula For Creating Income?
By: Scott Letourneau | 19/07/2008
Viral marketing is a new term about to explode on the world wide scene of income opportunities.
Power Tool: Your Power to Work Easily, Effectively and Efficiently
By: Smit Mathur | 18/07/2008
Since pre-historic period, man has been using tools. As the time passed by, the use of tools became more prominent and the tools being used became more sophisticated. Today, most of the primitive tools have been replaced with power tools.
Straight Talk From An Internet Business Opportunity Expert
By: Donald Pope | 18/07/2008
I have been doing Internet marketing for a while now and am currently hooked up with some of the top Internet marketers in the world. I've learned many things in that time, and I thought it would share a few tips that might help you regarding an Internet business opportunity.
How To Start An Online Business For Under $100
By: Will Smith | 17/07/2008
If you've found this article, you have at least a small desire or interest in making extra cash through an online business. For most individuals creating any sort of business seems like a daunting task, but what if it could get one started for under $100 dollars in 1 business day?
Best Internet Home Based Business Ideas Are Data Entry Jobs or Recruiting
By: Juhani Tontti | 17/07/2008
The challenge with the internet home based business ideas is that they are just too many. To be able to pick the one, which fits to your strengths is sometimes a complicated job.
Buying Property In Thailand Can Be A Wise Investment
By: Daniel Wallace | 17/07/2008
Purchasing property in Thailand can be a wise investment and westerners from all over the world are taking advantage of this opportunity.
Marketing Your Own Office Cleaning Business
By: kelvin m young | 17/07/2008
One of the big mistakes that new business owners make is confusing advertising and marketing. Most people think that it’s the same thing even when it isn’t. Advertising simply is a part of marketing. Marketing is really how you present your product or service to the market.
Search Engine Optimization With Higradearticlesubmitter
By: gagan | 17/07/2008
When you think about search engine optimization and marketing, you usually think of search engine marketing , ranking and seo. The tweaking and juggling of something called algorithms to get a higher ranking. First of all, SEO is highly over rated and has been made way to complicated. Key effectiveness index is the ranking of words used by people when they search for product A. yes, article marketing and submission effect the rankings,
More from Khal Mastan
Business and Market Overview of Vietnam
By: Khal Mastan | 04/07/2006 | Business Opportunities
Vietnam business and market overview including economy, industry, demography, infrastructure, retail trade and food culture. Provides an overview for those interested in conducting business in the country.
Business and Market Overview of Thailand
By: Khal Mastan | 04/07/2006 | Business Opportunities
Thailand business and market overview including economy, industry, demography, infrastructure, retail trade and food culture. Provides an overview for those interested in conducting business in the country.
Business and Market Overview of Philippines
By: Khal Mastan | 04/07/2006 | Business Opportunities
Philippines business and market overview including economy, industry, demography, infrastructure, retail trade and food culture. Provides an overview for those interested in conducting business in the country.
Business and Market Overview of Malaysia
By: Khal Mastan | 04/07/2006 | Business Opportunities
Malaysia business and market overview including economy, industry, demography, infrastructure, retail trade and food culture. Provides an overview for those interested in conducting business in the country.
Business and Market Overview of Indonesia
By: Khal Mastan | 04/07/2006 | Business Opportunities
Indonesia business and market overview including economy, industry, demography, infrastructure, retail trade and food culture. Provides an overview for those interested in conducting business in the country.
Business and Market Overview of Brunei
By: Khal Mastan | 04/07/2006 | Business Opportunities
Brunei business and market overview including economy, industry, demography, infrastructure, retail trade and food culture. Provides an overview for those interested in conducting business in the country.
|
|
Business 
