international bank for reconstruction...
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RESTRICTED
Report No. EAP-29a
This report is for official use only by the Bank Group and specificaDy authorized organizationsor persons. It may not be published, quoted or cited without Bank Group authorization. TheBank Group does not accept responsibility for the accuracy or completeness of the report.
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
INTERNATIONAL DEVELOPMENT ASSOCIATION
CURRENT ECONOMIC POSITION
AND PROSPECTS
OF
SINGAPORE
January 24, 1972
East Asia and Pacific Department
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CURRENCY EQUIVALENTS
Current Unit c Singapore Dollar
S$ 1.00 = US$ 0.355 1/US$ 1.00 a S$ 2.82 lFS$ 1 million - US$ 355,000
1/ The new rate, established at the general realignment ofexchange rates in December 1971. All conversions inthe economic report have been made at the old rate ofUS$ 1.00 - S$ 3.06 (S$ 1.00 - US$ 0.327).
This is a report of the economic mission
which visited Singapore from September 5 to 2h,1971
consisting of Messrs. Murray Ross (Chief),
Percy Bargholtz, Aswin Kongsiri and Miss Elke Meldau.
Mr. Norman Hicks and Mrs. Margorie Huang contributed
to the report's quantitative framework.
TABLE OF CONTENTS
Page
MAPBASIC DATASUMMARY AND CONCLUSIONS
I. INTRODUCTION 1
II. GROMTH AND STRUCTURAL CHANGE hStructural Change bSectoral Developments 5Policy of Industrialization 7Housing and Construction 8Population and Mbnpower 9Wages and Prices 11
III.. DE7JELOFMENT PROSPECTS 12Private Investment Prospects 12Public Sector Investment l4Manpoweer Limitations 19h.oductivity and Training 20Wages Folicy Issues 21
IV. FINANCING DEVELOPMENT 22Private Sector Financing 22Public Sector Finances 24Central Government Finances 2LRest of' the Public Sector 26Public Sector Investment 26Budget for 1971/72 28Public Sector Savings Outlook 29Financing Public Investment, 1971/72 - 1976/77 31
V. BALAINCE OF PAYMENTS AND CREDITWORTHINESS 33External Trade 33Domestic Exports 3)Retained Imports 35Services Account 35Capital Account 36Asian Dollar Market 37Gold M-irket 37Trade Prospects 38Petroleum Refining Prospects 39Exports of Manufactured Goods 40Services Prospects 41Current Account Outlook 41Capita]. Account Outlook 41External Debt 43Creditworthiness 3STATISTICAL APPENDID
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"~~~~~~~~~~~'~~~~~~~~~~~ 5 Foi~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Esting industrial estates
. j n I ,- I -. . L-, ,. e - J East coast reclaateclonA All weather ords
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tr~~~~~~~~~~~~~~~~~~~~~~~~~~ ®~~~~~~~~~~~~~~~J Interoationot airport
-- International boundary
MARCH 970 IBRD 2907
BASIC DATA
Area: Square Miles
Main Island 210Small Islands and Reclaimed Land 15
Total 225of whic:h, Agricultural 55
Water Catchment 14Built-up 79Marshes and Swiamps 21Other 56
Population (mid-1971) 2.11 million
Rate of growth per annum: (1957-1966) 3.2 percent(1961-1966) 2.1 percent(1967-1971) 2.0 percent
Gross National Product, Current M4arket 1968 1969 1970Prices (S$ milion): 4,568 5,246 6,023
Rate of Growth (percent) 15c 3 114.8 14.8Per Capita GNP (US$) 751 850 949
Percent of GNP at Market Prices:
Gross Investment 16.1 19.3 25.1Gross Domestic Savings 21.8 24.3 21.4Resource Balance 5.7 5.0 -3.7Factor income payments 1.6 2.3 2.0Net foreig;n capital inflow 8.7 6.5 12.8Government, taxation receipts 11.7 12.9 13.7Government, current revenue 18.6 20.3 22.1
Gross Domestic Product at FactorCost (S$, million): 4,257 4,840 5,565
Sectoral origin (percent)Agriculture 3.5 3.2 2.9Manufacturing 16.8 18.5 20.7Construction 4.2 4.4 5.2Entrepot trade 12.6 13.8 11.4Retail and wholesale trade (domestic) 18.1 18.2 19.1Tourism 3.4 4.7 4.9Military services 10.7 8.3 7.3Governrment services 7.1 6.6 7.1Other services 23.6 22.3 21.4
1968 1969 1970
Money Supply:
Change in percent 21.5 18.7 16.2
Consumer Price Index (April/May,1960 = 100): 110.4 113.2 112.2
Public Sector Finances (S$ million):
Current revenues of Government 811 1,064 1,333Current expenditure of Government 599 769 948Current account surplus of Government 252 295 385
Percent change over previous year 64 17 31Current account surplus of statutory
authorities 90 105 154Financial Investment 202 194 148
Balance of Payments (US$ million):
Exports of goods and services 1,'22 2,387 2,804Imports of goods and services 1,378 2,350 2,933Net transfers -13 -13 -7Current Account Balance 31 24 -136Direct foreign investment (net) 73 92 206Official capital (net) 58 20 46Errors and omissions 18 17 35Balance of payments surplus 130 153 151Total reserves at end of period 1/ 765 1,034 1,215
External Public Debt (US$ million):
Total outstanding (end of period) 169.2 214.1 269.2of wh.ich, Undisbursed 113.6 132.4 118.2
Annual debt service 4.9 6.8 11.0Debt service ratio (percent) 2/ 1.1 1.2 1.8
1/ At market value.2/ In relation to domestic exports.
SUMKARY AND CONCLUSIONS
i. Singapore became an independent country in 1965. The major problemfacing the young republic with a population of two million was that of un-employment, aggravated by the withdrawal of large British military installa-tions. To cope with this problem, the Government embarked upon a policy ofindustrializcation which has proved eminently successful. Between 1965 and1970 GDP increased by 80 percent and during 1968-70 the growth rate averagedsome 15 percent armually. Although rapid developirent of the manufacturingsector played a leading role in this growth, the resumption of trade withIndonesia after the lapse during the Sukarno "confrontation" with Malaysia,the servicing of the off-shore oil prospecting boom in Southeast Asia, theescalation of the Vietnam war and the disturbances elsewhere in the regionaffecting the Overseas Chinese have all contributed to Singapore's unprece-dented prosperity.
ii. Rapid growth during the past five years has been accompanied by astructural transformation of the economy. Stimulated by various incentivesand propelled by large-scale inflows of foreign private capital, the manu-facturing sector grew by nearly 25 percent annually during the past quin-quennium and doubled its share in GDP -- from 10 to 20 percent during the1960's, Petroleum refining, ship repairing and electrical machinery regis-tered the largest gains in value added. But even the more traditional indus-tries, such als food, beverages, tobacco and textiles also expanded substantiel-ly. The construction industry surpassed even the high growth rates of manu-facturing output. Initially stimulated by the GcverTzxent's highly successfullow-cost housing and industrial estates program, its capacity recently becarmeseverely strained under the added impetus of a hotel, office building andluxury housirng boom. Although the services sector, especially trade andtourism, also grew rapidly they were surpassed by the goods sector and theeconomy experienced a basic structural change. In the process, a surpluslabor economry was transformed into one with spot labor shortages.
iii . It is a tribute to Government policies that in spite of the virtualliquidation of the U.K. military bases with the corresponding decline inemployment byr them, sufficient job opportunities were generated in othersectors to achieve virtually full employment. These policies consisted pri-marily of the maintenance of political stability, the creation of a favorableinvestment climate, especially for foreign private investment, and theassurance of industrial peace. Since 1968 relative wage and price stabilityhave prevailed under the aegis of collective bargaining agreements with com-pulsory arbitration provisions. As a result, Singapore's competitive positicnhas been enhanced and it now appears to be most favorable vis-a-vis otherindustrializing countries in the area. At tSeesaraePtliadrtne economxic-andasocial cun-ail.iont o! thn o income gr6ups ha`tvtreatly 12ekefitted frbfmf theincrea!ec'anci imprpved job bpportunities geyfftated by rapid gtoY!th, the wide-spread publ-c-lo, ovt hoating program ahid.the hitd.iy suaccssful f 2&iilyplatLning program.
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iv. The authorities are currently at work on a development strategy forthe 70's which has as its aim continuation of the high growth rate attained inthe recent piast. The prospects for the next quinquennium appear to bereasonably favorable in the light of the industrial investments already madeand the heavy commitments now in the pipeline. The overall outlook for theremainder of the decade is equally favorable provided the sound officialpolicies are continued, although because of primarily physical constraints --manpower and land -- a somewhat lower annual growth rate (say 12 percent)may have to be settled upon as the upper limit. Achievement of a 15 percentgrowth rate through 1976 and only a somewhat slower one in the ensuing years,is predicated on continued inflow of large-scale foreign private investmentand on raising appreciably labor productivity in manufacturing. The authori-ties are fully aware of the requirements. They are continuing to offerinducements to foreign investors, especially to those who undertake to"deepen" the production processes, promote capital-intensive rather thanlabor-intensive industries and have ready access to promising export markets.At the same time, the authorities are proceeding with an intensive programof "technification" to improve the qualifications and raise the productivityof labor in manufacturing.
v. Growth of the private sector over the next five years may beexpected to be propelled by the heavy investments recently carried out or inthe p-lpeline in petroleum refining, ship repairing and ship building, elec-troniox3, electrical and other machinery, chemical and pharmaceutical products,cameras and optics, etc. It may be further bolstered by petrochemicals,fertilizers and other capital-intensive lines of industrial activities whichare still in early stages of consideration but are favored by the authoritiesbecause of their promise to enhance Singapore's earning capacity and theirpeculiar fitness to a setting with labor and land constraints. To providesufficient inducements to continued private investment the public sector willbe required to carry out massive investments in the economic and socialinfrastructure. Rapid development of industrial estates will have to con-tinue, and these will have to be provided with water and power; transportaticrnfacilities -- land, sea and air -- will have to be greatly expanded; andtelecommunications will have to be improved and amplified to meet the needsof a growing modern industrial and commercial center. In response to socialpressures and growing incomes the Government's low-cost housing program islikely to be accelerated and investments in education, sanitation and healthwill have to be expanded. Because of the crucial importance of raisingproductivity in manufacturing and maintaining competitive wage costs, publicinvestment in technical and vocational education will have to play a parti-cularly important role. It is estimated that public and private investmentwill average about 27 percent of GDP over the next five years with privateinvestment continuing to rely heavily (56 percent) on foreign capital inflo's.
vi. Ihe financing of Singapore's rapid development has benefittedgreatly frc,m rising domestic savings, sound management of public finances andlarge-scale inflows of foreign private capital. Private investment increasedits proportion from two-fifths to three-fifths of gross fixed capital forma-tion during the past five years and while external capital financed 30
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percent in 1966, it rose to 70 percent in 1970. Private savings rose from10 percent to 16 percent of GDP between 1966-69. Another factor facilitatingthe financing of the private sector has been the ra-2id evolution of financialinstitutions which mobilized domestic savings and external resources andchanneled them into investment. Fixed term deposits in commercial banks haveregistered a five-fold increase and the financial resources of financecompanies and insurance companies have recently growm at a very impressivepace.
vii. The outlook for the financing possibilities of the private sectorappears quite favorable. With the projected growth of the economy by 15percent annually over the next five years, per capita incomes will rise veryrapidly and even allowing for improved standards of consumption, a highdomestic savings rate -- around 20 percent -- may be expected. Moreover,savings-mobilizing institutions are increasing in number, including severalimportant foreign banks, new financial instruments are being introduced andan expanding capital market is being developed. Even more important,however, is that the rapid growTth of the economy is predicated on the main-tenance of the high volume of foreign private capital inflows and this initself will furnish large-scale fLinancial resources for the private sector.Needless to say, these favorable prospects for the financing of the privatesector assumie continuation of the Government's basic policies toward domesticand fo:reign investors. Finally, the fundamentally sound position and outlool:for public finances, should enable the authorities to assist in the financingof the private sector's needs whienever they deem it to be in the national
interest.
viii. Public sector finances have been soundly managed and a markedimprovement in public sector savings has taken place. Revenues of theCentral Government rose from 17 to 21 percent of GDP between 1966 and 1970,while current expenditures have been held down in spite of a rapid build-upof defense costs as a result of the withdrawal of U.K. military forces. Thefinances of the statutory authorities, which handle most of the economicactivities of the public sector, have been equally well managed and havegenerated substantial savings. In addition, the public sector has had accessto the growing surpluses of the Central Provident Fund. The combined savingsof the Central Government, the statutory authorities and the Central Provi-dent Fund increased from 7 percent of GDP in 1966 to 13 percent in 1970.Provided the same sound policies are continued over the next five years,public sector savings may be expected to rise by 14 percent annually and toconstitute 8 percent of GDP in 1977, after making allowance for adequatelevels of current expenditure. The realization of these estimates willdepend to a great extent on the growth of income and employment in majorsectors of the economy and the continued control over non-essential expendi-tures that has been exercised in the past so that resources may be charmeledinto development-supporting areas to an even greater extent than before.These savings are estimated to cover almost four-fifths of projected publicsector investments and together with modest amounts of internal and externalborrowing should cover the investment and debt amortization requirements ofthe public sector. Moreover, ample scope is believed to exist in containinggrowth in current expenditures and/or raising govermnent revenues.
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ix. The balance of payments has evolved satisfactorily in recentyears largely as a result of growth of entrepot trade following the endof "confrontation" with Indonesia and the large-scale private capitalinflows. Grrowth of earnings from entrepot trade by 14 percent annuallysince "confrontation" ended and the emergence of domnestic exports ofmanufactures, especially refined petroleum products, have generated acurrent account surplus every year until 1970. Since then heavy importsof capital goods for the manufacturing industries have led to a currentaccount deficit. However, these investment goods have been financedto a great extent by direct private investments and the foreign exchangereserves have continued to grow. Recent developrnent of an Asian dollarmarket and a free gold market in Singapore have contributed to this growth.By the end of June 1971 foreign exchange reserves are estimated at US$1.4billion, ecluivalent to some 8 to 9 months of retained imports at currentlevels.
x. The outlook for the balance of payments appears to be reasonablyfavorable. Taking into account the various forces in operation, entrepottrade is expected to grow by 8 percent annually at best and its role inoverall trade will decline. Exports of refined petroleum,will be more thandouble and those of other manufactures will grow in line with increasingindustrial output. These expectations are largely based on the heavyinvestments already made or under way by multinational firms with globalmarket outputs and the assumption that Singapore's competitive positionwill be maintained. In spite of this favorable outlook for exports,imports are expected to grow even faster, largely because of the continuedheavy requirements for capital goods, and growing current account deficitsare projected. However, as last year, the deficits are expected to becovered by large-scale private capital inflows and a viable balance ofpayments situation is envisaged.
xi. Because of the "openness" of the economy -- foreign tradeamounts to some 250 percent of GDP -- it is extremely vulnerable toforeign trade fluctuations and a comfortable foreign exchange reserveposition is dictated. On the assumption that the trade account wfillbehave in the manner postulated above and that private capitaliinflowswill be in the range of US$250 million annually during 1971-75, and thatreserves are drawn down rather sharply to four months of retained imports,no official capital would be required on balance of payments grounds duringthe next quinquennium. It should be emphasized, however, that an equallyplausible case for need of official capital inflow could be projected withonly minor changes in assumptions. Singapore is likely to be in the positionduring the next few years in wihich adverse variations well within themargins of error of any of the balance of payments variables projected here,could well create official foreign financing requirements. Such requirementswould also exist on the assumption that the relative change in reservesffom the present level of eight months import requirements to the projectedlevel of four months would take place gradually, remaining above the fourmonth level until about 1976. On this basis, which would represent a some-what more prudent reserve policy, there would be a requirement in the
projected balance of payments for official external borrowing of aboutUS$50 million a year. It would thus appear that from considerationsregarding reserve policy and private foreign investment uncertainties,continued official borrowing by Singapore is justified even though theimmediate necessity to supplement private capital inflows with officialborrowing is not clearly evident. An official external borrowing levelof about US$50 million a year seems reasonable for the next severalyears. Over the long term, i.e. in the latter 1970's, official borrowingrequirements may well be substantially higher, even allowing for someslowing of the growth of the economy because of labor and land constraints,and increasing complexity and deepening structural requirements of furtherindustrialization. In large measure this need for official capital seemslikely to arise mainly as an offset to very substantial factor payments onthe large-scale previous private investments. In any event, Singaporeshould be able to keep its official borrowings within reasonable levelsby making appropriate modifications in the growth rate. The aboveprojections assume an average annual growth rate of about 14 percentin the 1970's. Singapore would still be developing satisfactorily witha 9 or 10 percent growth rate.
xii. This outlook for somewhat slower economic growth in the latterseventies is quite consistent with a favorable assessment of creditworthiness.Longer term economic growth and export expansion are still likely to behigh, and Singapore's present external debt is low. The outstandingexternal debt is equivalent to US$285 million and service on this debt isunder 2 percent of domestic exports. After making allowance for the abovelevel of annual borrowing, debt service will be less than 1.5 percent in1975 and some 3.3 percent in 1980. Given the satisfactory past performanceof the economy and expectations of its continuation, Singapore may beregarded as creditworthy for loans on conventional terms of the indicatedamounts.
Io INTRODUCTION
1. Singapore, with about 2 million inhabitants, is situated onthe Malacca Straits, at what has been called the crossroads of Asia. Itconsists of the main Island of Singapore and a number of smaller surround-ing islands. With a total land area of only about 225 square milesi/ anda single-tier government structure, Singapore is a present-day versionof a city-state. A former British Crown Colony, it achieved autonomyfor domestic affairs in 1959 and attained complete independence when itjoined as a State in the Federation of Malaysia during the latter's forma-tion in 1963. In August 1965 Singapore withdrew from the Federation andestablished itself as an independent republic. The political record isone of marked stability, with the same party (Peoples Action Party)dominant and the same Prime Minister (Mr. Lee Kuan Yew) in office sincethe first general elections in 1959.
2. Singapore, under the new Government, entered the 1960's witha mixed legacy fromihe past. On the one hand, it had attained the statusof the worldts fifth largest port around which a highly developed entrepottrade was built. With quite high productivity and incomes in entrepottrade, this sector contributed more than one-sixth of GDP and Singapore'sper capita GDP was considerably higher than that of the neighboringcountries. The extensive U.K. military bases, contributing as much asone-eighth of GDP, provided another good source of income. On the otherhand, the manufacturing sector was small, its productivity was generallylow and both output and employment had dropped markedly during the pastfew years. Unemployment -- both open and hidden -- was high, and prospectsfor ameliorating this situation in the face of an expected rapid increaseinthe working-age population were far from bright. The achievement of fullemployment was, therefore, regarded as the prime goal of economic policyof the Government for the upcoming decade.
3. The only feasible way to achieve the goal of employment creationwas considered to be through a rapid expansion of manufacturing for exportmarkets. It was expected that employment opportunities created in thismanner would lead to the expansion of other sectors. The decision to pursuethis strategy in spite of the disappointing past record of performance inthe manufacturing sector was arrived at largely through a process of elimi-nition: Sirngapore did not have resources for more than a very modest primaryproduction and the service sector by itself could not absorb the growinglabor force. Even if some expansion could be expected in entrepot trade,this would not have much impact on employment, nor would the U.K. basesgive rise to the necessary new employment. With a small domestic marketit was further clear that any sizeable expansion of manufacturing inSingapore wiould have to be based on export sales. An UN IndustrialSurvey Mission to Singapore in 1960 and 1961 supported this judgment andmade a nunDer of recommendations as to the steps necessary to make thisexpansion possible. This mission cited two major obstacles: the badlabor relations which had developed in Singapore during the precedingperiod and the high wage level in relation to productivity, which renderedSingapore non-competitive with countries such as Hong Kong and Japan.
1/ The main island is 210 square miles.
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If these problems could be solved# however, Sinpspore*s comparativelywell-educated labor force would be an ioportent asset. The UN missiondid not foresee serious difficulties in raising enough capital domesticallyor abroad to sustain the industrial growth.
4. The Government's policies have been by and large successful andSingapore en,ters the 1970's with low unemployment and even a scarcity oflabor in some sectors, e.g. construction, ship-repairing, etc. Attain-ment of the full-employment goal has been accompanied by a high rate ofgrowth in real GDP -- in excess of 10 percent anni'al average for theperiod 1961-70 and close to 15 percent in the last few years -- andvirtual price stability. After the initial build-ip period, industriali-zation and foreign investment accelerated in the second half of the decade,spurred on by special tax incentives for "pioneer" firms and for exports,the provision of a modern industrial infrastructure, liberal laws regardingcapital movements and some tariff protection for selected industries inan otherwise free-trade environment. Singapore has also been able to solvethe problems of poor labor relations and uncompetitive wages in industry:with new labor legislation in 1968 there has been virtually no industrialunrest for several years, and a reduction offringe benefits combined withextreme wage restraint has glven Singapore a highly competitive positionindeed in wage-productivity comparisons with other countries.
5. New employment has not been created only by the industrialexpansion. A massive public housing program has also played an importantrole in this respect, at the same time as it has led to a considerableincrease in the standard of habitation for a large segment of the popula-tion. In the last few years there has also been a construction boom inoffice-building and hotels which provided employment in the constructionindustry. At the same time, the rapid growth of hotels indicates anothergrowing sector for income and employment which the Government has beenstimulating with some visible success: tourism. Partially offsettingthese favorable developments in the employment situation was the decisionby the U.K. Government in 1967 to withdraw completely in a few years timefrom the military bases in Singapore. These bases provided directly andindirectly an estimated 50,000 jobs. It adds to the measure of successof the Goveirnment's policies that rather than giving rise to unemployment,the withdrawal of U.K. forces has so far had the effect of permitting amore rapid expansion of industry where otherwise a shortage of skilledlabor might; have become severe. Although the full impact of the militarywithdrawal had not been felt by 1971, its earlier threat to underminethe employrnent situation has been greatly reduced by the rapid growth ofother sectors. Furthermore, the effect of the withdrawal has been mitigatedsomewhat by an agreement between U.K., Australia, New Zealand and Singaporethat ANZUK forces would be stationed in Singapore.
6. Although the development of Singapore's econonbr in the pastdecade has been greatly stimulated by sound Government policies, a numberof important exogenous events have contributed to the spectacular growth.
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The most important among these has been the resumption of large-scaletrade with Indonesia. The policy of "confrontation", adopted byIndonesia in 1963 towrard the then Federation of Malaysia, which sharplyreduced Singapore's profitable and important trade wdith Indonesia forseveral years was reversed. Furthermore, Singapore gained considerablebusiness from the boom generated by off-shore oil prospecting in SoutheastAsia and to some extent from the war in Vietnam. The 1967 disturbancesin Hong Kong also undoubtedly helped to focus the interest of the inter-national investing community on Singapore as an alternative. Finally,throughout the period, Singapore's one natural asset -- its location --has proven most valuable and has helped the Government in its attempts tocreate in Singapore a "service center" for Southeast Asia.
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II. GROWTH AND STRUCTURAL CHIANGE
7. The period since Singapore became a separate country has beenone of rapid economic growth. GDP increased over 80 percent from 1965to 1970 and the growth rate P ached an average of 15 percent per annumduring the last three years._ Accompanying this growth there have beenimportant changes in the production, expenditure and employment pattern.Unemployment has diminished sharply and there has been a substantialdecline in the rate of population growth.
Structural Change
8. Due to the virtual non-existence of a primary production sector(only 3 percent of GDP in 1970) Singapore's economy is still prediminantlya service one, but as the table below indicates the goods sector has beenincreasing its share rapidly over the past few years.
SECTORAL CONTRIBUTIONS TO GDP AT FACTOR COST(Percent of total product)
1961 1966 1970
Goods sector 18.7 22.7 28.8(Manufacture) (9.8) (14-5) (20-7)
Services sector 81.3 77.2 71.2(Military services) (11.6) (16.3) (7.3)(Entrepot trade) (17.4) (lO.b) (ll.4)(Domestic trade) (14.1) (15.7) (19.1)
9. In the uses of resources, the most impressive structural changehas been the very rapid increase of investment and the associated relativedecrease of consumption, especially over the past four years. The bulk ofthis change has been within the private sector; private investment tookover 15 percent of the resources in 1970 as against only about 5 percentin 1966. Reflecting this change was the steep decline in the share of
1/ This refers to GD? at factor cost and in current prices. No GDP-deflatoris computed in Singapore, but indications are that price increases on thewhole have been small over the period.
private consumption, but so pervasive has been the impact of overall growthin Singapore that despite this relative decline, an increase in privateconsumption by almost 10 percent annually took place during 1966-70. Publicconsumption and public investment have been both increasing their shares,resulting in a slight growth in the total share of resources used by thepublic sector.
COMPONENTS OF GDP AT MARKET PRICES!.(Percent of total expenditure)
1966 1968 1970
Consumption 86.3 82.6 75.3(private) 71.9 68.5 59.8(public) 1/' 14.4 14.1 15.5
Investment 13.7 17.4 2b.7(private) 5.3 8.4 15.0(public) 1/' 8.4 9.0 9.7
Private sector use 77.2 76.9 74.8Public sector use 22.8 23.1 25.2
1/ These figures are based on recalculated national accounts as given inTable 2.2b of the Statistical Appendix.
Sectoral Developments
10. Comparing the development of the main sectors of production duringthe past two years with the trend during the earlier period, reveals a strongacceleration of the goods sector while the growth rate for services remainedrelatively stable at a lower level -- low only in comparison with the ex-tremely high rate for the goods sector. Manufacturing has been growingrapidly aIl the time, but it gathered further momentum in recent years.The trend value for the construction industry is much lower than that forthe past two years.
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ANNUAL GROWTH OF VALUE ADDED(Percent)
Three-year trend1966-1968 1969 1970
Goods sector 11.8 21.1 27.0(Manufactturing) (20.0) (25.3) (28.6)(Construction) (11.2) (18-4) (36.L)
Services sector 10.7 11.3 10.7(Military services) (-4.3) (-12..6) (0.3)(Entrepot trade) (23.0) (23.6) (-h.5)(Domestic trade) (18.2) (1.5) (20.1)(Tourism) (31.0) (54.9) (21.0)(Utilities) (26.b) (9.8) (13.8)
11. The changes among several subsectors of services appear moreerratic. The speed of the decline in earnings from the military basesreflects the phasing of the U.K. military withdrawal. The figures forentrepot trade in the earlier years reflect mainly increased activity 1/following the end of the "confrontation" between Indonesia and Malaysia,-while in 197'0 they largely reflect the sharply declining prices for rubberand other commodities. The winding down of the U.S. military effort inVietnam may also have contributed in part to the decline in 1970. As forutilities, the sector grew rapidly (although not as rapidly as GDP in thelast few years), propelled mainly by the rising industrial power demand.
