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$Unique_ID{COW03175}
$Pretitle{384}
$Title{Singapore
Chapter 4A. Economy}
$Subtitle{}
$Author{Ministry of Communications and Information}
$Affiliation{Embassy of Singapore, Washington DC}
$Subject{cent
per
singapore
companies
industry
growth
trade
products
services
business}
$Date{1990}
$Log{Food Venders*0317501.scf
Average Household*0317502.scf
Table 12.*0317501.tab
Table 13.*0317502.tab
Table 14.*0317503.tab
Table 15.*0317504.tab
Table 16.*0317505.tab
}
Country: Singapore
Book: Singapore, Facts and Pictures 1990
Author: Ministry of Communications and Information
Affiliation: Embassy of Singapore, Washington DC
Date: 1990
Chapter 4A. Economy
Economy in 1989
The Singapore economy continued to expand strongly in 1989, although at a
slower rate than in 1988. It grew by 9.2 per cent in 1989 compared with 11.1
per cent in the previous year. Growth was broad-based with all sectors,
including the construction sector, expanding in the year.
The financial and business services sector had overtaken manufacturing as
the leading sector in the economy in 1989. It grew by 14.6 per cent compared
with 10.1 per cent in 1988. The financial services sub-sector registered a
high growth rate of 21.7 per cent in 1989, with increased activities in the
banks, Asian Dollar Market, stock market, financial futures market, foreign
exchange market and fund management. The business services sub-sector also
grew faster, at 6.9 per cent, compared with 5.7 per cent in 1988.
The manufacturing sector was next, with a growth rate of 9.9 per cent
compared with 18 per cent a year ago. The expansion was broad-based with most
major industries recording increases in the year. The transport equipment
industry was the fastest growing industry with output growing by 21.3 per
cent in 1989. The electronics industry slowed down to a ten per cent growth
in 1989 compared with 28.1 per cent in the previous year. This was mainly
attributable to the slowdown in demand for disk drives during the first half
of the year.
The commerce sector moderated to a more sustainable rate of 8.3 per cent
in 1989 after a strong expansion of 16.6 per cent in the previous year.
Entrepot activities slowed, while retail sales remained buoyant as a result
of the continued expansion of visitor arrivals to Singapore. The 15.4 per
cent growth in visitor arrivals also generated more businesses for hotels
and restaurants.
The transport and communications sector continued to expand, increasing
by 9.4 per cent in 1989. The volume of air passengers handled grew rapidly,
due mainly to the strong growth in tourist arrivals. Total air and sea
cargoes handled, however, slowed, in line with the slower growth in trade
activities.
The construction sector turned around in 1989 to grow by 1.3 per cent
after four-and-a-half years of decline. The improved performance was mainly
attributable to the buoyant demand in the property market and general optimism
about business prospects, which were reflected in the high occupancy rates and
rentals in most categories of property during the year.
Fuelled by broad-based economic growth, total employment rose rapidly by
68,100 in 1989. The number of unemployed persons fell substantially from
42,900 a year ago to 28,100 in June 1989, bringing the unemployment rate to
2.2 per cent.
Consumers Association of Singapore
[See Food Venders: Courtesy Embassy of Singapore, Washington DC.]
The Consumers Association of Singapore (CASE) was established in 1971,
to inform and educate consumers of their rights and responsibilities and
protect them. CASE helps aggrieved members obtain redress and provides them
with information and advice. Any person residing in Singapore who has
attained the age of 18 years is eligible for membership.
CASE's membership as at end of 1989, was 405,192, consisting of one
founder, one patron, 402,936 institutional, 120 corresponding and 2,134
ordinary and life members.
CASE began handling tourist complaints from May 1, 1989, on behalf of
the Singapore Tourist Promotion Board. Aggrieved tourists seeking redress
can write to or call CASE, telephone numbers: 2224165 and 2222411/2.
Since its inception, the number of complaints9 received totalled 12,488
with redress in cash amounting to $586,213.01 and $60,641.85 in kind. In 1989
alone, 1,242 complaints were handled by CASE. A total of $71,295.78 in cash
refund and $17,008.25 in kind were obtained.
CASE publishes CONSUMER magazine, legislative booklets and educational
brochures. Seminars, forums and exhibitions on topical consumer issues,
product tests and price surveys on household goods and dissemination of
information through the mass media are regular activities of the association.
CASE also participates in various national committees and councils
responsible for consumer policies and lobbies for consumer protection
legislation. The Small Claims Tribunal Act was introduced in 1985 as a result
of intensive lobbying by CASE. Significant achievement by CASE includes the
part it played in the drafting of the Consumer Protection (Trade Descriptions
and Safety Requirements) Act and the Sale of Food Act and its successful lobby
for amendments to the Hire-Purchase Act.
CASE is involved in the formulation of Singapore Standards for safety,
quality and reliability of consumer products through representations on
various technical committees. It also recommends products that require local
standards to the Singapore Standards Council.
Advisory councils have been established by CASE for self-regulation and
the promotion of better living. CASE Advisory Councils are the Singapore
Breastfeeding Mothers Group (SBMG) formed in 1975, the Advertising Standards
Authority of Singapore (ASAS) formed in 1976, the Toy Safety Authority of
Singapore (TSAS) and the Milk for Children Advisory Council (MCAC) both formed
in 1982 and the Renovation and Decoration Advisory Council (RADAC) formed in
1986. In January 1988, CASE and the STPB jointly mooted the Good Retailers'
Scheme (GRS) which identifies retailers providing good services and products
for both locals and tourists. This complements efforts being made to turn
Singapore into a shoppers' paradise. At the end of 1989, there were 712
retail outlets displaying the GRS "Red Merlion" emblems.
[See Table 12.: Private Consumption Expenditure (At current market prices) $
Million]
[See Table 13.: Consumer Price Index (June 1982-May 1983 = 100)]
[See Average Household: A well-equipped home of an average Singaporean
household.]
[See Table 14.: Standards of Living]
[See Table 15.: Economic Performance]
[See Table 16.: Retail Prices of Selected Foodstuffs]
Trade
External Trade
The volume of Singapore's total trade increased by 8.1 per cent in 1989
compared with 30 per cent in 1988, in line with the slower growth in world
trade. In value terms, total trade in 1989 rose ten per cent to $184 billion.
Exports
Total exports increased by ten per cent to $87 billion in 1989, compared
with 31 per cent in 1988. It increased by 8.5 per cent in volume terms.
The volume of non-oil domestic exports rose by 12 per cent in 1989,
down from 41 per cent in 1988. The slower growth was mainly in the electronics
sector, particularly in disk drives, semi-conductors, electronic components,
consumer electronic products and parts. This is mainly due to oversupply
conditions in the two main markets, the United States and the European
Community (EC) in early 1989, followed by weak demand towards the end of
the year.
Re-exports grew by eight per cent in 1989 to $31.9 billion, compared with
39 per cent the year before. Re-exports of aircraft increased sharply by 191
per cent due to the sale of used aircraft. Re-exports of aircraft parts also
rose sharply, by 71 per cent, against 15 per cent in 1988.
Imports
Total imports in volume terms grew by 7.8 per cent in 1989 compared with
28 per cent in 1988. This