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Singapore Economic Structure

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Tips:Economic StructureSingapore has a single Industrial Structure, its manufacturing industry is mainly with electronic and
Economic Structure

Singapore has a single Industrial Structure, its manufacturing industry is mainly with electronic and oil refining industry. Others has a relatively low proportion in economy. And electronic and chemical industry mainly in the hands of the Multi-National Corporation. Singapore government decided this year to develop biochemical medicine and science industry. They wished that the industry can become the fourth important industry in Singapore economy.

Manufacturing industry:

Singapore domestic economy much depends on the rise and decline of manufacturing industry. It is the most important sector which creates a lot of jobs,and it is also the main client of financial services. Overseas demands has a great effect on the development of manufacturing industry. For  exemple, in 1991 manufacturing exports accounted for 65.7% as the annual output value of manufacturing industry. With the substantially growth of electronic and oil industry, in 1993 Singapore 's manufacturing sector grew 9.8%, compared with 2.5% in 1992, which is 7 percentage points higher.

In the manufacturing industry, the electronic manufacturing industry occupies an important position. In 1992 the Department's value was $19920000000, and in 1993 grew 23%, reach 24500000000 dollar. Once oil refining industry was the core of manufacturing industry is still the second major department for the manufacturing industry to the electronic manufacturing industry. In 1991 value of oil products is $7030000000, and it is $6720000000 in 1992. In 1993 due to the increasing market demand, the value of petroleum products grows 14%, reach 7660000000 dollar.

Most of state-owned enterprises in manufacturing industry are capital-intensive enterprises, while there are about 71000 private small and medium-sized enterprises are slightly inferior. The government is now actively supports the small and medium-sized enterprises to develop overseas  to keep their enterprise competitiveness in the international market.

Energy:

Singapore is one of the world's three largest oil refining centre. At the beginning of 1990, Gulf War maked Kuwait refinery closed, the world's oil supply quantity acute to decrease and world oil products demands growed strongly. mmodern oil refining facilities makes Singapore in this round of worldwide competition in a strong position. The production had reached 13% with high growth rate. At the beginning of 1991, with the Kuwait refinery capacity is gradually restored, Singapore Petroleum refining industry began to shrink, resulting in nearly two years only 3 - 4% of the speed of growth. But it is expected that with the Asia-Pacific stable economic growth, the demand of oil is increasing year by year, Singapore Petroleum refining industry foreground still is valued.
 



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