12. Tourism earnings have been one of the fastest growth factors inthe period, albeit starting from a small base, and contributed almost 5percent to GDP in 1970. The number of foreign visitors has grown at anaverage anmnal rate of over 35 percent, due to such factors as Singapore'sposition on important sea and air routes combined with the attractionsof a duty-free shopping center, the influx of U.S. soldiers on "rest andrecreation .Leave" from Vietnam and its emergence as the regional base foroil exploral;ion and other business activities. The growth of tourism has
1/ The conf rontation policy, initiated by the Sulcarno regime in Indonesiain 1963, aimed at the breaking up of the newly-formed Federation ofMalaysia, of which Singapore was then a member. The result was acomplete disruption of recorded entrepot trade activity betweenSingapore and Indonesia. The confrontation ended in 1965.
also had an impact on GDP in a secondary way, namely by stimulating aboom in hotel construction in the last few years; a substantial part ofprivate investment in buildings has been in hotels.
Policy of Industrialization
13. The main emphasis of the Government's development policy through-out the past decade has been on promotion of industrial growth and duringthe last few years this has met with great success. The real breakthroughcame in 196f8, when industrial employment and value added both increased byabout 28 percent and similar rates have been reccrded in 1969-70. Themain factors responsible for this breakthrough can be traced to a set ofmeasures implemented by the Government in 1967-68. The Government intro-duced new anid generous incentives for industrial investment and new laborlegislation which put an end to the labor unrest which had prevailed,reduced fringe benefits and generally provided for stable wages underthree-year minimum collective bargaining agreements with compulsoryarbitration. Both of these measures served to attract large-scale privateforeign investment which accounted on the average for about three-fifthsof total pr:ivate investment during 1968-70. The very rapid growth of theeconomy in these years is largely attributable to this factor.
14. The institutional framework to implement the industrializationpolicy was bolstered by establishing the Jurong Town Corporation (JTC) andthe Development Bank of Singapore (DBS) in 1968 to take over the respectiveresponsibilities for developing industrial estates and for industrialfinancing with Government support. The Ekonomic Development Board (EDB)could thus concentrate on promotional activities needed to find new inves-tors and to help them launch their projects in Singapore. These measureswere so successful that the Government adopted a more selective approachand restricted tax incentives in 1970. The range of products which willbe encouraged henceforth by these incentives has also been narrowed andtariff protection for import-substituting production is no longer granted.
15. The largest industrial subsector is the petroleum industry withabout 30 percent of the total output in 1970. It is in the nature ofrefinery operations, however, that the proportion of value-added in out-put is low, and so the contribution of the petroleum industry to totalmanufacturing value-added was only 16.5 percent. Transport equipment,which includes the ship repair industry, was a close second with 16percent of total value-added, and electrical machinery contributed 10percent. Of the more traditional pursuits the food, beverage and tobaccoindustries added another 14 percent of the total. The petroleum industryplays a negligible role in employment creation, providing only 1.6 percentof total manufacturing employment in 1970. The leading industry fromthe standpoint of jobs was transport equipment with 15.5 percent of thetotal, followed by textiles with 13.5 percent and electrical machinerywith 11.5 percent; the food industries group accounted for 9 percent ofemployment. The electrical machinery and transport equipment industries
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stand out both in terms of value-added and employment. The drop in thegrowth rate in transport equipment in 1970 to some extent apparentlyreflects a cEapacity constraint in the form of a shortage of skilled labor(welders, fitters) and a lag in the expansion of available shipyards.
ANNUAL GROWTH RATE OF VALUE ADDED(Percent)
1968 1969 1970
Textile and :Leather 56 37 17
Electrical machinery 10 170 140
Transport equipment 59 120 24
All manufacturing 28 31 29
16. The main emphasis of the industrialization drive was on employ-ment creation and it succeeded in that employment growth has kept pacewith the growth of value-added during 1968-70, in contrast to the earlierperiod when employment grew much more slowly. Average labor productivityin manufacturing appears to have risen very little and the rapid indus-trial expansion has been practically wholly dependent on a growing laborinput. To a large extent this is explainable by the very rapid growthitself: each year there has been a large proportion of new undertakingsand it is normal to experience a lower productivity for the initialperiod; this may statistically mask productivity increases in establishedlines of production. With fears of unemployment largely dispelled and withspot labor shortages appearing, possibilities of future rapid growth willhave to largely rely on rapid growth in industrial productivity. Prospectsin this respect are encouraging as indicated below in paras. 49 and 50.
Housing and Construction
17. Construction has been expanding rapidly since 1967 when theGovernment introduced stimulating measures for private construction inthe form of substantial reduction in property tax rates for projectsfalling in itsurban renewal program. An ambitious target was set for thepublic housing program during 1966-70, and the rate of new starts wasstepped up greatly in 1967. To stimulate the flow of savings into housing,a scheme of selling on easy installment terms flats built by the Housingand Development Board (HDB) was introduced. The success of these policies
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has been great and a serious demand pressure has developed in the sectorwith rising wages and prices for materials as a consequence.
18. Housing construction is dominated by the impressive publichousin ,fprogram, which now encompasses over 80 percent of' the units beingbuilt.- This program was started when the new Government came into powerin 1959 and it achieved some momentum by 1965 under the first five-yearplan. For the following five years a target of 65,000 completed units wasestablished, and although not quite met, the shortfall was slight. It isestimated that in 1970 about one-third of the entire population was housedin flats built by HDB, and the goal is to increase production further witha target of 100,000 completed units under the third five-year program.Since 1969 when withdrawal of the contributions to the Central ProvidentFund (CPF) was authorized for the purpose of paying for HDB-flats, theprcportion of sales has increased rapidly, and there has developed quitea long waiting list (over 30,000 in September 1971) for these flats. Thelarger flats are now mainly sold rather than rented.
19. The combined demand from the public housing program, the boomin hotel and office construction and the construction associated with theindustrial e)xansion has severely strained the capacity of the buildingindustry. While a large influx of immigrant labor on short-term workpermits, the majority of which has been absorbed by the construction sector,has boosted the supply of unskilled labor, there is an acute shortage ofskilled craftsmen and competent work-site managers. During 1970-71 therehave also beeni temporary shortages of materials such as cement. Steelprices are fixed by Government, but other important building materials haverisen in price by 20 to 25 percent over the last two years and wages havemoved upward in the absence of wage agreements. It is estimated that whilebuilding costs were rising by only 1 to 2 percent annually through 1967,they rose by 3 percent in 1968, 5 percent in 1969 and 8 percent in 1970;the rate jun,ped to 1 percent per month in 1971.
Population and Manpower
20. Population growth in Singapore fell from a rate of 2.5 percentannually in the first half of the 1960's to about 1.5 percent in 1968-69.An increase of 2.8 percent in 1970 is reported but it seems that this islargely the result of better coverage since it is based on a census. Whatis certain is that the rate of natural increase has been declining steadilythroughout the decade as a consequence of falling birth rates; the crudebirth rate was 37.8 per thousand of population in 1960, 29.9 in 1965 and22.1 in 1970. This has been partly due to the decline in the proportion
1/ As private sector flats are larger, the public housing program coversabout 55-60 percent of the total in terms of floor area and construc-tion value.
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of child-bearing women in the high fertility age group of 20 to 34 to thegeneral improvement in income and educational levels, but more directly toconsistent family planning efforts.
21. A five-year Family Planning Program was adopted in 1965. Thisprogram aimed at reducing the then prevailing crude birth rate of 30 perthousand to 20 by setting a target of 180,000 new acceptors during 1966-70.The target was achieved during the first three years, although not in1969 and 1970, and the total for the period was some 157j000. Age-specificfertility will presumably continue to decline due to the continued effortsof the Family Planning and Population Board, but the effects on the crudebirth rates will be countered by changes in the age composition of thepopulation, which currently are such as to bring lar'ge numbers of womeninto the age groups where fertility is highest. It thus seems unlikelythat the original aim for the birth rate will be achieved; preliminaryfigures for 1971 seem to bear this out indicating if anything a siightincrease over 1970.
22. Reliable data on labor force and employment are sadly lacking.The economically active population is estimated to have increased by about75,000 between 1967 (the year when the U.K. military withdrawal wasannounced) and 1970; during the same period unemployment dropped by about15,000. Moreover, an estimated 20,000 of the 30,000 people who lost theirjobs as a reisult of the withdrawal have also been available for new employ-ment in other sectors, raising the total to be absorbed to at least 110,000.The manufacturing sector increased employment by about 60,000, and thepublic sectc,r by about 15,000. The remaining 35,000 must have been absorbedby other sectors for which no data exist. This seems reasonable, however,considering the very rapid growth of the construction and tourism sectorswhich are both rather labor intensive. This assumed employment balancewas assisted by the build-up of the National Defense Forces which currentlydrains from the labor force an estimated annual net of about 5,000 menand by increasing enrollment in secondary and higher education.
23. Faced with a growing shortage of skilled labor in variouscategories, the Government began to relax immigration restrictions in1968 and issued about 56,000 work permits up to the middle of 1971. Inaddition, a system of month-to-month block permits for construction laborhas allowed 10,000, mostly West Malaysians, to come to work in Singaporeby mid-1971;; further it is freely admitted by the authorities that thereare a substantial number of additional non-citizen workers without permits.Although the Government is aware that this rather rapid immigration ispresenting a number of problems in terms of social integration, for thetime being it sees no alternative if the economic development is to con-tinue. The authorities have recently even taken measures to give theimmigrants a more secure status by lengthening the period for whichpermits are given and sinplifying the process of obtaining citizenship.
Wages and Prices
2h. A high degree of wage stability has prevailed since 1967 inspite of the rapid growth in GDP. According to annual sample surveys therehave been no increases at all in average earnings per hour through themiddle of Jul.y 1970. However, these averages exclude bonuses and ex gratiapayments, which play an important role in determining the total remunerationof workers in Singapore. The reported average is also influenced by theinflux of a large number of low-paid female workers. Nonetheless, wagestability has prevailed and is explainable in institutional terms: thenormal form of payment is time rates and the labor legislation of 1968provides for three-year minimum contract periods for collective agreements.
25. More recently upward pressures on wages in some sectors haveappeared as a consequence of shortages of skilled labor. The constructionindustry has already been mentioned (para. 19) and it is estimated thatwage increases in the manufacturing sector during 1970 have been 2.2 percentin labor intensive branches, 6.5 percent in branches utilizing medium skillsand 11 to 12 percent in high-technology branches. It is reasonable toassume that figures for the second half of 1970 and for 1971 will show somegeneral increases in wage levels, especially since many collective agree-ments have expired in that period.
26. It is difficult to get an accurate picture of price movementssince very few price indexes are availab'Le. According to the consumerprice index a very stable price level has prevailed from 1967 to 1970,with even slight declines in 1968 and 1970. The main reason for this isthat the focd item which accounts for nearly one-half declined from itshigh in 1967. There is general agreement, however, that the compositionof the index, which was fixed in 1960, no longer adequately reflects theaverage consumer's expenditures because it gives undue weig'ht to suchitems as rice.
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III. DEVELOPMENT PROSPECTS
27. The Government is currently working on a set of proposals fora developmenl; strategy for the 1970's and a plan of action for the publicsector in support of that strategy. The first stage of development sinceindependence, including the practical attainment of the full-employmentgoal, was achieved with only selective sector planning but it is now feltthat the next stage will require a higher degree of concerted action.The feasibiLity of doubling per capita income by 1975 and a 15 percentGDP growth rate for the rest of the decade is currently being examined.Although the various Government departments have submitted proposals tothe Ministry of Finance regarding the financial requirements in theirrespective sectors, the planning process has not yet reached a stagewhere any firm conclusions can be drawn. However, some broad implicationshave emerged.
28. The past pattern of growth has been one of rapid industrializationled by private foreign investment. Whether the high rate of growth can besustained, will depend on continuation of foreign private investment on alarge scale and on the limited land and manpower resources not imposingserious constraints. Given the present commitmenits, particularly in theoil refining and ship repair and shipbuilding industries, and the largenumber of applications in the pipeline, foreign private investment can beexpected to continue to provide the impetus for rapid industrial growth inthe next four or five years. Moreover, availabilities of manpower and landshould not impose insuperable obstacles during this period provided measuresare taken promptly to expand and improve existing supplies. It seems,therefore that over the short-to-medium term, a 15 percent GDP growfthtarget would be feasible. Beyond the mid-seventies, growth prospects willdepend to a large extent on whether a "deepening" of the industrializationprocess takes place. Many of the large-scale projects such as the oilrefineries and shipyards will be completed by then and a slowdown in therate of fore,ign private investment, and consequently in the rate of economicgrowth, may be expected unless new large-scale capital-intensive projectsare launchedi after 1976.
Private Inveistment Prospects
29. The short-to-medium term growth of the manufacturing sector willbe largely determined by likely developments in the flow of foreign privateinvestment. Foreign private investment in fixed assets in 1970 amounted toabout S$500 million, reaching a cumulative total of S$1,230 million, witha further S$700 million in the pipeline in the form of commitments. Thestream of new commitments has continued throughout 1971 and severalimportant new ventures have been announced. Most of these have been bymultinational corporations or other large firms with established accessto export markets.
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30. Very large investment programs are underway in the petroleumindustry where total refining capacity in the country now stands at some370,000 bpd (barrels per day) of crude oil. Firm projects with construc-tion already started will increase this to some 850,000 bpd in two yearstime. With advanced plans for further investment, industry projectionspoint to a total capacity in excess of one million bpd by 1975, whichwould make Singapore the third largest refining center in the world.In addition, there is also some widening of the product line with thefirst plant for hydrocarbon solvents recently commissioned and two plantsfor lubricants under construction. The Economic Development Board isalso having exploratory discussions with some interested parties about apetrochemical complex.
31. The shipbuilding and repairing industry is expanding rapidly withoutput expect to reach; $745)ilTliWon in 1971 compared with S$230 millionthe year before. So far the emphasis has been on repairs and new buildinghas been restricted mainly to small and simple vessels. The scene ischanging, however, with an increasing demand for specialized equipment,such as oil rigs for the regional offshore oil exploration and productionactivities. Of utmost importance for the future of the industry are theannounced plans by several giant Japanese shipbuilding firms to invest ona large-scale in Singapore. IHI already operates the large Jurong Shipyardas a joint venture with the Government and the decision has been taken toexpand the capacity of its drydocks to take 300,000 tonners shortly withpresumably even larger ones to follow. Hitachi has embarked together witha local firm on a program that will include a drydock with capacity for260,000-tonners and lead to a total employment of about 4,000. Mitsubishiplans to invest about S$150 million, possibly in a joint venture withthe Governme!nt, and hopes to be able to start building tankers by 1974 insizes up to 400,000 tons. Not only does Singapore have an increasingadvantage irn labor costs over Japan, but it is also very convenientlylocated on the important Middle East to Japan route. Finally, discussionsare at an advanced stage about proposals for Japanese firms to engage inthe manufacture of ship parts in Singapore; these are now almost all importedfrom Japan. Besides increasing the value added earned by the shipyards,this would be an important step towards the establishment of a more advancedengineering industry in Singapore.
32. In the fields of electronics, electrical and other machinery, andchemicals a number of large international firms are stepping in to startproduction. Plessey, which up to now has been conducting assembly opera-tions only, is embarking on a S$75 million construction program for an elec-tronics complex which could ultimately provide employment for some 5,000persons. Philips is similarly investing about S$70 million in fourfactories, and General Electric which already has two factories in Singaporeis investing in three more and will attain a total employment figure ofsome 3,000. Beecham is investing S$10 million in a plant for antibioticsand other pharmaceutical products, and Rollei has begun the shift of itsentire production of cameras and cine projectors from Germany to Singaporeand plans to employ about 3,600 persons by 1972.
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33. The list of similar ventures already underway or in an advancedplanning stage could be made substantially longer and it is notable howthe recent additions reflect the increasingly selective policy of theGovernment. Niew investment projects are only approved if they are expectedto contribute significantly to Singapore's export earnings.
Public Sector Investment
34. To sustain the high pace of growth and structural change ofthe recent past and to provide inducements to continued private investment,the public sector will be faced with very large investment requirementsfor both economic and social infrastructure. The industrialization drivecreated demand for industrial estates and factory buildings, for utilitiesand roads. The increased trade has generated a demand for port and airportfacilities as well as for telephones and other means of communication.There is still much substandard housing to be replaced and the combinedeffect of rising expectations and skyrocketing land prices for privatehousing, create growing pressures for low-cost public housing. All thesefactors accentuate the problem of an increasing demand for land, whichoften can only be satisfied at high cost through reclamation from the seaor from draining of swamps. They also make it imperative at all times totry to achieve the most economical land use pattern; the urban renewalprogram and the need to resettle villages, farms and businesses to makeroom for the urban expansion are the unavoidable and costly consequences.
35. As mentioned above (para. 27), there is as yet no developmentplan or other comprehensive plan for the public sector in Singapore. Thereare, however, some fairly fixed plans for important sectors, especially inthe areas where statutory authorities have responsibility. With the aidof the statutory authorities' plans, information from Government departmentsand some mission estimates it is possible to compile estimates of the pro-bable order of magnitude of the investment requirements of the public sector.!-Pile pubifc 'sector investxnahts in fiscal year 1971/72 are expeczed tc beat only S$859 million a steep rise to S$1,100 million in 1972/73 is indicated,followed by limited increases during the remainder of the five-year period.It is, of course, rather unlikely that the actual development will be quiteas projected; it would seem probable that while the total amounts over theperiod may be largely unchanged some investments will slip towards the endof the period0 Moreover, there have been other than financial constraintson implementation capacity and they may also prevail during the next fewyears. Finally, it should be stressed that the various partial plans havenot been approved as integral parts of a comprehensive framework by theMinistry of Feinance and thus may be modified at a later stage.
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PROJECTED PUBLIC SECTOR DEVELOPMENT EXPENDITURES(In millions of Singapore dolLars)
1971/72 1972/73 1973/74 1974/75 1975/76 1976/77
1. Industrial Infra-structure 1/ 64 89 82 83 95 108
2. Loans to Industrialand Comnercial Enter-prises 199 200 200 200 200 200
3. Public Utilities 136 266 287 217 204 2064. Transportation 106 135 140 160 190 220
5. Telecommunications 50 61 57 53 55 606. Land Devealopment 54 65 75 80 80 80
7. Housing 161 188 220 263 287 3078. Other 89 95 105 110 120 130
Total 859 1,099 1,166 1,166 1,231 1,311
Average 1968-1970/71 = 478
1/ Land transfers from the Government to JTC have been deducted.
36. The estimates of the amounts to be extended as loans to industrial
and commercial enterprises were particularly hard to assess because of their
nature. This category has been rapidly rising in the past few years and is
a dominant item in the Government development budget for the current fiscalyear. Its future behavior must be judged in conjunction with the Govern-mentts domestic borrowing as a source of funds, as it can be said to acertain degree at least that it is only the net sum of these two items thatmatters from a financing point of view; the overall size of the budget can
be varied by increasing or decreasing the amount lent to and borrowed from
the non-government sector. The determining consideration then will be
whether in the view of the Government the enterprises concerned will be
able and should be made to raise their funds directly in the capitalmarket or whether the government should continue to act as an intermediary.
The notional figure used in the projections above reflects the feelingexpressed iil the Ministry of Finance that whereas Government lending may benecessary in the initial stages as new ventures are being launched (e.g. DBS
and the natLonal shipping line), these should gradually be able to stand on
their own financially. The emergence in Singapore of a more developeddomestic capital market should make it easier to implement such a policy.
37. The rapid development of industrial estates wiU continue with1,500-2,000 acres of land prepared annually by the JTC. The bulk of this
is in Juronig Town, which is by far the largest estate in Singapore and
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where the large land-users among the industries are located. A new
estate of a similar kind is being opened up at Sernbawang where one of the
former U.K. navy installations, including a large shipyard, provides the
nucleus. The other estates, around a dozen, are smaller and have nodirect access to the sea; they are used for light and space-intensiveindustries, quite often provided for in so-called "flatted" factories.
The demand for industrial land is such that JTC practically has no un-
committed reserves of developed land and it can in fact be quite selective
about which industries to accept and where to offer them locations. The
largest part of the expenditure foreseen is for land preparation, which
includes reclamation, dredging, filling, road preparation, etc., another
activity wihich requires considerable amounts of money is for the building
of factories for lease.
38. Ihe amounts shown in the above projections are far smaller thanthe expenditures JTC will incur. Part of the explanation is that JTC will
be paying several hundred million dollars for land bought from the Govern-
ment, and this has been treated as an internal transfer in the projections.
The rest of the difference stems from the fact that JTC is increasingly
spending money on functions which should not properly be classified under
the heading of industrial infrastructure, foremost among these is low-cost
housing which according to present plans will become the largest single
expeinditure item for JTC in a few years time. This in turn follows from
the decision to make JTC virtually totally responsible for the entire
development of Jurong Town and not only for the industrial estate proper;
it develops the Jurong port, it provides housing both of the low-cost
type and so-called executive flats and luxery housing, it provides the
social amenities, etc. In many respects JTC may be said to resemble the
New Town Corporations of other countries and indicative of the development
foreseen are the following figures: currently Jurong Town provides employ-
ment for some 36,000 while the total resident population is only about
32,000 -- the saturation stage for the industrial estate is expected to beat a level of about 70,000 employed while the population by 1980 with thehousing program foreseen may be of the order of 400,000 to 500,000.
39. Investment in power generation, transmission and distributionwill be on a very high level throughout the projection period, in the order
of S$175 million annually. Major projects underway are stage II of the
Jurong Power Station where three units of 120 MW each will be commissioned
during 1973, the first stage (another 360 MW) of a new power station at
Senoko to be commissioned during 1975, and substantial strengthening
of the transmission system including the introduction of 230 kV as trans-
mission vc,ltage. The power supply situation at present is good, with an
installed capacity of about 700 MIT and peak demand around 460 MU, but
forecast load growth is 24 percent annually in the period 1971-73 and at
least 15 percent annually after that, so large additions to capacity will
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be needed soon. The expectation of an unusually large load growth during
the next few years is based on reasonably firm knowledge of new industrial
demand (e.g. from refineries), which could push the proportion of sales
that go to industrial and commercial users up to about 75 percent against
last year's figures of 65 percent.
40. A large peak for investment in water supply is expected in 1972
and 1973, when expenditures of S$76 and $110 million respectively are
planned, to be compared with a level of around S$15 to $20 million in
the past. Singapore's water now comes from two different types of sources:
the larger part from river sources in the state of Johore in Malaysia and
the rest from impounding reservoirs on Singapore island. The cheapest
way of obtaining additional supplies from a purely technical point of view
would be to develop additional sources in Johore, but as there are political
complications connected with this (the present installations stem from the
period before independence), the Singaporeans have decided to look for more
water in their own territory. The shortage of water in 1971 has served
to underline the importancT of this.
hi. Investment to improve transportation will require major
expenditures in spite of the fact that the compact country does not need
long roads or railway lines. Major development programs are already under
way for the ports, both at the main port of Singapore and at Jurong and
total expenditure on them is expected to reach peaks of about S$90-100
million in 1972 and 1973 and to remain over S$50 million annually through-
out the projection period. Traffic is expected to continue to grow rapidly,
and PSA's largest investment items concern construction of container
handling facilities (the first specialized container ships are expected to
call at Singapore during 1972) and the provision of new warehousing space
which now is in very short supply. There is also a sizeable expenditure
for reclamation of land in order to provide for further port expansionand unavoidable relocation of functions in connection with the urbanrenewal program. Jurong port, which is designated as the major port forbulk commodities and of course generally serves the large industrial estate,
has seen a rapid build-up of traffic during its few years of existence
and will :provide new deep water berths.
42. Both passanger and freight traffic through the airport are
increasing at a pace that continually prompts new and higher forecasts for
future volume and additional facilities. The choice stands between an
expansion of the present airport or the development of another former U.K.
military airfield into a second major civilian airport. The second alter-
native is estimated to be very much more expensive than the first, but it
would mean less noise problems for the urban area; in both cases the
resettlement problems will be great. As the lead time for the construction
is very long, a decision will be required at the latest by the end of
1972 and so amounts for the project have been incorporated in the expendi-
ture projections from 1974 on.
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43. With regard to public transport, the Government feels that byinterim measures it will be possible to get along through the decade butthat some more efficient system of public transport is urgently requiredby about 1980. A recommendation for the introduction of a mass rapidtransit_system is contained in a UNDP-financed master plan study which hasbeen submitted in draft form in 1971; the next stage will be a moredetailed study for which the IBRD will be the executing agency. Theprojection assumes that expenditures will begin in 1973/7L and thatS$150-175 million will be spent during the next five years.
44. The expansion plans in the field of telecommunications callfor a fairly stable level of expenditure during the next five years. Mostof the money will be used by the STB for improvements to local telephoneservice, where demand is expected to grow by 16 percent annually, butwhere supply so far has kept pace very well. The increasing importanceof Singapore as a commercial and financial center also means that demandfor telex and other international telecommunications is rapidly growing.In order to increase flexibility of operations and to make a quickerresponse to new demands possible, the present Government Department ofTelecommunications which is responsible for this service will be turnedinto a statutory authority on April 1, 1972.
45. The plans for the public housing sector call for almost twiceas many units in the period 1971-73 than were built during the precedingfive years, or about 120,000 compared with 62,500. At the same time theaverage size will be larger, about 750 sq.ft. as against about 500, andconstruction costs are rising. This makes for very large increases intotal expenditures which are reflected in the projections.
46. In view of the current limited capacity of the constructionindustry there could reasonably be some doubt as to the feasibility ofthe very large rise in housing construction volume planned. On the otherhand, there are developments on the demand side for construction thatpoint to the possibility of some real expansion room for public housing.Thus, the hotel construction boom is practically over and the level of newstarts there will fall off sharply. A number of observers also feel thatthe current increase in private housing construction will fade away againsoon, as it is spurred by a temporary increase in demand for luxuryaccommodation which will not be sustained for long as rising costs haveall but priced private housing out of the market. Similarly, doubts areraised as to whether there will not soon be an over-supply of shop andmaybe office space (the office space provided for in known projects bymid-1971 was reported to be more than three times the space currentlyavailable). There may thus indeed be some more capacity in the construc-tion industry available for public housing, and the Minister responsiblehas already stated that an effort will be made after 1973 to further in-crease HDB's program.
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47. The remaining sectors are all of lesser financial importanceand in most cases no spectacular changes in expenditure levels are fore-seen as compared with the recent past. The cost of land acquisition hasbeen projected to rise somewhat as a consequence of the generally risinglevel of activity and ensuing need for land; the same applies to re-settlement expenses where the rates of compensation have also been increasedrecently. In education, the relocation and expansion of the University ofSingapore will be a major cost item, but this is balanced by the fact thatneither primary nor secondary school population will increase during theperiod and thus capital costs for new schools may be more limited. Thegrowing need to give specialized training to workers in support of thedevelopment strategy will entail expenditures, but one can expect theindustries concerned to contribute materially to them. Finally, thebuilding of hospitals has lagged and rather large increases in expendi-ture from the very low levels in the past years should be expected; aU.K. firm of consultants has just started a study with the view of estab-lishing a program for modernization and expansion of hospitals.
Manpower Limitations
48. Thei rapid growth of the past few years has transformed Singapore'seccnomy from a manpower surplus to one with spot labor scarcities. Com-plaints of shLortages are voiced by many of the expanding sectors and itappears that the supply of manpower may well turn out to be among the con-straints for the high growth ambitions of Singapore. The Economic Develop-ment Board has made projections of manpower requirements for growth ratesof 15 percent or higher annuanly which are some 30 to 40 percent greaterthan the projected supply in 1975 and 45 percent greater in 1980 for mostcategories of skilled and semi-skilled labor. The Government is wellaware of this problem and is taking various steps to increase the supplyof skilled manpower. One obvious recourse is to increase immigrationand measures have been taken toward this end. While this can be expectedto be of help) in satisfying the demand for smaller groups of highlyskilled labor, it is hardly adequate to meet the overall labor shortage.There. ae also ssrious problblms re1atfet to thed aesor,:pioft ofX nmigrantsuhicl% inclinas .the authorities to tbhe viev tSat a "out off point" forirLm igr.ation vnill come iTithin three to fiVe 'years.
b9. Another way of increasing the labor force is by raising partici-pation rates and the Government is taking steps in this direction, particularlyby offering incentives to married women. These include locating light in-dustries next to the new housing estates with a view of attracting those notwilling to commute over great distances. Recently the authorities haveindicated their willingness to share with employers the costs of runningnurseries. The higher wages which can be expected in the future may alsoattract more women to seek employment outside the home. The overall effectof these developments and of the changes taking place in the age distribu-tion within the working-age groups are difficult to quantify, but it seems
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reasonable to assume some increase in the participation rate during theperiod under consideration. However, there may emerge a tendency towardsshorter wo;rking hours.
Productivity and Training
50. On balance it seems realistic to expect the manpower availabilitiesto grow by no more than 4.6 percent annually up to 1975 and somewhat moreslowly thereafter. This still leaves a gap in the "requirements" projectedby the Economic Developmemt Board. Since in receint years virtually allproductivity gains took place outside manufacturing and for avariety of reasons these may be more limited in the future, the neededlarge gains would have to come primarily from manufacturing. There areseveral reassuring factors in this connection. First, the changingcomposition of industrial output fostered by the Government's more selectiveapproach to industrialization will lead to a comparatively more rapidgrowth of subsectors with higher productivity. Second, there is someshift within the expanding subsectors fromassembly and other operationsinvolving only low skills and much labor to actual manufacturing, whichshould lead to a higher value added per worker. Third, as noted inparagraph 16, many firms have begun their operatinns only recently andwill gradually pass from the initial period with low productivity to anormal, higher level. The logic of rapid expansion is, of course, thatthere will also be in the future a number of recently started operatinnsin their initial lower-productivity stages; it is reasonable to expect,however, that this will be a decreasing proportiun of the total as theestablished base expands. Consequently, it appears reasonable to expectconsiderable gains in overall productivity, but whether they will sufficeto achieveI the growth goals sought remains problematic.
51. Much of the productivity gains counted upon can only be realizedif the supply of skilled manpower in adequate, a fact that brings thequestion of training into focus as a crucial one. The Government ws wellaware of this and is making determined efforts to increase training capacityboth for high level manpower and for skilled workers. However, the verylarge deficits projected by the EDB after making allowances for thesetraining efforts, indicate, the magnitude of the problem. There is atpresent very little advanced industry actually operating where futureworkers could receive in-plant training and experience. The Governmenthas reached agreements with some of the firms that are establishing largeplants that they will train a number of specialized workers abroad andthis should help greatly, but again the numbers are limited. There isalso the time factor. Training measures that have not yet been startedcan hardly be expected to influence materially the supply of skilledmanpuwer over the short-term. Especially crucial seems to be the lackof experienced staff. While it is possible to train welders, fitters,concrete workers, etc., in crash programs, this is not the case with thosewho are to hold supervisory positions (foremen, work-site managers, etc.).Even making allowance for the very high increases in productivity growth
- 21 -
which have taken place in other countries within the area (Japan, Hong Kong,Taiwan, Korea), the manpower constraint might prove insurmountable. ButSingapore has demonstrated in the past an ability to surmount what appearedto be quite formidable obstacles.
Wages Policy Issues
52. Workers in Singapore have demonstrated a remarkable spirit ofcollective responsibility by accepting the sacrifices for the benefits ofthe 1968 Employment Act and by adhering to its rules which largely pre-cluded any demands for higher wages until now. As economic success hascome to the country, labor has observed others reap visible benefits in theform of higher profits and salaries of those not covered by the legislation.Needless to say, decreasing unemployment, some selective wage increasesand especially improved housing have been tangible benefits for the broaderstrata, but it is only natural that there is now a rising pressure for con-siderable easing of the wage-freeze for workers. The Government is acutelyaware of the reasonableness of such demands and has officially promised areview of the wages and incomes policy with a view of raising the incomelevels of all segments of population, not only the ones organized in stronglabor unions.
53. The question of the future wages and incomes policy is a veryimportant one, Wages can and should undoubtedly rise, but at the sametime it is necessary that the process be kept under some control as it iscrucial to Singapore's continued success in attracting foreign manufacturingfirms that the wage/productivity ratios for "desirable" industries remainmore favorable than in competing countries. At the same time, wage in-creases when judiciously applied, can also be used as a tool to helpimplement the development strategy; higher wages will put pressure onsectors which now use rather labor intensive methods of production tochange their techniques and thus release labor to other, expanding sectors,and higher wages can also be expected to have a beneficial effect on thefemale labor force participation rate. There is also th1equestion of equity which is important for the continued social stability.The National Trade Union Congress and other unions embrace only a smallproportion of the total number of employed and ways must be found toinclude all groups in an equitable incomes policy.
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IV. FINANCING DEVEILPMENT
54. T'he impressive growth achieved by Singapore is in large partattributable to the rapid growth of domestic savings and largJe scaleexternal capital inflows and their efficient utilization in key sectorsof the economy. The existence of a favorable climate for privateinvestment has encouraged the growth of financial institutions anddiversification of their activities. The principal financial institu-tions are the thirty-six commercial banks. Although only eleven ofthese are local banks, they account for about half of total bank deposits.These accept four different types of fixed deposits with maturities offrom one to twelve months and pay interest rates from 3 to 6 percent.They also accept savings deposits yielding 3-1/2 percent interest. Inaddition, the financial institutions include finance companies, insurancefunds, and the stock exchange.
55. At the apex of this financial pyramid, supervising the activitiesof these institutions, are the Monetary Authority, the Currency Board,and the Bankers' Association. The Monetary Authority and the CurrencyBoard discharge the functions of a central bank. The Monetary Authoritysets reserve requirements for commercial banks and finance companies andmanages the overseas investments of the Government. The Currency Boardissues notes which are 100 percent backed by gold and/or external assets.The Bankers' Association sets interest rates, subject to approval by theMonetary Authority. The effective interest rate charged by commercialbanks on loans and advances as of June 1971 averaged 9 percent.
Private Sector Financing
56. The level of private investment is estimated to have risen fromS$184 million in 1966 to S$918 million in 1970, increasing its proportionof total g,ross fixed capital formation from two-fifths to three-fifthsduring this period. Large scale capital inflows from abroad, includingthe use of Euro-dollars, financed nearly 70 percent of private investmentin 1970, as compared with 30 percent in 1966. The remainder was financedby local savings -- by the increasing availability of savings in thebanking system, finance companies, insurance companies, the absorptionof some newl issues through the stock market, and to some extent by auto-financing. The money market and capital market in Singapore have madeconsiderabLe strides in the past several years although they are stillin a rudimentary state.
57. (Commercial bank deposits tripled from 1964 to 1970, increasingthe ratio of deposit liabilities to GDP from 39 percent to 60 percent.Growth of fixed term deposits has been particularly impressive, showinga five-foldI increase over this period, with the result that quasi-money(fixed-tenn plus savings deposits) amnunted to 70 percent of totaldeposit liabilities in 1970. This growth is related to the high rateof growth in real GDP, particularly as reflected in larger incomes ofhouseholds and higher profits of the trading and manufacturing sectors,
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the savings habits of the public, attractive interest rates and thestability of the Singapore dollar. An additional factor contributingto the rising availability of capital has been the free convertibilityinto sterling which has facilitated substantial inflows of short-termfunds from the sterling area, especially from Hong Kong.
58. The manufacturing sector has benefitted most from theseincreased resources. Commercial bank loans and advances to this sectorincreased from S$84 million in 1963 to S$739 million in 1970. While therelative importance of the manufacturing sector as a borrower fromcommercial banks has increased, that of commerce has declined. In 1963manufacturing represented 10 percent of commercial bank loans and advanceswhile commerce 51 percent, whereas by 1970 the share of manufacturing hadincreased to 34 percent and commerce declined to 31 percent.
59. Other significant savings-mobilizin, in;stitutig -.r the financecompanies and insurance funds. Deposits in finance companies yield somewhatmore attractive rates of interest than commercial bank deposits, and theyhave been growing by about 16 percent per annum over the last two years.Nevertheless, with loans and advances of S$295 million in 1970, they con-stituted only about 14 percent of commercial bank loans and advances.Although the combined assets of insurance companies are still small inrelation to those of finance companies and commercial banks, these havealso shown impressive growth from S$148 million in 1965 to S$247 millionin 1970, orbyabout llpercent per annum. These funds are primarily heldin the form of Government securities and in debentures and shares ofcompanies.
60. Even more impressive than the growth of private domestic savingshas been the large increase in private foreign capital inflows, from S$56million in 1966 to S$630 million in 1970. The Asian Dollar Market, estab-lished in 1969 as an adjunct to the London Euro-dollar Market, has helpedto expand this inflow. Although intended primarily for offshore financing,loans have been extended to Singapore subsidiaries of multi-nationalcompanies. This market is reliably estimated at US$600 million, twice aslarge as total demand deposits in the banking system of Singapore.
61. The outlook for the financing possibilities of the privatesector appears quite favorable. With the projected growth of the economyby 15 percent annually over the next five years, per capita incomes willrise very rapidly and-even allowing for improved standards of consumption,ahigh domestic savings rate -- around 20 percent -- may be expected. The demon-strated savings habits of the populace, the profitability of enterprises,the stability of the currency and the attractive interest rates all militatein this direction. Moreover, savings-mobilizing institutions are increasingin number, including several important foreign banks, new financial instru-ments are being introduced and an expanding capital market is being developed.Even more important, however, is that the rapid growth of the economy ispredicated on the maintenance of the high volume of foreign private capital
- 24 -
inflows and this in itself will furnish large-scale financial resourcesfor the priviate sector. Needless to say, these favorable prospects forthe financing of the private sector assume continuation of the Government'sbasic policies toward domestic and foreign investors. Finally, thefundamentally sound position and outlook for public finances, should enablethe authorities to assist in the financing of the private sector's needswhenever they deem it to be in the national interest.
Public Sector Finances
62. The public sector consists of the Central Government, the fivemain statutory authorities, and the Central Provident Fund; it accountsfor about 40 percent of the country's annual gross investment, about two-thirds of which is carried out by the statutory authorities. These arelargely responsible for providing the infrastructure and basic servicesnecessary to sustain the expansion of the economy. The financing ofpublic investument has relied chiefly on the current account surpluses ofthese entities.
Central Government Finances
63. Sound financial management has been responsible for a markedimprovement in the savings performance of the Central Government. Currentaccount surpluses have tripled over the last four years, increasing fromS$121 million in 1966 to S$385 million in 1970/71. While this can beattributed to the increase in the revenue-to-GNP ratio from 17 percent in1966 to 21 percent in 1970/71, it also resulted from the fact that currentexpenditure growth has not been as rapid in relation to GNP as revenuegrowth.
64. The most significant characteristics of the structure of CentralGovernment revenues have been (a) their reliance on rapid economic expansionand on improvements in tax administration rather than on higher rates oftaxation or new taxes; and (b) the increasingly important role played byexcise duties and income taxes, while reliance on import duties has beendeclining. Another feature of the revenue system has been its heavyreliance on non-tax revenues (2/5 of total) which are derived from thesales of goods and services, interest and dividends, investment earningsand miscellaneous items.l/Current revenues of the Government increased by22 percent per annum since 1966 while GNP in current prices grew by about15 percent per annum. Growth of current revenues over the last two fiscalyears reached 25 percent annually. This rapid growth of revenues stemmedfrom an over-all revenue-income elasticity of 1.51 and an elasticity of1.21 for the tax system.
65. The importance of income taxes as a source of revenue has increasedsubstantially in both relative and absolute terms. They have been increasingwith an elasticity of 1.57 so that they now represent 19 percent of the budgetand 4.2 percent of GNP. This rapid growth is largely attributable to higherincomes in the trading and industrial sectors and to the increasing numberof taxpayers. Although the number of taspayers has increased by over one-third from 76,195 to 102,762 between 1966 and 1969, taxes assessed onindividuals have fallen off as a proportion of total income taxes. The
i/his is in small part dua to the treitnent of soni-l cor.-a6rzi.al type enter.-pvises, such rs the Post Offico and Teiec mi,nu-tic3tion- L2ra 2 t C12 a g `s
rather thaIi net bFM5Is.
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'distribution of resident taxpayers by income bracket indicates that 46percent of taxpayers fall into the lowest bracket of income up toS$6,000, earn 21 percent of assessed income, and yet contribute only 3.9percent of taxes assessed. The distribution of taxes assessed by incomebracket has not changed significantly. In 1969 the top 7 percent withincome over S$20,000 contributed 69 percent of tax revenues; in 1966 thetop 6 percent contributed 66 percent of tax revenues.
66. A sizeable proportion of the increased taxes collected fromcompanies since 1969 has been due to the expiration of the tax holiday formany "pioneer status" firms under "The Economic Expansion Incentives(Relief from Income Tax) Act 1967", and its predecessor. The number ofpioneer companies paying taxes has increased as follows:
Year Total Number Number of Amount ofof of Pioneer Pioneer Companies Tax Assessed
Assessment Companies Paying Income Tax (Millions of S$)
1968 269 11 3.21969 314 15 18.21970 380 27 19.31971 380 36 23.4
67. The restraint which the Government has been able to exercise incontrolling current expenditures, particularly non-military expenditures,has been most impressive. Total current expenditures increased by 18.4percent over the last four fiscal years and expenditures other than ondefense and internal security by 9.6 percent, while revenues were growingat 22 percent annually over this period. The most significant change inthe composition of current expenditures has been the rapid increase inexpenditures on internal security and defense. These have grown fasterthan the average, thereby increasing the proportion of total Governmentexpenditures allocated for this purpose appreciably, from 16 percent in1966 to 38 percent in 1970/71 and 47 percent is budgeted for 1971/72.The build-up of defense capacity has had topmost priority among Governmentpolicies. This build-up has been particularly rapid since 1968 andoutlays now represent 9.5 percent of GDP. In the future the Governmentintends to maintain a ceiling on defense expenditures of 10 percent of GDP.
68. Within the expenditure restraint a relatively high proportionof the budget (30 percent in 1970/71) and a high proportion of GNP has beenallocated f'or social services. Current expenditures on education have beenincreasing at 8.8 percent annually but the growth of expenditures on publichealth have been held to 4.0 percent annually. Analysis of the economicclassification of current expenditures reveals how well disciplined theGovernment's budget policies have been. Expenditures on wages and salariesof civilian employees have increased by only 8.2 percent annually
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while CNP has been increasing by 15 percent, with the result that theirrelative share has declined markedly, from 45.1 percent to 31.5 percentof current expenditures.
69. The rapid increases in revenues and the restrained growth ofcurrent expenclitures, particularly on wages and salaries, discussed above,have made possible a steady growth in budgetary savings. Between 1966and 1970/71, budgetary savings increased from 3.3 to 6.2 percent of GNP.
Rest of the Public Sector
70. Practically all of the economic activities of the public sectorare carried on by statutory authorities. The authorities are well managedand, with the exception of the Housing and Development Board, all of themgenerate surpl -uses on current account. These surpluses finance over 40percent of the combined development expenditures of the agencies. The mostimportant among them is the Public Utilities Board which is responsible forgas, water, and the generation and distribution of electricity. It accountsfor over 40 percent of the revenues of these agencies, its developmentexpenditures have amounted to between 27 and 39 percent of total developmentexpenditures by statutory agencies, and it generated between 52 and 59 per-cent (S$80 million in 1970/71) of the current account savings of the fiveauthorities combined. Only second in importance from the investment pointof view is the Housing and Development Board which accounts for 29 percentof the development expenditures of the statutory authorities, although itis a net dissaver on current account. Its deficits generally have beensmall, however, and these have been financed by direct subsidies from theGoverrment. The Jurong Town Corporation, with the third largest develop-ment expenditures among the statutory authorities, uses its resources toprovide land and factory buildings for industries in Jurong as well ashousing and social amenities for its workers. The two remaining agencies,the Port of S-ingapore Authority and the Singapore Telephone Board are oflesser importance as investors of public funds, each accounting for between7 and 8 percenit of development expenditures of the statutory agencies. ThePort of Singapore Autherity is of significant importance, however, as asource of one-fourth of the savings generated by all these authorities.
71. The Central Provident Fund is of crucial importance to thefinances of the public sector. The current surplus of CPF accounts for23 percent of the total savings of the public sector and exceeds those ofall statutory authorities combined. The Fund is financed by contributionsof 20 percent of monthly wages, in £he privpte sector hzlf paid by employeesand half b-y employers, ,hich may be iuithdrai%n at the age of 55 in one lump sum.
Public Sector Investment
72. The moet rapidly increasing item in the. development budget has beenthe loans extended to industrial and commercial enterprises, the expenditure
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for other purposes being no higher in 1970/71 than in 1966 and 1967; thecurrent budget, however, authorizes almost a doubling. The loans meanwhilewhich were more than half the Government's development expenditure lastyear and still are expected to be that in the current budget, are given toenterprises in which the Government directly or indirectly has a share ofthe ownership. The largest amounts in recent years, including the current,have been for the Development Bank of Singapore (49% Government-owned), thenewly established national shipping line, Neptune Orient Line (whollyGovernment-owned as yet), and Jurong Shipbuilders (owned by the Governmentin partnership with the Japanese IHI-Heavy Industries, Ltd).
73. The rather low level of direct Central Government developmentexpenditures is explained by the fact that in Singapore it is the "big five"statutory authorities that are responsible for most large-scale developmentprojects (see paragraph 62). The combined development expenditures of theseauthorities are much higher than that of the Central Government and theirrate of grc,wth has been high in recent years, the uxpenditures doublingbetw,een 1967 and 1970/71 and a further increase os over 50 percent isbudgeted in the current year.
74. A. fact worth noting, since is indicates limits to the growth ofcapacity to implement new development projects, is that there has regularlybeen a substantial shortfall of actual expenditures as compared with amuuntsauthorized in the GovernnBnt's development budget. There are severalreasons for this such as that some Government departments are short of stafffor planning development projects (execution is almost always by contractorsin case of construction) and that the process of clearing land has oftenproven to take longer than originally contemplated. The latter problem isespecially important, as land is in short supply and there is practicallyalways a difficult question of resettling people or shifting farmingactivities iwhen a particular piece of land is to be taken up for some urbanuse. This has become such a major hindrance in view of large projects ahead(e.g. expanasion of the airport) that the Government has recently introduceda scheme under which substantially higher compensation payments will begiven, but the requirement to supply new farmland or new very cheap housingwill be somewhat relaxed. Hopefully, this will help to lessen the problem,but it is unlikely to be eliminated, given the limited size of the country.
75. The public sector of Singapore is in a strong financial positionas a result of the trends outlined above. Total public sector savings,including the Central Provident Fund, increased from S$240 million in 1966to $703 million in 1970/71, or by about 31 percent per annum over thisperiod. Over half of the increment in public sector savings has been dueto the increased current acoount surpluses of the Central Government. TheCentral Provident Fund and the statutory authorities each provided betweenone-fifth and one quarter of the remaining increment.
76. Because the investment programs of the statutory authorities farexceeded the savings generated by these agencies -- about three times as largeas savings in 1966-68 and more than twice as large in 1969/70 andin 1970/71-
- 28 -the Central Government borrowred from the Central Provident Fund and fromabroad in order to finance these progriams both directly and indirectly.Total public sector savings, on the other hand, have exceeded developmentexpenditures of the public sector over the last few.years.Budget for 1971/72
77. As budget estimates of expected revenues over the past fiscal yearsconsistently have been conservative, it appears reasonable to adjust thefigures in the light of past and anticipated performance. According to theadjusted budget, current revenues of the Government in fiscal year 1971/72are expected to increase by S$161 million, an increase of 12 percent overthe 1970/71 level, over one-half of which will originate in increased taxreceipts. Income taxes are expected to continue increasing rapidly asincome of business and industry increases, as the tax holidays of firmsgiven pioneer status expire and they begin paying taxes, and as the numberof taxpayers grows. In 1971/72 increased revenues from income taxes areestimated to account for over half of increased tax receipts. A significantincrement in tax revenue is also expected to come from excise duties asdomestic consumption of locally produced goods increases. The balance ofthe projected increase in revenues not originating in tax receipts -- aboutS$77 million -- is expected to come from sales of goods and services byGovernment departments and from interest and dividend income.
78. Current expenditures in 1971/72 are expected to be 32 percenthigher than last year. Increased expenditures on internal security anddefense accounts for 70 percent of the growth in Government currentexpendItures, while a 30 percent increase in expenditures on economicservices, a 16 percent increase in expenditures on social services, andmoderate increases in interest payments and expenditures on internaladministration, account for the remaining 30 percent.
79. Of the additional expenditures on social services, an increase of18 percent has been allocated for health services mainly due to the takingover of two hiospitals previously administered by U.K. resources and foradditional personnel in other hospitals. Expenditures on education areexpected to increase by 10 percent as the major reallocation of resourcesfrom general to technical education, begun two years ago, continues into1971/72. Health and education expenditures together account for over four-fifths of the total spent on social services.
80. As a result of the above expect;tions uith respect to both revenuesand current expenditures, the current account surplus of the Central Govern-ment is expected to decline from S$385 million in 1970/71 to S$246 million in1971/72 or to about the level that existed in 1968.
81. Continued improvement in the savings performance of the rest of thepublic sector, however, is expected to bring aggregate public sector savingsup to about S$617 million in 1971/72, and although this represents a declineof 12 percent over the previous year, it would still be sufficient to finance72 percent of planned development expenditures of the public sector.
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Public Sector Savings Outlook
82. Over the next five fiscal years the Government is expected tocontinue its past policy of relying on the rapid growth of the economy togenerate the tax revenues required to finance most of its planned developmentexpenditures, rather than on increasing existing tax rates or introducingnew taxes. Revenues from income taxes are expected to continue to be thelargest and mnost rapidly growing source of tax revenue. These are expectedto increase with an elasticity of 1.5, which is somewhat lower than in pastyears, because the annual growth rates have been declining since 1968. Theimportance of import duties is expected to continue declining as it has inthe past, owing to increased consumption of domestically produced goods,the specific nature of the rates, and the current policy of graduallyremoving protective duties, now representing over 30 percent of revenue fromimport duties. Revenue from excise taxes, particularly on petroleum, liquorand sugar, on the other hand, are estimated to continue increasing rapidly.Revenues from stamp duties are expected to increase at more moderate ratesthan in the past. These were partially related to the greater volume oftransactions in real estate but now the real estate boom has dampened somewhatand, in addition, the Government is considering removing certain stamp dutieson financial transactions. The substantial increase in revenues from motorvehicle taxes, duties and fees in 1970/71 was mainly due to the additionalregistration of 18,392 new cars, buses and trucks as compared with 14,033in 1969/70. Revenues from this source are expected to continue growing asconsumption increases.
83. As a result of these developments, total tax revenues are estimatedto yield an increase of 15.0 percent annually on the average over the nextfive fiscal years as compared with an average 17.5 percent annual increasein previous years. Non-tax income has been estimated to increase at thesame rate as GDP, although the current budget of the Government predicts anincrease of only 6.3 percent.
84. Increased opportunities will become available for expanding non-military expenditures now that the intention is to limit the proiportion ofrevenues c,> nnelod into internal security anid defense toV10 percent-of CDP.The desirable expenditures on social and econoinic services may nowz beable to increase twice as fast as in recent years. Outlays for socialservices could also increase by 10 percent annually, public health accountingfor about half of the increment. There are plans to continue expandinghospital and school health facilities as well as for the extension of publichealth measures to areas vacated by the U.K. administration. Economicarvices are estimated to increase by 24 percent annually in the coming years.
This implies a three-fold increase in expenditures on postal and telegraphservices, as well as for public works, and a four-fold increase in expendi-tures on civil aviation, as the activities of the civil aviation departmentassume increasing importance in future years. Interest payments have beenestimated to increase by 21 percent per annum on the average to meet increaseddebt service requirements. Expenditures on internal administration are ex-pected to increase modestly in future years as they have in the past.
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85. If Central Government finances develop as indicated above, withcurrent reveniues increasing by about 15.0 percent annually as compared witha projected average annual increase in current expenditures of 15.3 percent,current account surpluses of the Government will increase from S$246 millionin 1971/72 to S$455 million in 1976/77 and on the average they should accountfor about two-fifths of public sector savings, 70 percent of the CentralGovernment's development expenditures, and 30 percent of the developmentexpenditures of the public sector.
86. Sav-ings of the statutory authorities are expected to improve somarkedly in relation to the rest of the public sector that they may becomethe second largest source of public sector savings in tahe next five years.The combined savings of these institutions on the average should representabout 30 percent of public sector savings and be sufficient to financeabout 40 percent of their own planned development expenditures. The PublicUtilities Board should continue to remain the most important of the statutoryauthorities over the next five fiscal years, accouinting for over 40 percentof the rovenues, .about 50 percent of the current surpluses, and about 34percent of the development expenditures of these agencies combined. As inthe past, the Housing and Development Board is expected to remain the secondlargest investor of public funds, with about 29 percent of the total develop-ment expenditures of the statutory authorities, although it is likely tocontinuie having small deficits on current account which will have to befinanced by direct Government subsidies. The Jurong Town Corporation isexpected to have the third largest development expenditures, representingabout one-fifth of the total for these agencies over the projected period,and to have current account savings amounting to one-fourth of its developmentexpenditures, but only about 13 percent of the total savings of the authori-ties. The two remaining statutory authorities, the Singapore Telephone Boardand the Port of Singapore Authority are each expected to account for lessthan 10 percent of planned development expenditures.
87. The public sector's reservoir of substantial low-cost funds, theCentral Provident Fund, is expected to be able to make a continuouslyincreasing current account surplus available for financing developing ex-penditures over the projected period. While annual contributions are expectedto continue increasing rapidly -- 14.4 percent per annum -- as incomeincreases and the labor force expands, outpayments also are expected toincrease rapidly, as the proportion of the population reaching the retirementage increases and the home ownership scheme receives wider participation.Sound financial management of the Fund should nevertheless result in acontinuous improvement in its current surplus of from S$225 million in1972/73 to S$362 million in 1976/77, thereby representing about one-thirdof public sector savings over the next five years and about one-fourth oftotal development expenditures.
88. Total public sector savings are projected to continue to be highand increasing rapidly from S$617 million in 1971/72 to S$1,187 million in1976/77, representing an average annual increase of about 14 percent. The
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realization of these estimates will depend to a large extent on the growthof income and employment in major sectors of the economy and the continuedcontrol over non-essential expenditures that has been exercised in the pastso that resources may be channeled into development-supporting areas to aneven greater extent than before, n6t) that expenditures for defense areexpected to increase at a greatly reduced rate.
Financing Public Investment, 1971/72 - 1976/77
89. Although the public sector is expected to continue generating sub-stantial savings if the trends outlined above materialize, these are unlikelyto be adequate to finance the planned investment program. The developmentexpenditures of the statutory authorities, provided their absorptive capacityis enhanced as intended, are expected to be about three times as large as thecurrent accowut surpluses of these agencies in the first two years and overtwice as large in the last three years of the five-year period. The CentralGovernment is also unlikely to be able to finance all of its planned develop-ment expenditures out of current surpluses. With the addition of the largecurrent surpluses of the Central Provident Fund to those of the Governmentand the Statutory Authorities, total public sector savings will be sufficientto finance between 64 and 91 percent of projected public sector developmentexpenditures, or about 77 percent on average. Amortization payments are alsoprojected to increase from S$73 million in 1971/72 to S$172 million in 1976/77to meet service requirements on existing and on newly acquired loans. Theestimated pattern of financing public investment is presented below:
1971/72 1972/73 1973/74 1974/75 1975/76 1976/77
Resource Requirements 932 1186 1262 1289 1372 14 83
1. DevelopmentExpenditures 859 1099 1166 1166 1231 1311
a. Government (383) ( 407) ( 444) ( 502) ( 559) ( 594)be Statutory
Authorities (476) ( 692) ( 722) ( 664) ( 672) ( 717)2. Amortization 73 87 96 123 141 172
Financing 932 1186 1262 1289 1372 1483
1. Central GovrernmentSavings 246 275 320 362 417 455
2. Statutory Authori-ties Savings 167 201 237 271 318 370
3. Central ProvidentFund 204 225 254 287 322 362
4. Capital AccountRevenues 55 55 55 55 55 55
5. Borrowing 260 430 396 314 260 241a. Internal Borrow-
ing (Gross) (107) (277) (243) (161) (117) ( 88)b. External Borrow-
ing (Gross) (153) (153) (153) (153) (153) (153)
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Gross external borrowing is estimated to be at a level of S$153 millionannually and to account for about 13 percent of the public sector developmentexpenditures. The public sector is also projected to have recourse toborrowing internally an average of S$177 million amnually two-thirds ofwhich, however, will be needed to service public debt and will not beavailable to finance public development expenditures.
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V. BALANCE OF PAYMTS AND CREDITWORTHINESS
90. Because of its strategic position on one of the world's busiestshipping routes, Singapore has traditionally been an important tradingcenter. Since it became a separate country, the economy has been "open"at both ends, giving rise to a high level of transshipment or "entrepot"activity. The main import duties imposed are those on tobacco, liquor,sugar and petroleum imported for domestic use and these are for revenuepurposes. Tlle other duties still in existence are of relatively minorprotective significance and are gradually being eliminated. There areno duties or restrictions on exports.
External Tracle
91. The dominant feature of Singapore's foreign trade is its entrepotcharacter, but the role of retained imports and domestic exports has steadilyacquired greater importance. Government efforts to expand the domesticindustrial base have begun to bear fruit and the importance of entrepottrade, although greatly stimulated by the resumption of Indonesian tradein 1965, has steadily declined giving way to a higher level of imports ofcapital and iintermediate goods for the rapidly growing domestic manufacturingsector. The net result has been a steady increase in the trade deficit.l/
92. Singapore's entrepot trade in the second half of the 1960's wasdominated by three main factors -- the resumption of Indonesian trade, thecontinued high level of Malaysian trade, and the decline in the price ofnatural rubber. The rise in demand for natural rubber in world markets in1966 and 1967 in excess of the increase in West Malaysian productionattracted considerable imports of low grade rubber from Indonesia with theresult that in those two years Singapore incurred a deficit on its balanceof trade with Indonesia. This situation was reversed in 1968 as Indonesia'seconomy recovered from its stagnation and its demand for manufactured importsincreased. bhe high credit risks involved in trading directly with Indonesiaand the lack of adequate port facilities there caused most exporters tochannel their goods through trading houses in Singapore. This led to theestablishment of a secondary market in spare parts in Singapore, thusconsolidating its role as a distribution center for the area, especiallyfor the Indonesian archipelago. By 1970 recorded trade with Indonesiaamounted to about US$556 million, having started from virtually a recorded
1/ All figures used in this chapter are based on the mission's estimates ofthe balance of payments (See Table 3.1b in the Statistical Annex). Theofficial figures (Table 3.1a) do not include Indonesian trade and do notadequately cover merchandise exports, earnings from services, and privatecapital inflows. The result has been an ever-increasing net positive"errors and omissions" item which the mission has reallocated in accordancewith the figures given in the footnotes to Table 3.1b.
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zero in 1965 and earned a surplus for Singapore of about US$103 million.Total trade with Indonesia, including unrecorded trade, is estimated tohave reached US$654 million with most of the difference being in Singapore'sfavor.
93. The revival of trade with Indonesia notwrithstanding, Malaysia hasretained her position as Singapore's largest entrepot trading partner,being the chifef supplier of rubber, spices, coffee and lumber for Singapore'sprocessing industries. Total recorded trade with Malaysia amounted toUS$784 million in 1970, having fluctuated at around this level for the pastfive years, and leaving Singapore with an annual deficit of about US$119million. However, here again an adjustment must be made for unrecordedtrade and it is very likely that Singapore registered a surplus with Malaysiaas it did with Indonesia.
94. Rubber has continued to be the dominant commodity in entrepot tradeand price fluctuations within a declining trend serve to confirm the vulnera-bility of the entrepot sector. A steady decline in world rubber prices from1967 on due to growing competition from synthetics and large increases inWest Malaysian production was only temporarily interrupted by the entry ofMainland China into the market for about 90,000 tons in 1969, resulting inconsidorable windfall profits that year. However, the slight drop in value-added from entrepot trade registered in 1970 can be attributed to the steepfall in rubber prices from the abnormally high level of the previous year.
95. On the whole, Singapore's overall entrepot trade continued to growin the late 1960's, albeit unevenly, the unevenness reflecting changes indemand by the industrialized countries for commodities processed in Singaporeand by the demand of Singapore's entrepot partners for reexports of manu-factured goods. Due to the very large volume of unrecorded trade, it isdifficult to measure accurately the trend in these two components. Itappears that since 1965 reexports of manufactured goods have been accelera-ting, while exports of processed commodities have slowed down, with theexception of 1969. Thus, in spite of the weakness of rubber prices, entrepottrade has been growing at about 14 percent annualJy since "confrontation"ended.
Domestic Exports
96. Petroleum dominated Singapore's domestic exports throughout thedecade. Situated on the main shipping route between the Middle East oilfields and the Far East, Singapore served as the ideal refining center forboth Southeast Asia and Japan and several of the major oil companies estab-lished refineries there in the early 'sixties. This expansion was furtherencouraged by the heavy demands of the Vietnam war, since during 1966-69about one-third of the petroleum exports went to South Vietnam. The winding-down of the war reduced petroleum exports to Vietnam by about US$33 millionin 1970, which considerably slowed-down the growth of total domestic exports
that year. But this decline in what can properly be considered as windfallgains has not affected the oil companies' expectations that demand formineral fuels in the Eastern Pacific region will grow rapidly; their plansfor expanding Singapore's capacity are discussed in Chapter III.
97. Other domestic exports were comparatively insignificant up to 1968when the Government's industrialization drive began to show results in theexternal trade account. In particular, the labor-intensive industries whichwere encouraged in the mid-sixties, such as textiles and wood products,increased their exports by an average of 33 percent annually during 1968-70.More important for the future, perhaps, exports of electrical equipment andindustrial machinery grew by over 200 percent annually over the same period,although starting from a very low base.
Retained Imports
98. Imports of crude oil, the great bulk of which are refined forexport, have formed a major part of retained imports (about one-fifth between1965-70).I/ Aside from these, the most significant factor in retainedimports has been the enormous increase in imports of capital goods, particu-larly during 1968-70 when they more than doubled. The reason, of course,was the capital needs of the rapidly expanding manufacturing sector; thecapital account of the balance of payments confirms that the inflow of capitalgoods was matched by an increased inflow of long-term investment funds fromabroad.
99. The import content of consumption has risen only slightly over the1965-70 period. In fact, imports of consumer goods have actually declinedas a proportion of retained imports. This is somewhat surprising in thelight of an average annual increase in per capita income of over 10 percentduring the same period. It can be attributed, however, to the Government'sconstant exhortations to frugality and the general disapproval of conspicuousconsumption -- factors which should not be underestimated in this small,tightly-knit island society -- and the resulting high level of savingsattained in recent years.
Services Account
100. Although Singapore is estimated to have consistently incurred adeficit on its merchandise account throughout the decade, the imbalance hasbeen mitigated by a surplus in the services account; in fact, between 1966and 1969 Singapore managed to show a surplus on its current account. Thiswas achieved despite heavy outlays on freight and insurance and decliningU.K. military expenditures. The main factors contributing to this were thegrowth in ship-repairs and bunkering services, the increase in touristearnings, and late in the decade, the establishment of a free gold market.
1/ "Retained imports" are defined as all imports other than imports for theentrepot sector.
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Capital Accontt
101. As previously mentioned, Singapore managed to maintain a currentaccount surplus between 1966 and 1969, but due to a massive increase inimports of capital goods, a substantial current account deficit was incurredin 1970. This deficit was more than offset, however, by long-term privatecapital inflows which have grown at a healthy rate, particularly in the lastfive years, and by the inflow of short-term funds from Hong-Kong, MIalaysiaand Indonesia for safe keeping or speculative purposes. Thus, despite thecurrent account deficit, the level of foreign exchange reserves grew byUS$151 million in 1970, or roughly by the same amount as in 1969. In June1971 net foreign exchange reserves stood at US$1,361 million, equivalentto about 73 percent of retained imports in 1970.
102. The bulk of the capital inflows have been in the form of long-termprivate investment in the manufacturing sector. The following table indicatesthat the U.S. has been the main source of these funds, with U.K. and theNetherlands -brailing. The official statistics do not cover capital inflowsto non-pioneer firms from sterling area countries, aind the "adjustment"figure represents the mission's estimates of the short-falls.
V/FOREIGN INVESTMENT IN MANUFACTURING
(Gross Fixed Assets US$ millions;T
1965 1966 1967 '968 1969 1970
U.S.A. 7.5 7.8 8.8 17.3 42.8 125.2U.K. 14.7 17.3 27.8 33.7 39.9 65.0Netherlands 13.1 15.0 20.3 26.5 34.0 59.8Japan 8.8 9.8 10.1 11.1 11.8 22.2Hong-Kong 2.6 5.9 7.2 16.3 16.7 15.7 2/West Germany - - 0.3 0.3 0.3 1.0Others 3/ 4.6 22.2 24.5 43.1 50.7 43.1 2/Adjustment - 0.7 23.5 23.2 44.1 69.9
Total 51.3 78.8 122.5 171.6 240.2 403.0
103. Well over half of direct foreign investments by the end of 1970 hadgone into the petroleum industry, while the next largest recipient industry,ship-building and ship-repair, received about 9 percent; the electrical and
1/ Establishments in production and under inplementntion.2/ Declin3s solely due to reclassifying foreign investment under "permanentstay schemesi' as "local capital".3/ Includes Switzerland, Swcden, France, Australia, Canada, Malaysia, Nonray,Denmark, Italy, Taiwan, India, Indonesia, Bulgaria and Thailand.
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electronics industries were close behind with 8 percent. The foreigninvestment picture is likely to continue to be dominated by the oil refinerieswhich are exptected to double their capacity by the end of 1973.
104. Relatively little use of external official capital has beenmade; only a srmall amuunt of bilateral aid has been utilized (mostlyU.K. Aid Grant and Japanese Special Grant) of which some US$10 million wasdisbursed in 1970. Total disbursements from IBRD loans during the past fiveyears which went mostly to the statutory authorities, amounted to US$58million or equivalent to about 9 percent of total public sector investmentin these years. Use of suppliers' credits has been minimal with only aboutUs$44 million outstanding (including undisbursed) as of June 1971.
Asian Dollar Market
105. As part of the Government's efforts to establish Singapore as thefinancial center of Southeast Asia, the Asian dollar market was initiatedin 1968 by some private overseas banks with Government support. Thismarket, which is basically a pool of internationally acceptable currenciesdeposited with banks in Singapore by non-residents, was estimated to havegross resources of some US$600 million in mid-1971. Apart from the attractionof the small minimum amount of deposits and the exemption of interest earningsby non-residents from withholding tax, the flow of these funds is likelyto be further encouraged by the introduction of secret numbered accounts onthe Swiss model. There are now 15 banks licensed to handle these funds, andinterest rates in the middle of 1971 had a spread of between 6½ percent forone month's deposits and about 7½ percent for one year. So far only a smallportion of thie funds made available to this market has been used for itsprofessed pri-mary purpose, i.e., to finance industrial development in Asia;since there are no geographical limitations to the scope of lending, amajor part has flowed to the Eurodollar market due to the more attractiveinterest rates prevailing there. Singapore, however, has benefitted fromAsian dollar loans extended to multinational companies for use in establishingor expanding their subsidiaries in the republic.
Gold Market
106. A free gold market, which was created in 1969, has enjoyed rapidsuccess. Official figures do not exist, but the total volume of imports ofgold is estirmated to have increased from one million ounces in 1969 to 4.5million ounces in 1970. Most of the gold is imported from European countries,mainly Zuriclh and London, by licensed traders amongst whom Intraco, a 49percent Government-owned trading company figures prominently. An importduty of US$1.00 per ounce is levied by the Government. Most of the gold isreexported to regional capitals, particularly in Southeast Asia, where freemarket prices are usually higher than in Singapore; very little gold isretained in Singapore, either for industrial or ornamental purposes. Themission estimates that net earnings from this market over the past two yearsamounted to almost US$33 million.
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Trade Prospec ts
107. The structural transformation of the Singapore econony discussedearlier may be expected to have considerable repercussions on the foreigntrade outlook. In spite of the structural changes, however, the importantrole played by "entrepot" trade in the past is not expected to diminishgreatly. Because of this importance of "entrepot" trade, a number ofalternative trends with their implications for growth and balance of paymentsviability have been calculated and are presented below.
108. Despite the many uncertainties surrounding "entrepot" trade, twotrends from the recent past can be extrapolated irto the future. First,earnings from rubber are expected to be virtually stagnant for the next twoor three years. Although the consensus is that prices are unlikely todecline further, the relatively slow growth of the U.S. economy., furtherreleases from the U.S. General Services Administration stockpile and thelarge stocks accumulated in Malaysia, all militate against a quick upturn,Even if the market improves and there is a chance that large orders mayensue from the People's Republic of China, Singapore's earnings are notlikely to benefit appreciably since most of the rubber would be exporteddirectly from Malaysia and Indonesia. Over the longer-term Singapore'srubber processing industries will serve only those Malaysian rubber estatesin South Johc,re which are closest to the Causeway. Efforts to bypassSingapore's processing industries will also have an adverse effect on otherprocessed "entrepot" goods, in particular, timber, coffee and spices.Nevertheless, the growth of "entrepot" trade as a whole is expected to besustained by greater imports and reexports of manufactured and semi-manu-factured goods. This will be reinforced by Singapore's efforts to improveits port, provide efficient communications, warehousing and financingfacilities and preserve the "openness" of its econonm.
109. Cn balance, the outcome of the above two conflicting tendencies isexpected at best to increase earniings from "entrepot" by some 8 percentannually during the next five years, while the share of entrepot in totaltrade will decline to about one-third by 1975. This growth rate, however,is contingent on the maintenance of normal political conditions in theregion. Although indications are that the present stable conditions willcontinue, it is useful to explore somewhat more pessimistic growth ratesfor this sector in view of its vulnerability to such unpredictable factors.Thus, for illustrative purposes, three cases can be postulated to reflectdifferent possibilities, ranging from the adoption of autarkic trade policiesby Singapore's neighbors to an outright threat to its security. The firstcase assumes a some-wthat lower growth rate of 5 percent, the second a zero
gro;rth rate and the third a minus 10 percent gro-th rate for the first three yearstrith a zero gi'oxrth rate thereafter. In each instance 2 strong foreignexchange reserve position is maintained in the belief that given Singapore'shighly exposed position, the Government will try to preserve a level offoreign exchange reserves, equivalent to at least four months of retainedimports, even at the expense of reducing the GDP growth rate.
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110. What clearly emerges from the table below is that in all three
cases the mainitenance of foreign exchange reserves at the above level would
necessitate at least some slowdown in the growth rate of the economy. This
results from the fact that reduced foreign exchange earnings from "entrepot"
trade impose a ceiling on imports of raw materials and intermediate goodsessential for the rising incomes and the rapid expansion of the manufacturing
sector to which GDP growth is closely linked. Thus, under the least favorable
assumption regarding "entrepot" trade, a GDP growth rate in excess of 6 per-
cent would be difficult to achieve. The impact of the other two cases is
much less drastic, but they are perhaps more significant in that they couldoccur without a major political upheaval.
Sensitivity Tests for "Entrepo" Trade
1971-75 1976-80-Average Growth Rates Average Growth Rates
(AC) (B) (C) (D) (A) (B) (C) (D)
Entrepot ValueAdded 8.4 .5.0 0.0 -6.0 9.4 5.0 0.0 0.0
GDP 15.0 '14.7 10.3 5.6 1;'.6 10.d ".5 11.7Imports of goods
and NFS 15.5 .11.9 12.9 6.8 3.6 6.8 6.5 8.3
Exports of goodsand NFS 14.8 13.5 11.2 8.8 3.5 6.6 5.2 5.8
lllo In evaluating the results of these sensitivity tests, it should be
borne in mind that allowance must be made for possible inadequacies of the
trade statistics and for the limitations of the methodology used to make the
projections which assumes constant relationships. Furthermore, thesesensitivity tests have implicitly assumed that the "entrepot" sector wouldbe the only sector directly affected in the "first-round", and the reduction
in the growth rate of GDP, investment, imports and exports are "second-round"
effects derived from the dec'line of entrepot activity. Needless to say, in
the situation postulated in the extreme case, confidence in the security of
Singapore's economy would be seriously undermined and other sectors would
suffer in varying degree. The decline in the GDP grorth rate is therefore
likely to be much more severe than that caused by a change in the "entrepot"
sector alone.
Petroleum Refining Prosects
11 2. The plans of the petroleum companies for increasing refining capacityto over a million barrels of crude a day by 1975 have already been discussed
in Chapter III. Most of the increased output of refined petroleum is intended
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for Japan whose own refining capacity has been restricted for environmentalreasons. In addition, Singapore's refineries would be able to supplementall shortfalls in the refining capacity of any country in the Southeast Asiaand South Pac:ific region, and these are expected to oe substantial.
113. The impact of existing expansion plans of the petroleum companieson the balance of payments up to 1975 will be most beneficial. Taking exportvalues less irnport costs of crude and the foreign exchange component ofoperating costs, net annual earnings on trade account are estimated at aboutUS$196 million in 1973 and US$252 million in 1975. Gross capital inflowsfrom abroad are estimated at US$278 million during 1971-75. In 1973 whenthese inflows are larger than the cost of capital goods imports, and loanrepayments are still minimal, a small surplus on the capital account islikely. By 1975, however, the capital account is expected to show a deficitof about US$71t million, but it will be handsomely offset by earnirngs on tradeaccount of US$252 million .
Exports of Manufactured Goods
134. In view of the limited size of Singapore's domestic market, thefuture rapid growth of the manufacturing sector will largely depend on exportsales. A 15 percent GDP growth rate is predicated on annual growth of exportsof manv-Cactured goods, other than petroleum, by about 22 percent up to 1975,or only slightly less than the estimated growth of manufacturing value added.The prospects of attaining such high export targets appear to be reasonablypromising in the light of the favorable outlook for the continuation ofrapid growth in world demand for imports of manufactured goods. The factthat Singapore's exports of manufactured goods have grown by an average ofover 27 percent during the past three years was directly related to the growthin direct foreign inivestment. The major growth industries in terms of exportshave been in the fields of precision engineering, electrical and electronicproducts, chemicals, and transport equipment which have attracted most of theforeign investments. These investments were primarily carried out by multi-national companies whose objective has been to develop their Singaporeoperations as part of their global marketing programs, as well as to manufac-ture parts and components for supplying parent companies in the home countriesand subsidiaries in various parts of the worldc Thus, if foreign directinvestment continues to play a major role in the growth of the manufacturingsector as is expected, prospects for rap)id grcnrtb of e:"ports o: manufsctu-ec'goods are miost promising. In recognition of the importance o' this factor,theEconomic Development Board is requiring that foreign firms which apply for"pioneer" status demonstrate established overseas markets. Another promisingfactor regarding exports of manufactured goods, is the growth of regionalpetroleum exploration activities which has created an expanding market forhigh-cost equipment. Many of the firms supplying this market are establishingthemselves in Singapore. Finally, Singapore's favorable wage costs shouldhelp make her manufactured products competitive in world markets.
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115. The manufacturing sector will, however, need to import considerablequantities of intermediate goods (including raw materials) since these haveamounted in the past to more than two-and-one-half times the size of manu-facturing value-added. Under the growth rate assumptions outlined in ChapterIII and unless Singapore can appreciably reduce the value of the importcontent of its output, the trade deficit is projected to increase fromUS$.73 million in 1971 to US$972 million in 1975 and US$1,708 million in1980. The impact of these large deficits on Singapore's reserve positionand external capital requirements is discussed below,
Sorvices Prospects
116. The trade deficit has in the past usually been more than offset bya large surplus on the services account, but due to the large increase inimports in 1,970, the current account showed a def-cit in that year for thefirst time since 1965. Despite the virtual disappearance of U.K. militaryexpenditures, earnings from services are expected to grow significantlyduring 1971-75. Earnings from ship-repair services and services providedto the regional oil exploration activities, both of which have attractedconsiderable amounts of foreign investments, should grow by about 30 percentannually according to projections made within the industry. Increased earningscan also be expected from tourism, financial services and the gold market.
Current AccoLmt Outlook
117. What seems to emerge from the foregoing discussion of the tradeaccount is that imports are likely to continue increasing faster than exportsbecause of the heavy capital goods imports needed for rapid industrialization.On the other hand, the services account is expected to show increasingsurpluses but not large enough to offset the expected growth of the tradedeficit. The net effect of the above tendencies will be to increase thecurrent accoumt deficit. Under the assumption of a 15 percent GDP growthrate, the current account deficit is projected to reach about US$332 millionby 1975 and c:urrent account deficits of similar magnitude would emerge evenwith lower GDP growth rates under less favorable assumptions regarding"entrepot" trade prospects.
Capital AccouLnt Outlook
118. The future role of private foreign investment is crucial to boththe rapid growth of the economy and to balance of paynents viability.Although the prospects for continued inflows of long-term private capitalthrough 1972 are good, the cempletion of investments in the oil refineriesand the shipyards is expected to result in a decline in the proportion ofprivate domestic investment that is financed by direct foreign investments.However, there seems to be no lack of interest on the part of foreign investorsin establishing industries in Singapore and it appears reasonable to expectthat on the average some US$250 million equivalent annually in long-termprivate capital is likely to be available during 1971-75. This is predicated
on the maintenance of healthy conditions in world trade since any tendencytowards protectionism or capital restrictions by the developed countriescould seriously affect these private capital inflows 0i
119. Movements of private short-term capital are difficult to assesssince they are more dependent on political rather than economic factors.There is no doubt that Singapore benefitted substantially in the past frompolitical unrest and insecurity in Hong Kong and Indonesia, but "hot" moneyflows are just as likely to reverse direction, especially in view of theSingapore dollar's free convertability into sterlingr It should be bornein mind that such flows seriously distort any systematic effort to projectSingapore's caipital requirements0
120. Under the above assumption that on the average long-term privatecapital inflows of some US$250 million annually will be forthcoming duringthe years 1971-75, that short-term capital movements on balance will benegligible, and that foreign exchange reserves will be maintained at a levelequivalent to about four months of retained imports, no official capitalwould be required on balance of payments grounds during the next quinquennium.It shouldbe eiphasized, however, that an equally plausible case for need ofofficial capital inflow could be projected with only minor changes in assump-tions, Singapore is likely to be in the position during the next few yearsin whdch adverse variations well within the margins of error of any of thebalance of payments variables projected here, could well create officialforeign financing requirements. Such requirements would also exist on theassumption that the relative change in reserves from the present level ofeight months import requirements to the projected level of four months wouldtake place gradually, remaining above the four-month level until about 1976.On this basis, which would represent a reasonable reserve policy, there wouldbe a requirem3nt in the projected balancb of paynents for official e;ternalborrowing of about US35 O..million a year.
121. Perhaps the greatest uncertainty in forecasting Singapore's balanceof payments is the prospect for foreign private capital inflow. Such long-term inflow has risen sharply in recent years from about US$70 million in1968 to over US$200 million a year in 1970 and 1971. This jump was associatodwith the large and rapid expansion in foreign-financed oil refining ardshipbuilding capacity. The projection of such continuing inflows at US$250million as an annual average for the next five years is based on fairly firmcommitments for the next three years, but on more speculative assumptionsthereafter. The assumptions are that as the expected decline in new oil andshipbuilding investments takes place toward the mid-1970's there will beoffsetting increases in light and labor intensive industrial investment fromabroad which will sustain the private capital inflow. Whether this willactually happen on the assumed scale is of course conjectural, and should theprivate foreign investment in Singapore's continuing industrialization besomewhat less than expected, there would again be a greater need for officialborrowing, in order to maintain the high growth rate postulated.
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122. It would thus appear that from considerations regarding reservepolicy and private foreign investment uncertainties, that continued officialborrowing by Singapore is justified even thouigh the immediate necessityto supplement private capital inflows with official borrowing is not clearlyevident. An official external borrowing level of about US$50 million ayear seems reasonable for the next several years.
123. Over the longer term, i.e. in the latter 1970's, officialborrowing requirements may well be substantially higher, even allowingfor some slowing of the growth of the economy because of labor and landconstraints. In large measure this need for official capital will ariseas an offset to the very substantial factor payments on the large-sclaprevious private investments. However, it is clear that there is amplescope to keep official borrowing needs within reasonable bounds by allowingfor some reduction in the growth rate, if this is necessary.
External Debt
124. As of the end of June 1971, Singapore's external public debt(including undisbursed) totalled US$285 million. About one-third of thedebt is held by IBRD and one-third is due to the U.K. Government; suppliers'cr dits constitute only 13 percent of the outstanding external debt. Thedebt service burden arising out of the existing external debt is minimal,equivalent to about 1 percent of domestic exports in 1980. The ratio isprojected to be about 1.5 percent in 1975 and 3.3 percent in 1980 if debtservice payments on assumed new debts are included.
Creditworthiness
125. Since Singapore became a separate country it has managed itseconomy very well. It has adopted la-s conducive to industrial peace and tothe stimulation of domestic and foreign private investment. Public financeshave been placed on a sound footing and public investment has proceeded toprovide the necessary infrastructure and services for growth. As a resultof high levels of savings and investment, a very impressive growth rate hasbeen achieved -- a 10 percent annual average during the 60's and a 15 percentannual average during 1968-70. The balance of payrnents situation has beenmanaged well and foreign exchange reserves reached US$1.3 billion, equivalentto 81½ months of retained imports in 1970. On the basis of the achievementsto date, the outlook for continued sound management of the economy appearsto be promising. Continued growth at an annual rate of approximately 15percent appears feasible. The debt service on existing and projected newexternal debt is estimated at 3.3 percent of domestic exports in 19Singapore appears to be creditworthy for the external borrowing discussedabove regardless of what happens to "entrepot"trade, provided only the growthrate is adjusted appropriately and the sound development policies of the pastdecade arm continued.
STATISTICAL APPENDIX
Table 1- POPULATION
1.1 Population Statistics, 1961-1971 and Projections, 1973-19831.2a Sex and Age Distribution of Population, 1957, 1968 and 19701.2b Sex and Age Distribution of Population, 1973, 1978 and 19831.3 New Family Planning Acceptors, Live Births and Crude Birth
Rates, 1957-19711.4 Age Specific Fertility Rates, 1957, 1962, 1967 and 19701.5a Labor Force and Unemployment, 1966-19711.5b Labor Force and Unemployment, 1971, 1975 and 19801.6 Persons Engaged by Industry and Occupation Group, 1970
1.7 Structure of Employmnent 1957 and 1967
2. NATIONAL ACCOUNTS
2.1a Gross Domestic Product by Sector of Origin, 1961-19702.1b Gross Domestic Product by Sector of Origin, 1962-1970
(annual growth rates)2.1c Gross Domestic Product by Sector of Origin, 1961-1970
(composition)2.2a Expenditure on Gross National Product, 1960-19702.2b Expenditure on Gross National Product (Adjusted), 1966-19702.3a Gross Domestic Expenditure by Major Categories, 1960-19702.3b Gross Domestic Expenditure by Major Categories (Adjusted), 1966-19702.4a Savings and Investment, 1960-19702.4b Savings and Investment (Adjusted), 1966-19702.5 National Income Aggregates in 1970 and Projections for 1971-1980
3. BMAJNCE OF PAYMENTS
3.1a Balance of Payments, 1965-19703.lb Adjusted Balance of Payments, 1965-19703.1c Balance of Payments in 1970 and Projections for 1971-19803.2a Foreign Exchange Reserves, 1963-1971 (in Singapore dollars)3.2b Foreign Exchange Reserves, 1963-1971 (in U.S. dollars)3.?c Foreign Assets, 1965-1970 (in Singapore dollars)3.3a Retained Imports, 1961-19703.3b Retained Imports by Type of Goods, 1965-19703.4 Domestic Exports, 1961-19703.5 Eatrepot and Domestic Trade Summary and Percentage
Year to Year Change, 1965-19703.6a Summary of Analysis of Foreign Trade of Singapore, 19703.6b Analysis of Entrepot Trade, 19703.7 Singapore's Trade with 'West Malaysia, 1970-19703.8 Exports from Singapore: Selected Commodities, 1958-19703.9 Direction of Exports and Percentage Distribution, 1965-19703.10 Direction of Imports and Percentage Distribution, 1965-1970
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4. EXTERNAL DEBT
4.1 External Public Debt as at June 30, 19714.2 External Public Debt Outstanding as of December 31, 19704.3 Estimated Future Service Payments on External Public Debt Outstanding,
Including Undisbursed, as of December 31, 1970
5. PUBLIC SECTOR FINANCES
5.1 Public Sector Resources for Investment, 1966-1971/725.2 Public Sector Resources for Investment, 1966-1971/72
(Ipercentage distribution)5.3 lublic Sector Resources for Investment, 1966-1971/72
I(percentage year to year change)5.4a Public Sector Development Expenditure, 1966-1971/725.4b Public Sector Resources for Investment, 1966-1971/72
(percent of GNP)5.5 Analysis of Public Sector Finances, 1966-1971/725.6 Analysis of Public Sector Finances, 1966-1971/72
(percent of GNP)5.7 Central Provident Fund, 1966-19715.8 Operations of the Statutory Authorities, 1966-1971/725.9 Government Finances, 1966-March 19725.10 Government Current Revenue, 1971/725.11 iGovernment Current Revenue, 1971/72
(percentage distribution)5.12a Government Current Expenditures, 1966-1971/725.12b Economic Classification of Government Expenditures, 1966-1971/725.13 Government Current Expenditures, 1966-1971/72
(percentage distribution)5.14 Analysis of Tax Burden, 1966-1971/725.15 Projections of Government Current Revenues, 1971/72-1976/775.16 Projections of Governnent Current Expenditures, 1971/72-1976/775.17 Projected Revenues and Expenditures of the Statutory Authorities,
1971/72-1976/775.18 Projected Revenues and Exoenditures of the Central Provident Fund,
1971/72-1976/775.19 Projected Public Sector Finances, 1971/72-1976/775.20 Projected Public Sector Development Expenditure, 1971/72-1975/765.21 Projected Development Expenditures, 1971-19765.22 Public Sector Resources for Investment, 1971/72-1976/77
6. MONETARY STATISTICS
6.1 Consumer Price Index, 1961-1971 (June)6.2 Factors Affecting Money Supply, 1963-19716.3 Interest Rates Charged by Commercial Banks on Loans and Advances,
1965-19716.4a Classification of Commercial Bank Loans and Advances to the Private
Sector and Percentage Distribution, 1963-1971 (June)6.4b Classification of Loans and Advances and Interest Rates in Singapore
of All Banks, December 1970 and June 19716.5 Assets and Liabilities of Commercial Banks, 1964-19716.6 Assets and Liabilities of Insurance Funds, 1965-19706.7 Average Weekly and Hourly Earnings by Industry, 1966-1970
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7. MANUFACTURING SECTOR
7.la Composition of Manufacturing Industries, 19697.lb Composition of Manufacturing Industries, 19707.2a Estiablishments in Production and Under Implementation as at
December 31, 19697.2b Establishments in Production and Under Implementation as at
December 31, 19707.3a Jurong Establishments by Industry Major Group as at December 31, 1969
7.3b Jurong Establishments by Industry Major Group as at December 31, 19707.4a Establishments in Industrial Estates other than Jurong by Major
Inclustrial Groups as at December 31, 19697.4b Establishments in Industrial Estates other than Jurong by Major
Industrial Groups as at December 31, 19707.5 Industrial Indicators, 1961-19707.6 Domestic Sales of Manufacturing Establishments by Industry Major
Group, 1960-19697.7 Direct Exports of Manufacturing Establishments by Industry Major
Group, 1960-19697.8a Employment and Output by Industry Major Group, 1966-19707.8b En)loyment and Output by Industry Major Group, 1960-19657.9a Value Added and Capital Expenditure by Industry Major Group, 1966-1970
7.9b VaLue Added and Capital Expenditure by Industry Major Group, 1960-19657.10 Productivity by Industry Major Group, 1960-1970
Table 1 1
Population Statistics, 1961-1971
and Projections, 1973- 1983
1/
1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1973 1978 1983
2/
Total Population (in thousands) 1,687 1,733 1,775 1,820 1,865 1,914 1,956 1,988 2,017 2,075 2,110 2,194 2,441 2,730
Chinese 1,269 1,303 1,335 1,366 1,396 1,427 1,455 1,479 1,500 1,580 1,607 1,646 1,831 2,048
Malays 236 243 249 258 267 276 284 288 293 312 317 307 342 382
Indians 142 144 146 150 154 157 159 161 161 145 147 176 195 218
Other 40 43 45 46 48 54 58 60 63 38 39 65 73 82
Rate of Growth (percent per year) 2.8 2.7 2.4 2.5 2.5 2.6 2.2 1.6 1.5 2.9 1.7 2.0 2.2 2.3
Rate of Natural Increase (perthousand) 29.6 28.2 27.8 26.3 24.4 23.1 20.5 18.2 17.0 17.0 17.2
Crude Birth Rate (per thousand) 35.5 34.0 33.5 32.0 29.9 28.6 25.9 23.8 22.1 22.1 22.7
Crude Death Rate (per thousand) 5.9 5.9 5.7 5.7 5.5 5.5 5.4 5.5 5.1 5.2 5.5
Rate of Growth (%) 1961 - 1971: 2.261973 - 1983: 2.21
1/ Census of Population, 1970. * Assuming the percentage distribution of the
population is as follows:2/ Mid-year. Chinese : 75%
Malays : 14%Indians : 8%
Source: Department of Statistics and Mission Estimates Other : 3%
Table 1.2a
Sex and Age Distribution of Population, 1957, 1968 and 1970(in thousands of persons)
1/ 2/ 1/1957 1968 1970
Age Total Male Female Total Male Female Total Male Female
O - 4 264.7 136.7 128.0 269.2 136.7 132.5 235.5 121.1 114.45 - 9 218.1 112.0 106.1 294.1 150.1 144.0 280.5 143.9 136.6
10 - 14 136.3 71.2 65.1 269.3 137.8 131.5 288.8 148.5 140.3
15 - 19 135.7 70.1 65.6 226.6 116.2 110.4 246.4 126.3 120.120 - 29 231.0 121.0 110.0 286.2 148.0 138.2 336.5 169.8 166.730 - 39 172.6 96.7 75.9 234.6 121.3 113.3 249.3 126.9 122.440 - 49 142.9 80.8 62.1 172.4 95.6 76.8 182.6 98.2 84.450 - 59 89.2 49.8 39.4 134.4 74.0 60.4 136.6 71.8 64.8
60 - 69 39.7 18.8 20.9 73.5 38.0 35.5 82.4 41.5 40.970 and over 15.7 5.6 10.1 27.6 10.3 17.3 35.9 14.1 21.8
TOTAL 1,445.9 762.7 683.2 1,987.9 1,028.0 959.9 2,074.5 1,062.1 1,012.4
Percentages
O - 14 42.8 41.9 43.8 41.9 41.3 42.5 38.8 38.9 38.715 - 59 53.4 54.9 51.7 53.0 54.0 52.0 55.5 55.8 55.160 and over 3.8 3.2 4.5 5.1 4.7 5.5 5.7 5.3 6.2
TOTAL 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
1/ Census
2/ Estimates
Source: Department of Statistics
Table 1.2b
Sex and Age Distribution of Population, 1973, 1978 and 1983(mid-year population xl,000)
1973 1978 1983Age Total Male Female Total Male Female Total Male Female
0 - 4 252 129 123 299 153 146 347 178 1695 - 9 269 137 132 252 129 123 300 154 146
10 - 14 294 150 144 268 136 132 252 129 123
15 - 19 268 137 131 292 149 143 268 136 13220 - 29 378 194 184 491 251 240 557 284 27330 - 39 251 128 123 282 146 136 375 192 18340 - 49 201 108 93 227 117 110 245 125 12050 - 59 148 82 66 162 89 73 189 101 88
60 - 69 96 51 45 114 61 53 126 68 5870 and over 37 16 21 54 26 28 71 35 36
TOTAL 2,194 1,132 1,062 2,441 1,257 1,184 2,730 1,402 1,328
Percentages
0 - 14 37.1 36.8 37.6 33.6 33.3 33.9 32.9 32.9 33.015 - 59 56.8 57.3 56.2 59.6 59.8 59.3 59.9 59.8 59.960 and over 6.1 5.9 6.2 6.8 6.9 6.8 7.2 7.3 7.1
TOTAL 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
*Projected on the basis of 1968 age structure and age-specific fertility (source: 1969 U.N. Damographic Yearbook),assuming no net migration over the projection period, and a decline in age-specific fertility rates duringeach of the five-year projection periods according to the average annual rate of decline in age-specificfertility which prevailed during the period 1962-1967. Mortality was derived from model life tables,(region "West" in Coale, Ansley J. and Paul Demeny. Regional Model Life Tables and Stable Populations,Prince University Press, 1966) applying the survivorship figures from the latest U.N. medium-variant popu-lation projection for Singapore.,
SmiIrn.! 1TBR70]s1:- i
Table 1.3
New Faiily Planning Acceptors, Live Births and Crude Birth Rates, 1957-1971
Total New Live Annual Crude Birth RateAcceptors 1/ Pill Others Births Change % (per thousand)
1957 3,820 61,757 - 42.7
1958 5,280 62,495 1.2 41.3
1959 5,938 62,464 -0.1 39.5
1960 7,472 61,775 -1.1 37.8
1961 8,070 59,930 -3.0 35.5
1962 7,189 58,977 -1.6 34.0
1963 8,429 59,530 0.9 33.5
1964 9,339 1,883 7,456 58,217 -2.2 32.0
1965 9,845 3,250 6,595 55,725 -4.3 29.9
1966 30,410 13,985 16,425 54,680 -1.9 28.6
1967 30,935 18,874 12,061 50,560 -7.5 25.9
1968 35,338 19,403 15,935 47,241 -6.6 23.8
1969 35,643 18,265 17,378 44,562 -5.7 22.1
1970 24,230 12,365 11,865 45,934 3.1 22.1
1971 (estimate) 18,000 9,500 8,500 48,ooo 4.5 22.7
1/ Singapore Family Planning Association up to 1965, and National Program since1966.
Source: Data supplied by Singapore Family Planning and Population Board.
Table 1.4
Age Specific Fertility Rates - 1957, 1962,1967 and 1970tin thousands)
Malays Chinese Indians and Pakistanis All Races
Live Female Live Female Live Female Live FemaleAge Births Popn. A.S.F.R. Births Popn. A.S.F.R. Birtuhs Popn. A.S.F.R. Births P-pn. A.SeF,Re
(per '000) (per '000) (per '000) (per '000)
195715 - 19 1,747 9,047 193.1 2,433 51,969 46.8 788 3,276 240.5 5,090 65,542 77.720 - 24 3,348 9,917 337.6 12,114 42,948 282.1 1,484 3,780 392.6 17,549 58,012 302.525 - 29 2,585 8,145 317.4 13,994 38,760 361.0 1,198 3,518 3t40.5 18,417 51,950 354.530 - 34 1,326 5,989 221.4 9,208 29,853 308.h, 607 2,374 255.7 11,513 39,777 289.435 - 39 628 4,735 132.6 5,938 28,270 210.0 299 1,933 154.7 7,051 36,203 194.840 - 44 137 3,297 41.6 2,459 27,779 88.5 65 1,171 55.5 2,698 33,176 81.3
TOTAL 9,771 41,130 237.6 4h,146 219,579 210.2 4,441 16,052 276.7 62,318 284,660 218.9
196215 - 19 1,262 8,163 154.6 1,689 52,196 32.14 502 3,334 150.6 3,488 64,822 53.820 - 24 3,782 8,964 421.9 11,221 51,762 216.8 1,462 3,259 448.6 16,715 65,228 256.325 - 29 3,248 9,834 330.3 12,667 I42,776 296.1 1,150 3,748 306.8 17,405 57,719 301.530 - 34 2,057 8,026 256.3 9,330 38,506 242.3 676 3,483 194.1 12,288 51,533 238.435 - 39 998 5,900 169.2 14,928 29,557 166.7 304 2,344 129.7 6,347 39,348 161.340 - 144 251 4,613 514.14 2,027 27,845 72.8 77 1,888 40.8 2,385 35,598 67.0
TOTAL 11.598 45,500 251,.9 41.862 242,642 172.5 4,171 18,056 231.0 58,628 314,248 186.6
196715 - 19 1,141 14,552 78.4 2,180 81,559 26.7 526 7,145 73.6 3,900 105,372 37.020 - 24 2,603 8,102 321.3 9,149 52,016 175.9 1,110 3,310 335.3 13,040 64,554 202.025 - 29 2,577 8,884 290.1 12,602 51,551 244.5 1,085 3,229 336.0 16,529 64,905 254.730 - 34 2,080 9,755 213.2 7,059 42,557 165.9 582 3,719 156.5 9,882 57,389 172.235 - 39 1,1014 7,931 139.2 3,634 38,202 95.1 2)t6 3,444 71.4 5,069 51,084 99.240 - 44 368 5,795 63.5 1,266 29,186 43.4 60 2,308 26.0 1,715 38,822 44.2
TOTAL 9,873 55,019 179.4 35,890 295,071 121.6 3,609 23,155 155.9 50,135 382,126 131.2
197015 - 19 831 17,951 146.3 1,941 93,5h40 20.8 303 6,983 43.14 3,115 120,059 25.920 - 24 2,441 13,607 179.4 10,182 79,596 127.9 1,137 5,618 202.4 13,975 100,5514 139.025 - 29 1,623 8,7t49 185.5 11,239 52,166 215.4 683 3,617 188.8 13,803 66,095 208.830 - 34 1,385 10,343 133.9 7,30!4 51,813 1141.0 487 4,101 118.8 9,373 67,919 138.03;, - 3j 8 3 6,201 1iO.0 2,927 41,645 70.3 189 3,227 58.6 4,059 54,14514 74.5'40 - M4 275 6,810 t40.4 913 36,206 25.2 I49 2,667 18.4 1,252 46,862 26.7
OTAL 7,40-0 iJ5,61 112.8 34 35.4,966 97- 2,848 26,213 io8.6 45,577 455,943 100.0
Source: Departmert of Stat., tics
Table 15_a
Labor Force and Unemployment, 1966-1971(in thousands)
Population Y Labor Persons Persons Unemployed as Prticipation rate_(%)Male Female Total Force employed unemployed of Labor Force Male Female Total
1965 541.2 480.5 1,021.7 563 507 56 10.0 - - 55.1
1966 557.9 497.9 1,055.8 577 524 53 9.2 - - 5.7
1967 575.2 516.0 1,091.2 600 552 48 8.0 - - 55.0
1968 593.1 534.6 1,127.7 624 581 43 6.9 - - 55.3
1969 611.5 554.6 1,166.1 650 611 39 6.o 79.5 29.6 55.7
1970 634.5 599.3 1,233.8 675 643 32 4.7 76.6 31.5 54.7
1971(estimate) 654.8 620.9 1,275.7 700 676 24 3.4 - - 5h.9
j/ Age 15-69
Source: Department of Statistics and Mission Estimates
Table 1.5b
Labor Force and Unemployment, 1?71, 1975 and 1980(in thousands
1/ Participation rate (%)Ponulation- , Labor Persons Persons Unemployed as %
Male Female Total Force employed unemployed of Labor Force Male Female Total
1971(estimate) 654.8 620.9 1,275.7 700 676 24 3.4 - - 54.9
1975 746.9 704.6 1,451.5 829 796 33 4.0 77 36 57.1
1980 878.6 828.8 1,707.3 1,016 975 41 4.0 77 41 59.5
1/ Age 15-69
Source: Mission Estimates.
Table 1. 6
Persons* engaged by Industry and Occupation Group, 1970 1
Occupation ALL Professional Administrative Clerical Sales Service Agricultural Transport Productiongroup OCCUPATION technical and managerial and workers workers fishing and workers and all
GROUPS and related workers related forestry other.Industry ** | workers worker: workers workers
Agriculture, forestryhunting and fishing 2,231 64 89 250 73 40 1,239 60 416
Mining and Quarrying 1,677 102 71 278 19 7 - 92 1,108
Manufacturing 132,898 3,388 3,822 10,653 2,819 2,094 27 3,257 106,838
Electricity, gas, waterand sanitary services 13,935 619 35 1,747. 18 322 - 353 10,841
Construction 22,120 1,114 407 2,811 80 382 59 1,660 15,607
Commerce 99,676 782 4,324 19,293 43,784 18,436 86 3,279 9,692
Transport, storage andCommunications 42,143 1,595 1,273 15,766 368 1,852 _ 15,342 5,947
Finance, insurance, realestate and businessservices 24,452 2,637 2,264 13,487 1,375 3,134 18 389 1,148
Community, social andpersonal services 104.653 36,058 1,124 18,474 628 31,143 789 2,695 13,742
Total - All industries 443,785 46,359 13,409 82,759 49,164 57,410 2,218 27,127 165,339
* Excludes at least 70,000 hawkers, 40,000 domestic servants, 20,000 agricultural workers, 3,000 taxi drivers, members of armedforces and possibly other unspecified minor categories.
** The industries are classified according to a revised classification - the Singapore Standard Classification of All EconomicActivities, 1969.
1/ As at the end of September.Sources Ministry of Labor
Table 1.7
Structure of Em-ployment, 1957 and 1967
1957 Y 1967 -/Industry Persons Percentage Persons Percentage
(thousand) (thousand)
Agriculture, Forestry and Fishing 40.2 8.5 23.2 4.1
Mining and Quarrying 1.6 0.3 2.2 0.1h
Manufacturing 66.8 14.2 110.4 19.5
Construction 24.6 5.2 31.7 5.6
Electricity, Gas, Water andSanitary Services 5.6 1.2 6.6 1.2
Commerce 121.5 25.7 122.0 21.6
Transport and Communications 50-3 10.7 65.9 11.6
Services 159.2 33.7 192.2 34.0
Other activities 2.1 0-5 11.4 2.0
Total Employed 471.9 100.0 565.6 100.0
Total Unemployed 25.0 44.3
Total Economically Active(All Sectors) 496.9 609.9
j Census of Population, 1957.v Singapore National Registration Statistics, 1967.
Wource: Department of Statistics.
Table 2.la
Gross Domestic Product by Sector of Origin, 1961-1970(S$ mliions at current factor cost)
1961 1962 1963 1964 1965 1966 1967 1968 1969 1970(Preiim. )
GDP at factor cost 2,239.8 2,371.4 2,683.8 2,700.3 3,043.4 3,365.2 3,692.1 4,257.0 4,840.1 5,564.5Goods Sector 419.3 455.8 536.3 586.4 684.5 768.3 912.6 1,044.0 1,264.3 1,606.1Agriculture and fishing 135.0 138.0 146.8 142.0 139.6 152.8 146.0 148.2 154.2 162.2Manufacturing and quarrying 218.3 246.8 294.8 330.5 414.3 486.8 616.5 716.0 897.2 1,153.5Construction 66.0 71.0 94.7 113.9 130.6 128.7 150.1 179.8 212.9 290.4
Services Sector 1,820.5 1,915.6 2,147.5 2,113.9 2,358.9 2,596.9 2,779.5 3,213.0 3,575.8 3,958.4Electricity, gas and water 47.2 53.0 52.8 59.2 54.0 73.3 92.7 108.8 119.5 136.0Government services 1144.0 164.0 189.0 191.0 214.3 246.4 264.9 300.3 321.0 393.6Military services 280.9 301.0 323.0 412.4 519.1 549.5 489.9 456.9 404.1 405.4Ownership of dwellings 101.0 104.0 110.4 118.1 128.7 141.5 152.5 167.2 184.6 206.9Tourism 31.6 40.3 54.5 60.6 64.5 83.4 121.7 145.3 225.1 272.4Wholesale and retail trade 703.9 717.8 859.4 708.1 772.0 878.7 998.5 1,308.6 1,547.9 1,695.0a) Entrepot trade (388.9) (378.8) (441.1) (286.2) (305.6) (349.0) (408.5) (538.7) (666.1) (636.0)b) Domestic trade (315.0) (339.0) (418.3) (421.9) (466.4) (529.7) (590.0) (769.9) (881.8)(1,059.0)
Other services 511.9 535.5 558.4 564.5 606.3 624.1 659.3 725.9 773.6 849.1
Source: Department of Statistics.
Table 2.lb
Annual Growth Rates of GDP by Sector of Origin, 1962-1970(At current factor cost)
1962 1963 1964 1965 1966 1967 1968 1969 1970(Prelim.)
GDP at factor cost 5.9 13.2 0.6 12.7 10.6 9.7 15.3 13.7 15.0
Goods Sector 8.7 17.7 9.3 16.7 12.2 18.8 14.4 21.1 27.0
Agriculture 2.2 6.4 -3.3 -1.7 9.5 -4.5 1.5 4.0 5.2Manufacturing 13.1 19.4 12.1 25.4 17.5 26.6 16.1 25.3 28.6Construction 7.6 33.4 20.3 14.7 -1.5 16.6 19.8 18.4 36.4
Services Sector 5.2 12.1 -1.6 11.6 10.1 7.0 15.6 I1.3 10.7
Electricity, gas, water 12.3 -0.4 12.1 -8.8 35.7 26.5 17.4 9.8 13.8Government services 13.9 15.2 1.1 12.2 15.0 7.5 13.4 6.9 22.6Military services 7.2 7.3 27.7 25.9 5.9 -10.8 -6.7 -11.6 0.3Ownership of dwellings 3.0 6.2 7.0 9.0 9.9 7.8 9.6 10.4 12.1Tourism 27.5 35.2 11.2 6.4 29.3 45.9 19.4 54.9 21.0
Wholesale and retailtrade 2.0 19.7 -17.6 9.0 13.8 13.6 31.1 18.3 9.5
a) Entrepot trade (-2.6) (16.4) (-35.1) (6.8) (14.2) (17.0) (31.9) (23.6) (-4.5)b) Domestic trade (7.6) (23-4) (0.9) (10.5) (13.6) (11.4) (30.5) (14.5) (20.1)
Other services 4.6 4.3 1.1 7.4 2.9 5.6 10.1 6.6 9.8
Source: Department of Statistics.
Table 2.lc
Composition of GDP by Sector of Ori&in 1961 - 1970(At current factor cost)
1961 1962 1963 1964 1965 1966 1967 1968 1969 1970(Preliminary)
GDP at factor cost 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Goods Sector 18.7 19.2 20.0 21.7 22.5 22.8 24.8 24.5 26.1 28.8Agriculture 6.0 5. 55 5.2 -Fz 7.5 -7 7 3.2 2.9Manufacturing 9.8 10.4 11.0 12.3 13.6 14.5 16.7 16.8 18.5 20.7Construction 2.? 3.° 3.5 IJ.2 4.3 3.8 4.1 4.2 4.4 5.2
Services Sector 81.3 80.8 80.0 78.3 77.5 77.2 75.3 75.5 73.9 71.2Electricity, gas, water 2.1 2.2 2.0 2.2 1.8 2.2 2.5 2.4Government services 6.4 6.9 7.0 7.1 7.0 7.3 7.2 7.1 6.6 7.1Military services 12.6 12.7 12.1 15.3 17.1 16.3 13.3 10.7 8.3 7.3Ownership of dwellings 4.5 4.4 4.1 4.4 4.2 4.2 4.1 3.9 3.8 3.7Tourism 1.4 1.7 2.0 2.2 2.1 2.5 3.3 3.4 4.7 4.9Wholesale and retail trade 31.5 30.3 32.0 26.2 25.14 26.1 27.0 30.7 32.0 30.5
a) Entrepot trade (17.4) (16.0) (16.-) (10.6) (10.1) (l0.4) (11.0) (12.6) (13.8) (11.4)b) Domestic trade (14.1) (14.3) (15.6) (15.6) (15.3) (15.7) (16.0) (18.1) (18.2) (19.1)
Other services 22.8 22.6 20.8 20.9 19.9 18.6 17.8 17.1 16.0 15.3
Source: Department of Statistics.
Table 2.2a
F2Mpenditure on Gross National Product, 1960-1970(In -S Million except as stated otherwise current prices)
1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970(prelim)
1. Gross domestic expenditure atmarket prices 2,162 2,468 2,572 2,906 3,001 3,235 3,460 3,788 4,238 4,779 5,707a. Consumption 2,020 2,233 2,310 2,579 2.580 2 759 2 87 3,270 3,502 3,783 4 304
~ Private 1,822 2,018 2,068 2,302 2,290 2,44 63 0 21 3274Public 198 215 242 277 290 315 348 387 444 542 730
b. Capital formation 142 235 262 327 421 476 473 518 736 996 1,403Private 75 136 136 161 206 260 234 293 1435 708 978Public 67 99 126 166 215 216 239 225 301 288 425
2. Net exports of goods and services-/ 39 12 62 -6 -96 -122 121 206 116 149 -402
3. Gross domestic product at marketprices (1 + 2) 2,201 2,480 2,634 2,900 2,905 3,113 3,581 3,994 4,354 4,928 5,305
4. Net factor income from abroad 31 44 48 58 57 53 6o 61 72 120 120
5. ubross national product at marketprices (3 + :) 2,232 2,524 2,682 2,958 2,962 3,166 3,641 4,055 4,426 5,048 5,425
6. Indirect taxes net of subsidies 115 124 130 136 146 170 205 209 239 286 338
7. Gross national produc, at factorcost (5 - 6) 2,117 2,400 2,552 2,822 2,816 2,996 3,436 3,846 4,187 4,762 5,087
8. Gross domestic product at factorcost by indastrial origin 2,046 2,240 2,371 2,684 2,700 3,043 3,365 3,692 4,257 4,840 5,565
9. Gross national product at factorcost by indastrial origin(4 + 8) 2,077 2,284 2,419 2,742 2,757 3,096 3,425 3,753 4,329 4,960 5,685
10. Statistical discrepancy (9 - 7) -40 -116 -133 -80 -59 100 -11 -93 142 198 598
11. Gross national savings(6 + 9 - la) 172 175 239 299 323 507 643 692 1,066 1,463 1,719
Per capital income (6.S) 1,341 1,427 1,471 1,621 1,595 1,751 1,897 2,026 2,298 2,601 2,904(US$) 143o 466 481 530 521 572 620 662 751 850 949
1/ Includes part of errors and omissions in the balance of payments. All errors and omissions are credited tothe current account for 1960-1966 and between 80% to 95% for 1967-1970.
.5curce: Denartment of 3tatistics.
Table 2.2b
Expenditures on Gross National P?roduct (Adjusted), 1966- 1970(S$ million)
1966 1967 1968 1969 1970
1. Gross Domestic Expenditureat Market Prices 1/ 3,460 3,788 4,238 4,867 6,129a. Consumption 2,987 3,270 3,502 3,853 4,615
Private 2,489 2,721 2,903 3,084 3,667Public 498 549 599 769 948b. Capital Formation 473 518 736 1,014 1,514Private 184 221 356 648 918Public 289 297 380 366 596
2. Net Exports of Goodsand Services 2/ 141 186 135 114 -393
3. Gross Domestic Productat Market Prices (1+2) 3,601 3,974 4,373 4,981 5,736
4. Net Factor Income fromAbroad 60 61 72 120 120
5. Gross National Productat Market Prices (3+4) 3,661 4,035 4,445 5,101 5,856
6. Indirect Taxes Net ofSubsidies 205 209 239 286 338
7. Gross National Productat Factor Cost (5-6) 3,456 3,826 4,206 4,815 5,518
8. Gross Domestic Product atFactor Cost by Industrial Origin
(Table 2.1) 3,365 3,692 4,257 4,840 5,565
9. Gross National Product atFactor Cost by Industrial Origin
(4+8) 3,425 3,753 4,329 4,960 5,685
10. Gross National Products atMarket Prices (9+6) 3,630 3,962 4,568 5,245 6,023
11. Statistical Discrepancy (9-7) -31 -73 123 145 167
12. Gross National Saving(629-la) 643 692 1,066 1,393 1,408
13. Private Capital Formationas % of Gross CapitalFormation 38.9 42.7 48.4 63.9 60.6
14. Public Capital Formationas % of Gross CapitalFormation 61.1 57.3 51.6 36.1 39.,
15. Investment Rate (%) 13.0 13.1 16.1 19.3 25.1
16. Saving Rate (%) 17.7 17.5 23.3 26.6 23.4
17. Growth Rates (%) 1966-70Gross National Product 13.5 - 9.1 15.3 114.8 114.8Consumption 11.5 - 9.5 7.1 10.0 20.0
18. Marginal Propensityto Save 0.31 - 0.15 0.62 0.48 0.02
V/ The items 'public consumption' snd 'public capital formation' have been redefinedin comparison with the official national accounts as published in Singapore(table 2.2a). Public consumption is here set equal to government current expendi-ture and public capital formation equal to public sector development expenditure(given e.g. in table 5.5). This divergence from normal national accountingpractice is adopted to achieve comparability between public sector accounts andnational accounts for analysis purposes. The main differenres between the defini-tions in table 2.2a and this table would thus be that now all expenditures fordefence and security purposes are classified as consumDtion and that governmentloans extended to industrial commercial enterprises are classified as oubliccapital formstion. In addition there are a number of smaller divergences dueto the difference between the financial classifntion used in nublic sertor accountingand the economdc classification used normally in national accounting.
2/ Adjusted in accordance with Table 3.1b.
Source: Table 2.4 and Mission Estimates.
Table 2.3a
Gross Domestic Expenditure by Major Categories, 1960 - 1970(In S$ millions, at current market prices)
1961 1962 1963 1964 1965 1966 1967 1968 1969 1970(Preliminary)
Gross Domestic Expenditure 2,168 2,572 2,906 3,001 3,235 3,460 3,788 4,238 4,779 5,707
Private Consumption 2,018 2,068 2,302 2,290 2,444 2,639 2,883 3,058 3,241 3,574
Food 638 652 702 687 735 786 851 861 888 969Beverages and Tobacco 159 164 177 189 205 220 241 268 267 304Housing 146 152 158 170 183 200 221 239 265 292Transport and Communications 208 217 235 247 267 289 307 345 405 488Clothing 267 251 327 312 326 357 399 465 480 491Other 600 632 703 685 728 787 864 880 936 1,030
Public Consumption 215 242 277 290 315 348 387 bhlj 542 730
Gross Fixed Capital Formation 235 262 327 421 47u 473 518 736 990 1,403
Machinery ana zquipmem o8 102 128 184 186 204 209 284 457 720
Machinery other than electric 43 47 56 84 81 106 119 168 283 415Electric machirnry 30 41 54 80 84 74 65 78 122 198I-'iscellaneous 15 14 18 20 21 23 24 38 52 107
Transport Equipment 22 26 19 22 32 21 23 106 124 117
Buildings Other Constructionand 'rorks 125 134 180 215 258 248 286 346 415 566
Dwellirgs 55 69 83 87 96 110 127 136 1h1 180Non-residential buildirs 143 24 49 57 66 56 81 108 150 202Other construction and works 27 41 48 71 96 83 78 102 124 184
Public Sectcr 99 126 166 215 216 240 225 301 289 425Private Sector 136 136 162 206 260 234 293 435 708 978
As Percent of GDPPublic Scctor 4.4 5.3 6.2 8.0 7.1 7.1 6.1 7.1 0.0 7.oPriv'tt Snetnr 6.1 5.8 6,0 7.6 8.5 7.0 7.Q lfl.2 14.6 17.6
National Economy 10.5 11.1 12.2 15.6 15.6 14.1 14.0 17.3 20.6 25.2
$o.crct Department tl Statistioc.
Table 2.3b
Gross Domestic Expenditure bz Major Categories (Adjusted), 1966-1970
1966 1967 1968 1969 1970
Gross Domestic Expenditure 3,460 3,788 L,238 h4867 6,129
Private Consumption 2,489 2,721 2,903 3,084 3,667
Food 686 851 861 888 969Beverage and Tobacco 220 241 268 267 304Housing 200 221 239 265 292Transport and Communications 289 307 345 405 488Clothirsg 357 399 465 480 491Other.1/- 997 702 725 779 ll23
Public Consumptiion 498 549 599 769 9X8
Gross Domestic Fixed Capital Formation 473 518 736 1 1,
Machinery and Equipment 204 209 284 457 721Machinery other than electric 106 119 :Y 272 17Electric Machinery 74 65 78 122 198Miscellaneous 23 24 38 52 107
Transport Equipment 21 23 106 124 117Building, Other Construction and Works 2fl 27 gC b5 13
DwelUIin g,s 110 127 17-7- -rNon-residential buildings 56 81 108 151 202Othpz construction and works 83 78 102 124 184
Other- - - - 17 113
Total Public Sector 289 297 380 366 596Total Private Sector 184 221 356 648 918
As Percent of G_P
Public Sector 8.6 8.0 8.9 7.6 10.7Private Sector 5.5 6.0 8.4 13.4 16.5National Economy 14.1 14.0 17.3 21.0 27.2
1/ Includes ad,justment items.
Source: Table 2.3a and Mission estimates.
Table 2.baSavings and Investment,1960-1970
(S4 million; current prices)
1960 1961 1962 1963 19 64 1965 1966 1967 1968 1969 1970(Prelim.)
Generation of Savings
GDP at factor cost l/ 2,o46 2,240 2,371. 2,68h 2,700 3,043 3,365 3,692 4,257 4,840 5,565
plus: Indirect taxes net of subsidies 115 124 130 136 146 170 205 209 239 286 338
equals: GDP (market prices) 2,161 2,364 2,501 2,820 2,846 3,213 3,570 3,901 4,496 5,126 5,903
plus: Net factor receipts from abroad 31 44 8 58 57 53 60 61 72 120 120
equals: GNP 2,192 2,408 2,549 2,878 2,903 3,266 3,630 3,962 4,568 5,246 6,023
minus: Consumption 2,020 2,233 2,310 2,579 2,580 2,759 2,987 3,270 3,502 3,783 4,304
of which: Private (1,822) (2,018) (2,068) (2,302) (2,290) (2,44h) (2,639) (2,883) (3,058) (3,241) (3,574)
Public ( 198) ( 215) ( 242) ( 277) ( 290) ( 315) ( 348) ( 387) ( b44) ( 542) ( 730)
equals: Gross National Savings 172 175 239 299 323 507 643 692 1,066 1,463 1,719
Use of Savings
Gross National Savings 172 175 239 299 323 507 643 692 1,066 1,h63 1,719
minus: Net transfer payments 48 30 23 32 73 149 45 39 41 39 24
minus: Gross Capital Formation 142 235 262 327 421 476 473 518 736 996 1,403
of which: Public ( 67) ( 99) ( 126) ( 166) ( 215) ( 216) ( 239) ( 225) ( 301) ( 288) ( 425)
Private ( 75) C 136) ( 136) ( 161) ( 206) ( 260) ( 234) ( 293) ( 435) ( 708) ( 978)
equals: Balance on goods,services and transfers -18 -90 -46 -60 -171 -18 125 135 289 428 292
1/ GDP derived from industrial origin approach Source: Department of Statistics
Table 2 .4bSavings and Investment (Adjusted), 1966-1970
(S$ mill-ion)
1966 1967 1968 1969 1970
Generation of Savings
GDP at factor ccst 3365 3692 4257 h8140 5565plus indirect taxes net ofsubsidies 205 209 239 286 338equals GDP at market prices 3570 3901 4L96 5126 5903plus net factor receipts fromabroad 60 61 72 120 120equals GNP at market prices 3630 3962 L4568 5246 6023minus consumption 2/ 2987 3270 3502 3853 1615of which Private 2489 2721 2903 308L4 3667
Public 1498 5h9 599 769 9h8
equals Gross National Savings 6L43 692 1066 1393 1108
Use of Savings
Gross National Savings 6LL3 692 1066 1393 1LL08minus Net Transfer Payments L45 39 L41 39 21minus Gross Capital Formation 2/ h73 518 736 1014 15114of which Public (289) (297) (380) (366) (596)
Private (1814) (221) (356) (6LL8) (918
equals Resource Balance 125 135 289 310 -130
1/ Derived from industrial origin approach7/ See notes to Table 2.2b
Source: Table 20 4a, and mission estir,iates
Table 2.5
National Income Aggregates in 1970 and Projections for 1971-1980(In millions of Singapore dollars)
1970 1971 1972 197 3 1974 1975 1976 1977 1978 1979 1980
Gross Domestic Product atFactor Cost 5,565.o 6,399.7 7,359.7 8,463.6 9,733.2 11,193.2 12,760.3 14,419.1 16,149.4 18,087.3 20,257.8Rate of Growth (%) 15.0 15.0 15.0 15.0 15.0 15.0 14.0 13.0 12.0 12.0 12.0
Gross Domestic Fixed Investment 1,514.0 1,784.5 2,09b.4 2,462.6 2,885.2 3,375.6 3,751.5 4,117.5 4,462.4 5,057.7 5,728.5Private 918.0 925.5 999.4 1,296.6 1,719.2 2,144.6 2,440.5 2,685.9 2,899.1 3,350.6 3,864.3Public 596.0 859.0 1,099.0 1,166.0 1,166.0 1,231.0 1,311.0 1,431.6 1,563.3 1,707.1 1,864.2
Gross Dorestic Savings 1,288.0 1,445.4 1,62O.4 1,838.8 2,080.8 2,359.1 2,657.8 2,974.0 3,303.8 3,673.3 4,087.0
Consumption 4,615.0 5,332.0 6,165.6 7,124.2 8,226.7 9,494.5 10,855.3 12,295.8 13,798.3 15,481.2 17,366.0Private 3,398.0 3,741.1 4,288.7 4,959.6 5,724.2 6,621.4 7,564.4 8,581.4 9,622.2 10,784.9 12,087.5Public 1,217.0 1,590.9 1,876.9 2,164.7 2,502.5 2,873.1 3,290.8 3,714.4 4,176.2 4,696.3 5,278.5
Resource Gap 226.0 339.1 470.0 623.8 804.5 1,016.4 1,093.7 1,143.5 1,158.5 1,384.4 1,641.5Exports of Goods and NES 8,666.o 9,941.6 11,566.2 13,656.9 15,340.4 17,265.6 18,693.7 20,257.6 21,971.5 23,851.2 25,914.3Rate of Growth (%) - 14.7 16.3 18.1 12.3 12.6 8.3 8.4 8.5 8.6 8.7Imports of Goods and NFS 8,892.0 10,280.4 12,035.6 14,280.0 16,143.9 18,281.9 19,786.9 21,401.1 23,130.0 25,235.6 27,555.8Rate of Growth (%) - 15.6 17.1 18.6 13.1 13.2 8.2 8.2 8.1 9.1 9.2
Private Investment as % of totalfixed investrent 60.6 51.9 47.6 52.7 59.6 63.5 65.1 65.2 65.0 66.2 67.5Public investment as % of totalfixed irwestment 39.4 48.1 52.4 47.3 40.4 36.5 34.9 34.8 35.0 33.8 32.5
Investment Rate (%) 27.2 27.9 28.5 29.1 29.6 30.1 29.4 28.6 27.6 28.0 28.3Savings Rate (%) 23.1 22.6 22.1 21.7 21.4 21.1 20.8 20.6 20.5 20.3 20.2Per Capita Income (S$) 2,904.0 3,283.8 3,664.7 4,098.7 4,579.2 5,115.7 5,664.4 6,227.8 6,790.4 7,399.0 8,059.6Rate of Growth (%) 11.6 12.7 13.1 13.1 13.2 12.3 9.5 9.5 9.5 9.4 9.4
Growth Rates 1966-1970 1971-75 1976-80 1970-80
Gross Dormestic Product 13.5 15.0 12.6 13.8Consumpti on 10.3 15.6 12.8 14.2Exports of Goods and NFS 17.2 14.8 8.5 11.7Imports of Goods and NFS 19.4 15.5 8.6 12.1Per Capita Income 11.3 13.0 9.5 11.2
Marginal propensity to save 0.31 0.18 0.18 0.18Import elasticity 1,43 1.0 0.68 0.88
Source: 1970 Tables 2.1a, 2.2b and 3.1b; 1971-80 Mission Estimates.
Table 3.la
Balance of Payments, 1965-1970(ln millions of Singapore dollars)
1965 1966 1967 1968 1969 1970(Prelim.)
Exports of Goods and Services 3 798.5 4 248.9 4 387.3 4 830 1 5 809.5 5 945.0
Merchandise 2B,10.1 3m67.6 3,239.5 3;508.6 4;470.5 4;428.3
Non-monetary gold - 0.2 - _ - -
Freight and insurance 10.2 9.1 15.3 15.7 21.2 26.5
Other transportation 281.6 310.7 389.0 48o.6 494.4 577.4
Travel 68.7 88.4 126.7 149.3 225.1 279.9
Inveatment incone 90.6 100.2 103.3 117.1 170.8 203.4
Government, n.i.e. 530.6 560.7 501.1 468.1 415.9 416.6
Other services 6.7 12.0 12.4 10.7 11.6 12.9
Imports of Goods and Services 3,899.7 4,200.7 4,574.7 5 265 3 6 469.8 7,826.0
Merchandise 3,565. 3,021.0 4,133.7 4!743:3 5,o46.2 7,042.1
Non-monetary gold 4.1 3.6 14.6 15.7 16.5 5.2
Freight and insarance 217.1 231.8 263.6 314.7 377.5 466.3
Other transportation 32.8 36.5 41.3 48.3 61.4 72.9
Travel 15.6 16.5 18.7 21.2 28.8 31.9
Investment income 38.1 40.5 42.1 45.5 50.5 82.9
Government, n.i.e. 5.2 7.0 17.3 21.7 8.5 11.9
Other services 21.0 43.8 4 3.4 54.9 80.4 112.4
Resource Balance (- n inflow) -101.2 48.2 -187.4 -435.2 -660.3 -1,881.0
Transfer Payments (net) -48.9 -44.9 -39.2 -40.9 -39.1 -23.6
Private _3TIT - 2.o -50.0 _ 635
Central GovernTrent -11.5 -5.6 3.6 7.9 10.9 39.9
Current Account Balance -150.1 3.3 -226.6 -476.1 -699.4 -1,904.6
Non-monetary Capital (net) 87.1 51.2 113.0 270.9 172.9 4143.9
Private long-term (net) 49 86 95 114 3=0
Official (net) 38 - 5 27 176 59 138
IBRD Loans (net) 9 38 18 28 33 61
Drawings (9) (39) (20) (30) (36) (66)
Repayments - (-1) (-2) (-2) (-3) (-5)
Other official V 29 -43 9 148 26 77
Balancing Item 31.6 132.6 472.5 753.3 993.9 1,922
Currency Payments Surplus or Deficit -31.4 187.1 358.9 548.1 467.5 461.3
Monetary Movements (net)(- - increase) 31.4 -187.1 -358.9 -548.1 -467.5 -461.3
IMF accounts (net) - -23.1 - - - _
Currency Board's foreign assets -47.3 -52.6 -29.4 -48.8 -103.7 -148.3
Commercial Ban'X13 foreign as3ets 17.2 -34.2 -54.7 115.4 -175.1 103.5
Central Government assets 61.5 -77.2 -274.8 -614.7 -188.7 -416.5
1/ "Other official capital" includes changes in overseas assets of public statutory authorities.
An increase of S$146 million in 1968 reflects centralization of external assets by the Government.
Source: Department of Statistics
Table 3.lb
Adjusted Balance of Payments, 196`-1970(in millions of Singapcre dollars)
1965-/ 1966/ 1%9673/ 19684/ 19695/ 1970-6/(prelim.)
Exports of Goods and Services 3798.5 4.560.3 5,188.2 5 882.4 7 305 1 8 581.6Merchandise 375IT 7T ,7i5 92?7 .t=-7T el. 7.Non-monetary gold - 0.2 17.0 18.2 123.5 585.oFreight and insurance 10.2 9.1 15.3 15.7 21.2 26.5Other transportation 281.6 310.7 389.0 480.6 494.4 577.4Travel 68.7 101.7 151.7 179.3 270.0 335.9Investment income 90.6 100.2 103.3 117.1 170.8 203.4Government, n.i.e. 530.6 560.7 501.1 468.1 415.9 )a6.6Other services 6.7 12.0 12.4 10.7 11.6 12.9
Imports of Goods and Services 3 899.7 4,419.2 5,002.6 5,747.5 7,191.2 8,974.6Merchandise 3,55.5 5,039-5 677T.7 7,692.3Non-monetary gold 4.1 3.6 14.6 15.7 106.4 504.0Freight and :Lnsurance 217.1 231.8 263.6 314.7 377.5 466.3Other transportation 32.8 36.5 41.3 43.3 61.4 72.9Travel 15.6 16.5 18.7 21.2 28.8 31.9Investment income 38.1 40.5 42.1 45.5 50.5 82.9Government, n.i.e. 5.2 7.0 17.3 21.7 8.5 11.9Other services 21.0 43.8 43.4 54.9 80.4 112.4
Resource Balance (- inflow) -101.2 141.1 185.6 1314.9 113.9 -393.0
Transfer Payments (net), -48.9 -44.9 -39.2 -40.9 -39.1 -2 6Private -37.4 -39.3 -2 8 145b -6 3.0Central Government -11.5 -5.6 3.6 7.9 10.9 39.9
Current Account Balance -150.1 96.2 146.4 94.0 74.8 -416.6
Non-monetary f'qPjt.Pl (net) 87.1 51.2 163.0 398.9 341-4 770.6Private long-term (net) 4 53 222. 20.5 63.4Official (net) 38 -5.1 27.4 176.5 60.9 140.2IBRD Loans (net) 9 38 18 28 33 61
Drawings (9) (39) (20) (30) (36) (66)Repayments - (-1) (-2) (-2) (-3) (-5)
Other official 29 -43.1 9.4 148.5 27.9 79.2
Balancing Itemr 31.6 39.7 49.5 55.2 51.3 107.3
Overall Payments Surplus (+)or Deficit (-) -31.4 187.1 358.9 548.1 467.5 461.3
Monetary Movements (net)(- = increase) 31.4 -187.1 -358.9 -548.1 -467.5 -461.3
IMF Accounts (net) - -23.1 - - - -
Currency Board's foreign assets -47.3 -52.6 -29.4 -48.8 -103.7 -148.3
Commercial Bank's foreigi assets 17.2 -34.2 -54.7 115.4 -175.1 103.5
Central Government Assets 61.5 -77.2 -274.8 -614.7 -188.7 -416.5
1/ No reallocation of balancing item.2/ 60% of balancirng item reallocated to merchandise account.
10% t" " " " " " " to travel.3/ 70% " " " " " " " " " " to merchandise account.
5% " " " " " " " to travel.3% " " " " " " " " " to gold (130,1400 oz.)
10% " " " " " " " " " " to capital account.4/ 70% " " " " " " " " " " to merchandise account.
4% " " " " " " " " " to travel.2% " ' " " " " " " " to gold (140,000 oz.)
17% " " " " " " " " " to capital account.5/ 70% " " " " " " " " " " to merchandise account.
5% " it " " " to travel.2% " " " " " " " " to gold (950,000 oz.)
17% " " " " " "i to capital account.6/ 70% " " " " " " " " " to merchandise account.
3% " " " " "" to travel.4%" " " "" to gold (4.5 m. oz.)
17% " " " " " " " " " to capital account.
Source: Table 3.1a and Mission Estimates.
Table 3.lc
Balance of Payments in 1970 and Projections for 1971-1980
(in millions o-f Singapore dollars)
1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980
Exports of Goods and Services 8,379 9,942 11,566 13,657 15,340 17,266 18,694 20,258 21,972 23,851 25,914Merchandise 6,424 7,696 8,960 10,605 11,859 13,278 14,374 15,575 16,894 18,343 19,936Non-factor services-/ 1,955 2,246 2,606 3,052 3,482 3,988 4,320 4,682 5,077 5,508 5,978
Imports of Goods and Services 8,892 10,280 12,036 14,280 16,144 18,282 19,787 21,401 23,130 25,236 27,556Merchandise 7,692 9,189 10,748 12,752 1-4,1417 16,326 17,670 19,111 20,655 22,535 24,607Non-factor servicesl/ 1,200 1,100 1,288 1,528 1,727 1,956 2,117 2,290 2,475 2,700 2,948
Resource Balance (-=inflow) -513 -339 -470 -624 -804 -1,016 -1,094 -1,143 -1,159 -1,384 -1,642
Transfers (net) -24 -24 -24 -24 -24 -24 -24 -24 -24 -24 -24
Current Account Balance -537 -363 -494 -648 -828 -1,040 -1,118 -1,167 -1,183 -1,408 -1,666
Non-Monetary Capital (net) 770 791 730 772 975 1,179 1,320 1,670 2,062 2,537 3,032Private Long-Term (net) 630 657 600 648 860 1,072 1,220 1,397 1,565 1,876 2,241Official (net) 140 134 130 124 115 107 100 273 497 661 791
Investment Income (net) 120 152 92 34 -32 -123 -241 -354 -479 -627 -812
Errors and Omissions 107 - - - - - - - - - -
Net Reserve Change (-=irnrease) -460 -580 -328 -158 -115 -16 39 -149 -400 -502 -554
Total Reserves 3,718 4,298 4,626 4,784 4,898 4,914 4,875 5,023 5,423 5,925 6,479
Reserves as % of Retained Imports 70 64 57 48 43 38 35 33 33 33 33
Debt Service Ratio2/ 1.7 1.4 1.3 1.2 1.4 1.4 1.6 1.7 2.0 2.6 3.3
1/ Not including investment income.2/ In relation to domestic exports.
Source: 1970 Table 3.1b; 1971-1980 Mission Projections.
Table 3.2a
Foreign Exchange Reserves, 1963 - 1971(in millions of Singapore dollars)
1/1963 1964 1965 1966 1967 1968 1969 1970 19717
(June)
1. Official reserves 1,325.8 1,318.7 1,316.1 1,509.1 1,723.7 2,279.0 2,927.2 3,584.7 4,104.7
IMF Gold Tranche - - - 23.0 23.0 23.0 23.0 23.0 23.0
Board of Comnissioners 2/of Currency, Singapore-' 528.9 562.9 621.8 674.9 584.2 636.5 724.4 877.9 945.8
Government 622.5 575.2 529.2 604.3 957.2 1,613.6 2,177.1 2,681.9 3,133.7
Government agencies andstatutory authorities 174.4 180.6 165.1 206.9 159.3 5.9 2.7 1.9 2.2
2. Commercial banks (net) 175.0 105.3 74.7 107.3 177.1 61.6 237.1 133.6 58.8
Gross foreign exchangeholdings 489.1 567.8 709.0 730.2 512.2 520.8 642.1 655.8 667.5
Foreign exchangeliabilities 314.1 462.5 634.3 622.9 335.1 459.2 405.0 522.2 608.7
3. Total net reserves 1,500.8 1,424.0 1,390.8 1,616.4 1,900.8 2,340.6 3,164.3 3,718.3 4,163.5
1/ Provisional2/ Including Singapore's estimated share of the Malaya-British Borneo Currency Board's exchange assets.
Source: Monetary Authority of Singapore
Table 3.2b
Foreign Exchange Reserves, 1963 - 1971(In millions of U.S. dollars)
1963 1964 1965 1966 1967 1968 1969 1970 19711/(June)
1. Official reserves 433.2 431.0 430.1 493.2 563.3 744.7 956.6 1,171.5 1,341.4
IMF Gold Tranche - - - 7.5 7.5 7.5 7.5 75 7,5
Board of Commissioners ofCurrency, Singapore 2/ 172.8 184.0 203.2 220.6 190.9 208.0 236.7 286.9 309.1
Government 203.4 188.0 172.9 197.5 312.8 527.3 711.5 876.5 1,024.1
Governnent agencies andstatutory authorities 57.0 59.0 54.0 67.6 52.1 1.9 0.9 0.6 0.7
2. Commercial banks (net) 57.2 34.5 24.4 35.0 57.9 20.1 77.4 43.6 19.2
Gross foreign exchangeholdings 159.8 185.6 231.7 238.6 167.4 170.2 209.8 214.3 218.1
Foreign exchangeliabilities 102.o 151.1 207.3 203.6 109.5 150.1 132.4 170.7 198.9
3. Total net reserves 490.4 465.5 454.5 528.2 621.2 764.8 1,034.0 1,215.1 1,360.6
1/ Provisional.2/ Including Singapore's estimated share of the Malaya-British Borneo Currency Board's exchange assets.
Source: Monetary Authority of Singapore
Table 3.2c
Foreign Assets 1965 - 1970(In millions of Singapore dollars)
16 1966 1967 1968 1969 1970
Net Net Net Net NetChange Change Change Change Change
Total Official Assets
At cost value 1,224.4 1,399.4 +175.0 1,669.2 +269.8 2,186.6 +517.4 2,533.2 +346.6 3,099.8 +566.6At market value 1,316.1 1,509.1 +193.0 1,723.7 +214.6 2,279.0 +555.3 2,927.2 +648.2 3,584.7 +657.5
Currency Board (incl.gold tranche)
At cost value 580.5 641.8 + 61.3 592.5 - 49.3 641.3 + 48.8 747.5 +106.2 898.4 +150.9At market value 621.8 697.9 + 76.1 607.2 - 90.7 659.5 + 52.3 747.4 + 87.9 900.9 +153.5
Governimnt
At cost value 488.1 565.5 + 77.4 924.7 +359.2 1,539.4 +614.7 1,783.0 +243.6 2,199.5 +416.5At market value 529.2 604.3 + 75.1 957.2 +352.9 1,613.6 +656.4 2,177.1 +563.5 2,681.9 +504.8
Statutory Boards (excl.D.B.S.)
At cost value 155.8 192.1 + 36.3 152.0 - 40.1 5.9 -146.1 2.7 - 3.2 1.9 - 0.8At market value 165.1 206.9 + 41.8 159.3 - 47.6 5.9 -153.4 2.7 - 3.2 1.9 - 0.8
Comnercial Banks ( el.D.B.S.)
Foreign Assets 709.0 730.2 + 21.2 512.2 -218.0 520.8 + 8.6 642.1 +121.3 655.8 + 13.7Foreign Liabilities 63)4.3 622.9 - 11.4 335.1 -287.8 459.2 +124.1 405.0 - 54.2 522.2 +117.2
Source: Monetary Authority of Singapore
Table 3.3a
Retained Imports 1961-1970(in mlllions of Singapore dollars)
1961 1962 1963 1964 1965 1966 1967 1968 1969 1970
Food Products, etc. 397 392 463 445 481 491 543 617 619 668Live arimals and meat 216 T55 Y3T _39 -w 1X 17 T 57 -bDairy products 38 39 39 4O 41 41 43 42 44 47Fish, fresh and preserved 31 28 32 36 42 37 43 42 49 52Cereals, flour andpreparations 117 122 157 136 149 171 192 236 180 175
Fruit, fresh and prepared 42 37 43 44 50 54 63 59 67 84Vegetables, fresh, dryand preserved 30 33 35 37 36 43 44 49 56 64
Sugar and preparatiorLs 22 26 45 40 23 22 33 46 42 36Animal feed stuffs 48 49 51 54 74 51 39 38 46 48Other 43 28 24 20 22 23 41 52 83 97
Beverages and Tobacco 38 39 46 38 43 41 52 66 77 77
Crude Material, Inedible 88 69 80 59 63 63 76 86 108 163Oilseed, nuts and kernels 17 SC UC r 7 9 IT C -17Other 71 45 56 39 36 1 65 82 95 135
Mineral Fuels i55 275 260 242 350 L5-9 605 785 959 991
Oils, Animal and Vegetable 11 17 15 10 22 23 26 19 27 46
Chemicals 97 94 112 106 121 132 170 188 228 317Paints, varnishes, eto. IT II 7f -II -I -i -iT -i5 -17 *27
Medicinal products 23 23 25 23 25 26 31 34 38 50Perfumes, cosmetics, etc. 22 22 15 13 16 14 19 18 16 20Organic and inorganicchemicals 14 14 13 12 14 16 24 33 41 46
Other 25 244 47 47 55 64 83 88 116 178
Manufactured Goods 319 317 393 347 423 466 618 872 1,087 1,436
Paper and paperboard andmanufactures 38 38 39 39 44 52 56 70 72 99
Textile fabrics, wovren 107 86 118 96 11, 148 230 376 463 525Other textile manufactures 24 24 29 23 27 32 46 61 59 84Iron and steel 43 60 67 65 90 84 101 116 180 290Metal manufactures 38 38 47 38 48 47 55 75 96 141Other 69 71 93 86 101 103 130 174 217 297
Machinery and Transport 178 209 305 311 348 355 413. 590 900 1,480Power generators -IN -I -I5 -75 _yS _E5 32. 70- -Zi 97Industrial machinery 35 49 70 86 86 128 141 187 350 607Klectrical equipment 52 66 113 119 129 122 141 147 232 454Road motor vehicles 66 60 92 72 84 62 68 85 127 1IoOther 12 20 15 19 21 18 31 121 130 132
Miscellaneous Manufactures 173 180 234 209 208 219 301 332 347 457Clothing *9 1C -6 767 77 -LTFootwear 10 11 12 11 10 4 4 8 6 5Scientific apparatus 12 14 17 114 19 23 27 35 44 72Watches and clocks 35 32 36 34 40 37 57 50 61 79Musical instruments 10 11 12 11 14 20 29 30 40 59Printed matter U1 11 15 14 18 19 21 22 24 31Other 59 61 73 61 67 72 97 110 119 163
MisceUaneous 20 20 18 21 17 19 23 36 37 53
Total 1,476 1,612 1,926 1,788 2,076 2,268 2,827 3,591 4,389 5,688
Notes, Retained imports are estimated as residuals after imports for re-exports are deducted from total imports.
Sourcet Trade Division, Ministry of Finance.
Table 3.3b
Retained Imports by Type of Goods, 1965-1970(in millions of Singapore dollars)
1965 1966 1967 1968 1969 1970
Consumer Goods 775 795 967 1,116 1,177 1,417Capital Goods 264 293 345 505 773 1,290Intermediate Goods 1,037 1,180 1,515 1,970 2,439 2,981of which-:petroleum 350 459 605 785 959 991
others 687 721 910 1,185 1,480 1,990
Total 2,076 2,268 2,827 3,591 4,389 5,688
Composition (
Consumer Goods 37.3 35.1 34.2 31.1 26.8 24.9Capital Goods 12.7 12.9 12.2 14.1 17.6 22.7Intermediate Goods 50.0 52.0 53.6 54.9 55.6 52.4of which:petroleum 16.9 20.2 21.4 21.9 21.9 17.2
others 33.1 31.8 32.2 33.0 33.7 35.0
Total 100.0 100.0 100.0 100.0 100.0 100.0
Annual Growth Rates (%)
Consumer Goods 4.2 2.6 21.6 15.4 5.5 20.4Capital Goods 10.5 11.0 17.7 46.4 53.1 66.9Intermediate Goods 28.8 13.8 28.4 30.0 23.8 22.2of which:petroleum 44.6 31.1 31.8 29.8 22.2 3.3
cthers 22.0 4.9 26.2 30.2 24.9 34.5
Total 16.1 9.2 24.6 27.0 22.2 29.6
Source: Table 3.3a
Table 3.4
Domestic Exports, 1961-1970(S$ ;4illions)
1961 1i92 1963 1964 1965 1966 1967 '968 1969 1970
Live animals 7 8 8 11 9 7 4 3 4 2Meat products 1 2 2 2 3 2 2 4 7 7Eggs 8 7 6 6 6 3 2 2 4 4Fish (fresh and dried) 2 3 3 5 5 5 4 4 4 7Cereals and preparations 4 4 4 4 4 3 3 3 3 2Fruits (fresh, dried and preserved) 8 9 10 8 8 5 3 2 3 5Vegetables (fresh, dried and preserved) 1 5 7 3 3 2 2 2 2 1Animal foodstuffs 12 18 16 19 25 20 21 27 39 35Beverages 20 18 10 12 11 12 9 10 10 9Tobacco products 1 2 3 2 3 4 4 4 2 3Crude rubber and manufactured rubber 4 4 4 3 4 7 8 10 9 13Mineral fuels - 172 174 215 396 568 731 950 1,127 1,072Vegetable oils _ 20 16 15 15 20 25 25 47 29 49Chemical products 28 23 24 23 24 30 32 36 44 43Cement, lime stone etc. 8 11 12 12 8 9 6 5 5 5Glassware 6 6 7 8 7 9 11 9 9 8Metal containers 9 19 14 16 19 20 21 21 20 23Iron and steel products N.A. 10 10 22 30 40 39 35 24 20Electrical equipment and industrial
machinery 12 14 15 14 16 16 17 13 55 114Machinery, non-electrical N.A. 1 2 4 4 4 3 5 6 5Furniture 4 4 5 3 4 6 5 4 4 4Wood products N.A. 1 2 2 7 14 16 27 33 42Clothing 5 5 10 16 25 27 28 44 57 66Cotton fabrics N.A. 1 2 13 9 11 13 17 20 23Footwear 6 6 7 5 6 5 6 5 6 9Printed matter 6 9 10 11 13 11 9 7 9 15Paper products 6 5 5 5 7 7 8 8 8 8Others 47 41 64 53 64 93 79 94 132 233
Total 225 424 451 512 740 965 1,111 1,398 1,675 1,827
1/ Mainly coconut oil. Source: Trade Division
Table 3.5
Entrepot and Domestic Trade Summary,1965 - 1970(S$ millions)
(Percentage - Year to Year Change)1965 1966 1967 1968 1969 1970 1966 1967 1968 1969 1970
Entrepot TradeProcessed:
Exports 876 1,013 1,089 1,202 1,759 1,545 15.6 7.5 10.4 46.3 -12.2Imports 705 789 743 702 1,035 989 11.9 - 5.8 -5.5 47.4 - 4.4Non processed
Exports 1,388 1,396 1,291 1,291 1,307 1,384 o.6 - 7.5 - 1.2 5.9Imports 1,026 1,009 837 791 820 857 -1.7 -17.0 -5.5 3.7 4.5Total
Exports 2,264 2,409 2,380 2,493 3,066 2,929 6.4 - 1.2 4.7 23.0 - 4.5Imports 1,731 1,798 1,580 1,493 1,855 1,846 3.9 -12.1 -5.5 24.2 - 0.5Other Trade
Domestic Exports 740 965 1,111 1,398 1,675 1,827 30.4 15.1 25.8 19.8 9.1Retained Imports 2,076 2,268 2,827 3,591 4,389 5,688 9.2 24.6 27.0 22.2 29.6
Total TradeExDorts 3,004 3,374 3,491 3,891 4,741 4,756 12.3 3.5 11.5 21.8 0.3Imports 3,807 4,066 4,407 5,084 6,244 7,534 6.8 8.4 15.4 22.8 20.7
Adjustment forunrecorded trade 1/
Exports - 331 783 1,029 1,457 2,111 - 136.6 31.4 41.6 44.9Imports - 248 465 502 674 681 - 87.5 8.0 34.3 1.0Adjusted Total Trade
Exports 3,004 3,705 4,274 4,920 6,198 6,867 23.3 15.4 15.1 26.0 10.8Imports 3,807 4,314 4,872 5,586 6,918 8,215 13.3 12.9 14.7 23.8 18.7
l/ Including trade with Tndonesia.N.B. Merchandise exports to countries other than West Malaysia are valued at f.o.b., while those to West Malaysia at c.i.f.Imports from countries other than West Malaysia are valued at o.i.f., while those from West Malaysia at f.o.b. Malaysiandocumirnt3 aro accepted in cTdor to £fcilitate the transport of goods acroaa the causeway betweon Singapor and Johoro.eourc : Daportmont of Statistics snsd 'Us3ion Estimaton.
Table 3.6a
Summary of Analysis of Foreign Trade of Singaporej 1970(S$ Million)
Imports Exports
A. Imports for processing 1,333.7 A. Re-exports after processing 1,544.9
B. Re-exports of imports 1,384.1B. Imports for re-exports 1,156.7
Total entrepot imports 2,491.4 Total entrepot exports 2,929.0
C. Retained Imports 5,688.4 C. Domestic Exports 1,826.8of which of which1. Petroleum products 988.7 1. Petroleum products 1 ,067.9
including tankers including tankers2. Others 4,699.7 2. Others 758.9
D. Adjustment 2,lll.h
Total Imports 8,214.7 Total Exports 6,867.2
Source: Tables 3.3, 3.4, 3.6b, 3.9, 3.10.
Table 3.6b
Analysis of Entrepot Tra1de 1970
A Iports for ErportB afte;Processing Processing
Rubber 1,041.7 1,161.3Tin 17.1 18.9Coffee 78.8 91.9Spicee 92.5 104.5Lumber 78.5 110.7Others 26.1 57.6
Total 1,334.7 1,544.9
B. IMports for Re-Exports ofRe-export 2/ Imports 2/
Fbod 210.1 242.4
Fresh fish 13.5 17.1Rice 17.4 18.9Preserved Fruits 47.5 51.9Spices 16.3 19.8Animal Feed 17.2 19.9Others 98.2 114.8
Beerages and Tobacco 5 59.8
Crude Yaterials Inedible 4 8.4 59.5Oil seeds 18.2 21.6Others 30.2 37.9
itineral Fuels 24.2 30.3
Petroleum Crude andpartly refined 24.1 30.2Others 0.1 0.1
Animal Vegetable Oil 79.5 91 .5
Fixed Vegetable Oil 78.6 90.4Others 0.9 1.1
Cemicals 71.5 85*7
Yanufactured Goods by Material 214.0 250.3
Cotton Fabrics Woven 37.6 42.3Other Fabrics Woven 60.o 66.2Others 116.h 141.8
ISchinery and Transoort 243.2 329.2
Power Generators 18.9 29.2Industrial Machines 45.6 58.7Motor Vehicles 87.6 118.7Others 91.1 122.6
Paseellaneous Manufactured Articles 83.9 103.4
Clothing 24.9 29.2Others 59.0 74.2
M1acellaneous Transactions 131.4 132.0
TbtaL 1,156.7 1,384.1
djustuments for excess re-exports -646.o
otal Entrepot Trade 1,845.4 2,929.0
1/ Gods imported which have been processed in Singapore and not amounting toauinufacturing proper and not falling within the category Of assembly.
2 Re-erports of Sineapore are goods which are exported in the same form as theyhlve been imported. They would cover the cre; ting of bulk and any cperation orpirocess which consists only of one or more of the activities of packing, splittingup into lots, sorting or g-ndlng, marking and putting up into sets.
Source: Department of Statistics.
Table 3.7
Singapore's Trade with West Malaysia, 1960-1970(S$ ?tilions)
1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970
Imports
Food products, etc. 78 85 92 91 97 118 126 119 117 115 122Beverages and tobacco - - 1 1 - 2 7 10 17 36 42Crude material inedible 671 519 489 496 493 533 576 483 444 681 636Mineral fuels _ - - 2 27 25 28 27 38 31 20Cils - animal and vegetable 29 25 28 29 29 44 48 52 32 55 100Chemicals 9 12 14 23 26 28 28 25 23 26 25Manafxctured goods 21 27 37 38 42 52 55 56 64 67 75Mhchinery and transport 22 31 38 44 47 50 45 39 42 48 56Miscellaneous manufactures 12 13 17 18 20 21 17 19 23 25 34Miscellaneous 11 12 12 l5 11 11 14 10 10 6 7
Total 853 72W 728 757 792 884 944 840 _10 1,090 1,117
Exports
Food products, etc. 204 197 203 222 221 209 193 163 143 141 107Beverages and tobacco 37 36 28 20 17 15 13 13 16 21 16Crude material inedible 56 40 55 52 50 46 58 67 77 67 54Mineral fuels 60 65 70 70 14 49 60 55 56 64 67Oils - animal and vegetable 3 5 5 5 5 5 5 5 7 6 7Chemicals 53 61 53 63 62 71 72 65 56 70 58Manufactured goods 185 205 223 245 225 222 209 195 186 197 167Machinery and transport 151 175 198 212 182 199 183 145 118 131 149Miscellaneous manufactures 58 62 65 75 73 78 68 69 51 56 471liscellaneous 36 40 42 47 46 45 47 48 46 26 17
Total 843 886 942 1,011 925 939 908 825 756 779 689
Source: Trade Division, Ministry of Finance.
Table 3.8
Exports from Sigapore: Selected Gor ities 1R958-1970
Rub_b_e_ Coffee Pepper -/ --_ Copra-; I
(000 Tons) (S$ mil.) (000 Tons)- (S$ mil.) (000 Tons) (S$ mil.) (000 Tons) (S$ mil.)
1958 650 1,0o45 32 71 27 40 112 521959 722 1,533 25 49 30 53 74 401960 598 1,1426 28 40 22 82 76 361961 677 1,134 57 55 26 71 91 351962 660 1,092 53 61 26 58 37 131963 616 972 70 96 31 59 34 131964 391 588 13 29 15 30 5 11965 416 623 14 28 19 48 6 21966 479 700 32 61 18 49 10 41967 588 687 75 127 32 63 33 101968 711 773 58 101 41 71 32 141969 829 1,233 67 110 33 67 32 101970 758 959 b4 91 37 98 29 11
1/ Rubber includes rubber ribbed smoked sheet, rubber estate brown crepe, rubber thick remilled blanketcrepe, rubber latex containing over half percent ammonia.
2/ Coffee includes only unroasted beans.3/ Pepper includes black and white, both unground.7/ Copra includes copra and copra cakes.
Source: Trade Division
Table 3.9
Direction of ExVorts 1965 - 1970( millions)
(Percentage Distrlbution)
1965 1966 1967 1968 1969 1970 1965 1966 1967 1968 1969 1970
Brunei 42 48.5 52.4 55-5 66.5 78.0 1.4 1.3 1.2 1.1 1.1 1.1
Burma 11 10.4 8.3 22.5 18.6 11.7 0.4 0.3 0.2 0.5 0.3 0.2
Cambodia ) 9.1 15.6 20.0 15.8 15-5 0.2 0.4 0.4 0.3 0.2
Laos ) L32 1.8 3.0 3.1 3.4 4.8 4.4 0.1 0.1 0.1 0.1 0.1
South Vietnam ) 256.4 305.1 350.2 447.5 336.6 6.9 7.1 7.1 7.2 4.9North Vietnam ) 5.7 3.8 3.8 2.8 2.1 0.2 0.1 0.1 - -
Philippines na 15.2 16.8 15.1 17.0 13.0 na 0.4 0.4 0.3 0.3 0.2
Thailand 68 117.6 129.6 171.5 177.8 156.8 2.2 3.2 3.0 3.5 2.9 2.3
Sabah ) 282 134.8 131.0 137.4 167.1 187.1 9.4 3.6 3.1 2.8 2.7 2.7
Sarawak ) 152.7 141.5 129.6 141.3 163.9 4.1 3.3 2.6 2.3 2.4
West Halaysia 939 907.6 824.9 756.0 779.4 688.7 31.3 24.5 19-3 15.4 12.6 10.0
Sub-Total 1,4e74 1,659. 1,639.0 1,664.7 11,837.2 1,658.2 9 38.2 33.9 --
AdJustment na 42.7 4000- 627.3 806.2 995.4 no 1.1 9.3 12.7 13.0 14.5
Total SouteastAsian Countries 1,474 1,702.2 2,032.0 2,292.0 2,643.4 2,653.6 2 49.1 45.9 47.5 46.6 42.8 38.6
Japan 112 123 156 274.4 336.3 361.5 3.7 3.3 3.6 5.6 5.4 5.3
U.S.A. 125 162 244 329.6 508.5 527.3 4.2 4.4 5.7 6.7 8.2 7.7
U.K. 1.92 185 212 245-5 273.7 324.5 6.4 5.0 5.0 5.0 4.4 4.7
Australia 94 70 73 89-3 123.0 160.1 3.1 1.9 1.7 1.8 2.0 2.3
mainland China 22 137 96 81.2 174.8 69.4 0.8 3.7 2.2 1.6 2.8 1.0
West Germany 58 49 53 81.9 114.6 136.2 1.9 1.3 1.2 1.6 1.8 2.0
Hong Kong 133 120 117 11.7 143.0 194.0 4.), 3.3 2.7 2.9 2.3 '.3
suwsit ma na n w. 7.9 6.4 8.4 1 5 D n. 0.2 :0.1
Franco 46 62 55 60.6 92.5 95.3 1.5 1.7 1.3 1.2 1.5 1.-
Iran na na na 6.5 12.9 10.0 na na na 0.1 0.2 0.2
U.S.S.R. 127 111 90 111.0 129.1 142.4 4.2 3.0 2.2 2.3 2.1 2.1
Netherlands 35 50 63 86.4 67.1 72.0 1.2 1.3 1.5 1.8 1.1 1.1
Nationalist China na na na 26.1 31.1 37.5 na na na 0.5 0.5 0.5
Italy 44 43 55 45.4 58.4 69.1 1.5 1.2 1.3 0.9 0.9 1.0
India 25 27 20 19.4 37.0 30.6 0.8 0.7 0.5 0.4 o.6 0.4
Others 517 575 625 619.4 795.4 1/ 859.5 24 17.2 15.5 14.6 12.6 12.8 12.5
Sub-Total 1,530 1,7L4 1,859 2,226.3 2,903.8 3,097.8 5'.9 46.3 43.5 45.2 46.7 45.1
Total 3,004 3,416.7 3,S91.0 4,515.3 5,546.9 5,751.2 ho00.0 92.2 91.0 91.5 59.5 83.7
Adjustment 3/ - 288.1 383.3 402.1 650.8 1,116.0 - 7.8 9.0 8.2 10.5 16.3
Adjusted Total 3,004 3,704.8 4,274.3 4,920.4 6,197.7 6,867.2 100.0 100.0 100.0 10..0 100.0 100.0% SoutheastAsian Countries 49.1 53.7 56.5 54.8 53.2 54.9
1/ Includes $61 m. to Canada, $32 m. to South Korea, $31 m. to New Zealand, $36 m. to Spain and $93 m. to countries in Africa.
1/ Includes $57 m. to Canada, $35 m. to South Korea, $21 m. to New Zealand, $46 m. to Spain and $111 m. to countries in Africa.
I/ Mostly exports to Southeast Asian countries.
Source: Trade Division and Mission estimates.
Table 3.10
Direction of Imnorts. 196S - 1970
(5 ilOnsr
(Percentage Diatribution)1965 1966 1967 1968 1969 1970 1965 1966 1967 1968 1969 1970
Brunei 2 1.9 1.4 1.3 2.1 1.9 - - - - - -BTzma 29 25.1 19.9 15.5 22.6 38-3 0.8 0.6 0.4 0.3 0.3 0-5Cambodia ) 36.2 30.1 11.0 16.9 12.6 0.9 o.6 0.2 0.2 0.2Laoo 62 1.4 2.2 3-3 0.1 3.7 1.6 - 0.1 0.1 - -South Vietnam 3.7 2.0 1.6 1.2 7.1 0.1 - - - 0.1North Vietnam) 4.9 4.4 4.2 9.1 10.1 0.1 0.1 0.1 0.1 0.1Philippines na 9.5 13.4 29.4 17.3 27.0 na 0.2 0.3 0.5 0.3 0-3Thailand 147 161.9 145.4 166.2 167.9 149.4 3.9 3.8 3.0 3-0 2.4 1.8Sabah ) 224 40.7 31.7 30-8 47.0 43.4 5.9 1.0 0.7 0.6 0.7 0-5Sarawak ) 182.2 198.5 208.9 259.5 242.7 4.2 4.1 3.7 3.8 3.0West Malaysia 885 943.5 816.7 810.1 1.089.7 1,117.4 23.2 21.9 17.2 14.S 15.8 13.6Sub-Total 1,349 1,413.0 1,288.7 1,282.2 1,633.4 1,653.6 35.4 32.8 26.5 23.0 23.6 20.1Adjustment na 247.9 464.5 501.9 674.1 680.9 na 5.7 9.5 9.0 9.7 8.3Total Southeast
Aaian Countries 1,349 1,660.9 1,753.2 1,784.1 2,307.5 2,334.5 35.4 38.5 36.0 32.0 33.3 28.4
Japan 421 464 548 692.3 1,018.9 1,458.0 11.1 10.7 11.2 12.4 14.7 17.8U.S.A. 193 211 248 347.8 494.2 814.8 5.1 4.9 5.1 6.2 7.2 9.9U.K. 414 408 355 396.1 421-3 569.1 10.9 9.5 7.3 7.1 6.1 6.9Australia 166 189 198 216.5 241.3 340.5 4-4 4.4 4.1 3.9 3.5 4.2Mainland China 225 272 386 460.1 418.5 385.5 5-9 6-3 7.9 8.2 6.1 4.7West Germany 104 111 128 129.7 212.2 253.2 2.7 2.6 2.6 2.3 3.1 3.1Hong Kong 109 113 126 1414.5 165.9 188.5 2.9 2.6 2.6 2.6 2.4 2.3Kuwait na na na 340.1 348.0 360.5 na na na 6.1 5.0 4.4France 39 36 42 44.8 76.6 86.5 1.0 0.8 0.8 0.8 1.1 1.1Iran 103 115 151 138.1 177.5 170.9 2.7 2.7 3.1 2.5 2.6 2.1U.S.S.R. 12 9 20 28.9 35.4 32.4 0.3 0.2 0.4 0.5 0.5 0.4Netherlands 50 78 77 79.0 72.4 93.6 1.3 1.8 1.6 1.4 1.0 1.1Nationalist China na na na 76.8 81.8 126.7 na na na 1.4 1.2 1.5Italy 35 33 43 55.8 66.6 91.8 0.9 0.8 0.9 1.0 1.0 1.1India 57 56 53 53.4 57.5 69.1 1.5 1.3 1.1 0.9 0.8 o.8Others 530 5$8 / 743.3 5 97.7 722.1 / 819.1 13.9 12.9 15.3 10.7 10.14 10.2Sub-Total 2,458 2,653 3,118.3 3,801.6 4,610.2 5,880.2 64.6 61.5 64.0 68.0 66.7 71.6Total 3,807 4,313-9 4,871.5 5,585.7 6,917.7 8,214.7 100.0 100.0 100.0 100.0 100.0 100.0% SoutheastAsian Countries 35.4 38.5 36.0 31.9 33.4 28.4
i Includes Kuwait and Nationalist China.3 Includes $32 m. from New Zealand, $39 m. from South Korea, $56 m. from Netherlands Antilles, t69 m. from Pakistan, 344 m. from Saudi Arabia, $62 m. from Switzerlandand 352 m. from Tanzania.31 Includes $41 m. from New Zealand, S40 m. from South ;.orea, 233 m. from Netherlands Antilles, S55 m. from Pakistan, $79 m. from Saudi Arabia, $72 m. from Switzerlandand $43 m. from Tanzania.
Source: Trade Division.
Table 4.1
External Public Debt as at 30.6.71(Singapore Dollars)
Page One
Debt Outstanding as on 30.6.71
Source AmountI ~~~~~Repaid
Disbursed Undisbursed Total
TOTAL PUBLIC DEBT 537,118,595 490,709,286 1,027,827,801 154,833,202
LOANS FROM INTER1NATIONALORGANIZATIONS: 243,781,444 237,335,466 481,116,910 16,797,860
A.D.B. 2,769,949 150,576,777 153,346,726 -
I.B.R.D. 241,011,495 86,758,689 327,770,184 16,797,860
LOANS FROM GOVERNMENTS: 263,896,566 146,613,943 410,510,509 136,001,369
United Kingdom 289,073,758 122,449,026 331,522,784 119,176,360
United States 45,687,700 - 45,687,700 16,825,009
Republic of Germany 4,736,660 3,563,340 8,300,000 -
Japan 4,398,448 20,601,577 25,000,025 -
SUPPLIERS' CREDIT 29,448,585 106,759,797 136,200,382 2,033,973
Pag7e Two
Debt Outstanding as on 30.6.71Source Amount
RepaidDisbursed Undisbursed Total
LOANS FROM INTER-NATIONAL ORGANIZATIONS: 243,781,444 237,335,466 481,116,910 16,797,860
Asian DevelopmentBank: 2,769,949 150,576,777 153,346,726 -
13SIN 2,736,777 27,863,223 30,600,000 -
35SIN - 25,428,600 25,428,600 -
43SIN - 62,730,000 62,730,000 -
57SIN 33,172 25,374,954 25,408,126 -
60SIN (SI) - 9,180,000 9,180,000 -
I.B.R.D.: 241,011,495 86,758,689 327,770,184 16,797,860
337SI 34,168,591 - 34,168,591 8,985,150
4o5MA 18,268,166 - 18,268,166 2,096,938
462SI 16,428,544 29,489,823 45,918,367 -
473SI 22,775,129 - 22,775,129 3,052,633
503SI 62,347,458 5,703,463 68,050,921 2,357,139
513SI 8,874,ooo - 8,874,ooo 306,000
547SI 6,329,572 11,670,428 18,000,000 -
595SI 48,259,906 14,495,104 62,755,010 -
647SI 15,325,000 18,335,000 33,660,000 -
658sI 8,235,129 7,064,871 15,300,000 -
Page Three
Debt Oustanding as on 30.6.71
Debt Amount
No. Source Disbursed Undisbursed Total Repaid
LOANS FRO1M GOVERNMENT 263,896,566 146,613,943 410,510,509 136,001,369
United Kingdom 209,073,758 122,449,026 331,522,784 119,176,369
2001 Colonial DevelopmentWelfare Funds 99,999 - 99,999 1,650,003
2002 British Government 21,330,785 - 21,330,785 117,526,357
2010 British Government 153,059,724 122,449,026 275,508,750 -
2013 Crown Agents 22,040,700 - 22,040,700 -
2018 CommonwealthDevelopmetnt Corp. 7,382,050 - 5,169,050 -
2038 CommonwealthDevelopment Corp. 5,160,050 - 5,160,050 -
2006) United St:ates 45,687,700 - 45,687,700 16,825,008
) (Exim/Boeing Loan)2007) (Singapore's
) Share only)2008)
2023 Republic of Germany 4,736,660 3,563,340 8,300,000 -
(Kreditenstalt furWiederaufbau)
Japan 4,398,448 20,601,577 25,000,000 -
2036 The Overseas EconomicCorp. Fund 3,141,364 191,969 3,333,333
2037 Export-Import Bank ofJapan, the Bai-IchiBank, Ltd., the Bankof Tokyo Ltd., andThe Mitsui Bank Ltd. 1,257,084 20,409,608 21,666,692
Papa Fonur
Debt Debt Outstanding as on 30.6.71 Amount
No. Source Disbursed Undisbursed | Total Repaid
SUPPLIERS' CREDIT 29,440,585.88 106,759,797.94 136,200,382.82 2,033,972.91
3+5+6 M/s. Ishikawajima 6,440,739.09 - 6,440,739.09 445,680.07
Earima HeavyIndustries Ltd.
4 M/s. Harland 279,093.92 - 279,093.92 24,019.59
Engineering Ltd.
7 M/s. Calor-Emag 740,063.34 - 740,063.34 148,012.67
E. Ag.
8 Mis. Cogelex 1,016,486.33 - 1,016,486.33 203,297.26
9 M/s. Brown Boveri 334,186.07 4,069.32 338,255.39 63,565.78
&, Co.
10 M/s. Cogelex 125,981.73 - 125,981.73 25,196.34
11 H/s Marubeni-Iida Co. 183,383.18 - 183,383.18 91,691.58
12 - do - 820,431.07 - 820,431.07 247,256.99
13 - do - 132,956.40 - 132,956.40 44,318.80
14 Ml's Cogelex 444,504.10 291,280.45 735,784.55 41,246.57
15 - do - 38,667.93 1,064.68 39,732.61 7,946.52
16+18 Mi's. Ishikawajima 7,155,308.70 13,811.40 7,169,120.10 -
Harima HeavyIndustries Ltd.
17 M/s. Marubeni-Iida 155,301.71 - 155,301.71 51,767.25
Co. Ltd.
19 M/s. Harland 336,821.59 - 336,821.59 -
Engineering Ltd.
2003 H/s. Cogelex 469,066.95 11,230.09 480,279.04 48,013.89
2004 - do - 1,147,542.13 9,324.30 1,156,866.43 88,989.72
2005 - do - 1,309,575.56 254,104.90 1,563,680.46 191,143.31
2014 - do - - 5,808,637.60 5,808,637.60 -
2015 - do - 54,982.50 880,137.50 935,120.00 -
2016 - do - 10,823.70 387,929.90 398,753.60 -
2017 -'do - 9,690.00 1,638.670.00 1,648,360.00 -
2019 M/s. Dainichi-Nippon 1,571,054.80 - 1,571,054.80 174,561.64
Cables Ltd.
2020 M/s. Cogelex 211,332.76 137,221.05 348,553.81 31,677.22
2021 M/s. Brown Boveri 248,497.31 30,922.81 279,420.12 -
Co. Ltd.
2022 Flls. Electrische 1,055,857.16 - 1,055,857,16 105,587.71
Constructive Pauwels
Page Five
Debt Outstanding as on 30.6.71
Debt. Source AmountNo. Disbursed Undisbursed Total Repaid
2024 M/s. Cogelex - 369,200.00 369,200.00 -
2025 - do - - 3,092,915.00 3,092,915.00 -
2026 - do - - 1,399,766.00 1,399,766.00 -
2027 - do - 6,867,623.00 6,867,623.00 -
2028 - do - _ 1,053,400.00 1,053,400.00 -
2029 - do - - 989,400.00 989,4oo.00 -
2030 - do - _ 186,300.00 186,300.00 -
2031 Mls. Ishikawajima- - 21,245,194.81 21,245,184,81 -
Harima HeavyIndustries Ltd.
2032 - do - - 9,870,589.99 9,870,589.99 -
2033 M/s. Redpath Dorman 36,563.85 2,988,586.48 3,025,150.33 -
Long Ltd.
2034 M/s. C.A. Parsons - 24,755,094.00 24,755,094.00 -
and Co. Ltd.
2035 - do- 11,381,119.20 11,381,119.20 -
2039 M/s. "Fokker - 5,111,574.00 10,336,425.00 15,448,099.00 -
V.F.M." N.V.
2040 M/s. CreditLyonnais 2,755,779.46 2,755,779.46 -
Source: Ministry of Finance
TAME 4.2 - SINGAPORE
EXTERNAL PUBLIC DEBT OUTSTANDING AS OF ODCEMBER 31.1970
DEBT REPAYABLE IN FOREIGN CORRENCY
IN ThOUSANDS OF UeS. DOLLARS
ODET OUTSTANDING DECEMBER 31.1970
CREDITOR COUNTRY UNDISTYPE OF CREOITOR OISBURSED BURSED TUTAL
FRANCE 507 4,384 46Y91JAPAN 57u 3#225 3#795SWITZERLAND 4 2 4UNITED KINGDOM - 120793 12.793
SUPPLIERS 1.081 20.402 21.483
ASIAN DEV.bANK 642 46.268 47,110IBRD 69,021 40,591 169.612
LOANS FROM INTL. ORGANIZATIONS 69.863 5685$9 156422
GERMANY (FED.REP*OF) - 2.732 2.o32UNITED KINGDOM 33.629 38P215 71*644USA 16s3U3 16.3 3
LOANS FROM GOVERNMENTS 50#012 40.947 90.959
TOTAL EXTERNAL IPUBLIC DEBT 120,956 148.208 269.164
NOTEI DEBT WITH A MATURITY OF OVER ONE YEAR
ECONOMIC AND SOCIAL DATA DIVISIONECONUMIC PROGRAM DEPARTMENT
DECEMBER 2, 1971
TABLE 4.3 - BINGAPOREESTIMATED FUTURE SERVICE PAYMENTS ON EXTRNAT. PUBL DEBT--
OUTSTAND3NG NCLDING UNDMBURSED-AS OF D3CEMB 31,1970
DEST REPAYABLE IN FOREIGN CURRENCY
IN THOUSANDS OF U.S. DOLLARS PAGE 1
TO1 AL
DEBT OUTSTANDING TRANSACTIONS DURING PERIODBEGINNING OF PERIOD CANCELO
LATIONS,DISBURSED INCLUDING COMMIT- DISBURSES SERVICE PAYMENTS ADjuST-
YEAR ONLY UNDISBURSED MENTS MENTS PRINCIPAL INTEREST TOTAL MENTS(1) (2) (3) (4) (5) (C) (7) (8)
1966 16'042 26#706 2500U 12,629 ?99 602 1.401 -11967 27,872 50,906 66i129 6,974 1,089 1l,26 2'115 01,1901968 33,205 1140756 76#5Uf 25#306 2.959 1*9b 04857 -19,3911969 55'553 1691213 48'7U0 29P945 3)862 2s943 608U5 161970 81I731 214a06r 67'913 40'190 5'380 5P630 11A010 *7*436
1971 120#956 269,164 e 58,67b 6*096 6#200 12'296 651972 173P538 263o153 * 31'613 7,759 7,642 15#400 0
1973 197,392 255,394 20.827 9,126 b,192 17.3181974 209P093 2461268 ' 14,318 11059 8,566 19.6261975 212'352 235,209 ' 10,119 11,919 b.b73 20'791-1976 ?10#552 223P290 * 5,095 12,599 9P986 22.5841977 203'049 210*692 5#095 11.705 9.169 2u'8931978 196.439 198198? . 2.548 13.626 8#480 22,106 -1979 185.361 185a361 a . 13,712 7,796 21P5081980 171.649 1711649 a - 13,742 ?.100 20U8431981 157.906 1571906 a 0 13,966 6#408 20oa74 -1982 143.940 143P940 a 14,537 5,691 20#2281983 129,403 129p403 a 14 479 4c.937 19o415 -1984 114.925 114,925 * 14,072 4.195 1B* 268 1985 100.853 100,853 5 - 14,010 3,472 1 7482 -
NOTE: INCWDES SERVICE ON ALL DEBT LISTED IN TABEU1 2 4 EPARD DECEMBER 2,1971.
TABLE 4.3 -SINGAPORE4STNATED F SV PAYMENTS ON EXTERNAL PUBL.M DEBTOUTSTANDING fI0LUDING UD3BURSE AS OF DECEM 31,1970
DET REPAYABLE IN FOREIGN CURRENCY
IN THOUSANDS OF U.S. DOLLARS PAME 2
SUPPLIERS
DEBT OUTSTANDING TRANSACTIONS DURING PERIODBEGINNING OF PERIOD CANCELO
LATIONS.DISBURSED INCLUDING CUMMIT- DISBURSE- SERVICE PAYMENTS ADJUST&
YEAR ONLY UNOISBURSED MENTS MENTS PRINCIPAL INTEREST TOTAL MENTScl) (2) (3) (4) (5) (6) CO) C)
1967 * 155 155 - -1968 155 155 8au - a . .1969 155 962 * 237 1 I 1 -79197U 391 882 200671 759 69 48 117 '1
1971 1OB1 21.483 ' 8,908 265 77 3421972 9.724 21.21b ' 7097 '486 157 6431973 16.334 20.732 4 '43398 1J169 4 68 aP6{ b
1974 19P563 19i563 - 2.367 1 U62 3.4291975 17P196 17)196 ' 2,366 929 3.2951976 14.830 14#bf53 2P221 797 3.018 a1977 12.609 12.60v 2,10o 6/4 2*844 -1978 10.439 10)439 - 1.962 554 2.516 a1979 b8477 t.477 1,565 450 2.015 -1980 6.911 6)911 a 1.244 367 1.612 -1981 5#667 5i66f 1,078 303 1#381 a1982 4.589 4A589 I a 1.07a 242 1.320 a1983 3.511 3.511 - 1,078 182 1.260 a1984 2p433 2.433 a1,078 121 1.199 -1985 1.355 1)355 a 1,90 61 1.151 g
TABLE 4.3 -SINGAPORE
ESTDUTED FUTRE SERVIE PAYMETS CN EXnWAL PUBLIC DEBTOUTSTANDING INCLUDING UND DBURSED AS (F DECEMBER 31,1970
DEBT REPAYABLE IN FOREIGN CURRENCYPAGE 3
IN THOUSANDS OF U.S. DULLARS
OTHER PRIVATE FINANCIAL INST.
DEBT OUTSTANDING TRANSACTIONS DURING PERIODBEGINNING OF PERIOD CANCEL'
LATIONS#
DISBURSED INCLUDING COMMIT' DISBURSE' SERVICE PAYMENTS ADJUST-
YEAR ONLY UNDISSURSED MENTS MENTS PRINCIPAL INTEREST TOTAL MENTS
(1) (2) (3) (4) (5) (*) (7) (a)
1969 7,2U1970 'o20U ' - 343 - 343 -6,85?
1971 ' ' ' a
1972 a a
TABHE4c3- SINGAPORE
ESTl(ATE)D FUMJRE SERVICE PAYMN ON WERNAL PUBLIC DEBTOUTSTANDDG INCLUD IZG UNDIBURSED AS OF DECEIMB 31,1970
DEBT REPAYABLE IN FOREIGN CURRENCY
IN THOUSANDS OF U.s. DOLLARS PAGE 4
LOANS FROM INTL. ORGANIZATIONSASIAN DEV6BANK
DEBT OUTSTANDING TRANSACTIONS DURING PERIODBEGINNING OF PERIOD CANCEL-
LATIONS.DISBURSED INCLUDING COMMIT- DISBURSE SERVICE PAYMLNTS ADJUST-YEAR ONLY UNDISBURSED MENTS MENTS PRINCIPAL INTEREST TOTAL MLNTS(1) C2) (3) (4) (5) (6) (7) (6)
1969 a 10#u0O - - - -1970 -luuOu 37,11i 842 - 25 25 a
1971 642 47AllU ' 17,180 385 414 7981972 170637 461725 ' 8'U22 169 660 1J429 -1973 24J889 45i956 8J022 769 606 1J3751974 3?J142 45.167 ' 8.o022 169 552 1#321 a1975 39,394 447415 _ 5.023 1,144 1J427 2J571 f197c 43.274 43.274 * * 20U45 3J I76 52211977 41.228 413226 2J143 3,u251978 39,0b6 39p056 * 4 2J243 2.866 5J1131979 36J838 36183 - - 2 361 2J 699 5.060 198O 34,477 34.471 * 2P432 2.523 5.0061981 31,995 311995 . 2J613 2.339 459P2 1982 29P382 29o3b8 * * 2.(54 2 9144 408981983 26.628 26.625 2 a Z5926 1,939 4'8441984 23o722 23.722 ' ' 2,684 1J721 4.446 -19B5 21.036 21,035 ' ' 2.475 1J532 400b8 -
TABLE 4. 3-SINGAPORE
ESTIMATED FUTURE S1RVZJE PADINTS CI EXTENAL PUBL1C DEBTOUTSTANDING INCLUDING uNDsBuRsED AS OF DECEMBER 31,1970
DENT RLPAYABLE IN FOREIGN CURRENCY
IN THOUSANDS OF US. DOULLARS PAGE 5
LOANS FROM INTL. ORGANIZATIONSIBRO
DEBT OUTSTANDING TRANSACTIONS DURING PERIODBEGINNING OF PERIOD CANCEL
LATIONSADISBURSED INCLUDING COMMIT- DISBURSE- SERVICE PAYMENTS ADJUST
YEAR ONLY UNDISBURSED MENTS MENTS PRINCIPAL INTEREST TOTAL MENTS(l) C2) (3) (4) (C) (6) (7) (a)
1966 11*136 21.800 25,00U 12,o29 270 602 872 -1967 23.496 46.53U 26#0U 6.429 1,026 1.501 -6001968 29.362 71'365 6#OUU 9.I70 1,005 1*,606 2.611 -4S71969 380127 7509U3 31.5uo 11.847 1.006 2*049 3*00551970 48.968 106A397 500U 17?719 1.785 4.347 6,132 -
1971 69.*021 1091612 * 25P617 2.510 4P620 7.1j0 "1972 92.128 107)10 - 10,460 3,270 5,157 9'027 -1973 99P319 103h832 3P312 3P955 6.127 OP'0621974 98P676 99,87' - 1.201 4P690 6*012 10.7621975 95.187 95.187 - 44975 5,824 10.7991976 90.212 90.212 - 5,2f0 5P516 10#7061977 84,932 84.932 5,600 50108 10788 a
1978 79P332 79;332 5,950 4.t41 1079v1 -1979 73p3b2 73)382 6.0320 4,472 10.1021980 67,062 67A062 ' 6,715 4.080 10'*7951981 60,347 6U0341 * . 7,140 3#663 1U'8031982 53,207 53.20/ a 7.50 3*219 10.789 -1983 45.637 45A637 7,360 2,150 lOt10-1984 38P277 38,277 7175 2,3U5 9.4601985 31.1U2 31.1U2 7.310 1850 9P1860
TABLE 4.3- SINGAPORE
ESTIMTED FUTURE SERVIE PAYMENS co E1mNA1i PUBLIC DEBTOUTSTADING DCIJDIRG UNDBBURSED AS OF DECE4fM 31,1979
DE9T REPAVABLE !N FOREIGN CVRRENCY
IN THOUSANDS OF U.S. DOLLARS PAGE 6
LOANS FROM INTL. ORGANIZATIONS
DEBT OUTSTANDING TRANSACTIONS DURING PERIODBEGINNING OF PERIOD CANCEL&
LATIONS,DISBURSED INCLUDING COMMIT DISBURSE- SERVICE PAYMENTS ADJUST-
YEAR ONLY UNDISBURSED MENTS MENTS PRINCIPAL INTEREST TOTAL mENTS(1) (2) (3) (4) iS) (6) (7) Ca)
1966 11,136 21p80u 25,0)U 12,629 ie70 602 8721967 23*496 46p53U 26*000 6*429 565 lU026 1*591 -6U01968 29*362 71b365 6*000 9*,770 10U5 1*606 2*o11 *4571969 38012? 75*903 41*500 l1,847 1,006 2,049 3P0551970 4*O968 116,397 42*110 18*561 1,785 4,372 6,157 -
1971 69*863 156i722 4 42,797 2#895 5P033 709281972 109,765 153 827 18*P482 4,039 6,416 10J456 -1973 124P208 1491788 - 11,334 4o724 6*733 11J4571974 130*818 145,064 9P223 5,459 6,624 12#0b41975 134*581 13916U5 5*023 A,119 7,251 i3*3701976 133p486 133i466 7,325 8,691 16*0071977 126*160 126*160 m 7,743 8,213 t5'9561978 118*418 11BA41b 0 8,198 ?,TI7 15*9041979 110*220 110*220 * 8,681 7,171 15*8521980 101,539 101*539 9,197 6*603 15*8001981 927342 92M34i e 9,753 6, u 1 15P7551982 82*589 82*589 10*324 59363 15#687 -
1983 72,265 72*265 10,266 4*688 14'9541984 61,999 61J999 9,*859 4**26 13*886 -
1985 52* 140 52* 140 - 9' 785 3,3b2 13* 1 B 8
TAB6E 4.3- SINGAPORE
BST EDL) i-u*ru-a sm-vmE pK'AZN5-N ON XKTRENAL PUBLI DEBTOUTSTANDING INCLUD G UNDMBURSED AS OF DECEMBM 31,1970
DEBT REPAYABLE IN FOREIGN CURRENCY
IN THOUSANDS OF U.S. DOLLARS PAGE 7
LOANS FROM GOVERNMENTSGERMANY (VEDeREPsOF)
DEBT OUTSTANDING TRANSACTIONS DURING PERIODBEGINNING OF PERIOD CANCELS
LATIONS,DISBURSED INCLUDING CUMMIT' DISBURSE& SERVICE PAYMENTS ADJUSTOYEAR ONLY UNDISBURSED MENTS MENTS PRINCIPAL INTEREST TOTAL MENTStl) (2) (3) (4) (5) (6) (7) (8)1970 m 2#732 - a 1U6 106 -
1971 - 2,732 ' 1,678 - 48 48 X51972 1*878 2;811 - 939 331 178 509 -1973 2*486 2#466 331 186 5181974 2.154 2*154 ' 331 161 4921975 1*823 1.823 ' - 331 135 4661976 1,491 1*491 331 1(9 4411977 1,160 1*160 331 83 4151978 829 a2 9 331 58 3B91979 497 491 331 32 3641981 166 166 - 166 6 172
TABLE 4.3-SINGAPORE
&STIMATED FUTURE SERVIE PADENTS ON ErTNAL PUBLIC DEBTOUTSTANDING CLUDflG UNDrBURSED AS CP DECEMBER 31,1970DEBT REPAYABLE IN FOREIGN CURRENCY
IN THOUSANDS OF U&S. DOLLARS ME
LOANS FROM GOVERNMENTSUNITED KINGDOM
DEBT OUTSTANDING TRANSACTIONS DURING PLRIODBEGINNING OF PERIOD CANCEL&LATIONSo
DISBURSED INCLUDING CUMMIT' DISBURSE* SERVICE PAYMENTS ADJUST;YEAR ONLY UNDISBURSED MENTS MENTS PRINCIPAL INTEREST TOTAL MLNTS(1) (2) (3) (4) (5) (6) (r) CS)1966 4,906 4J906 ' ' 529 ' 529 at
1967 4P376 4i376 ' 524 524 '541968 3?298 3)296 70'00u 5,133 1,954 123 2#077 21969 6,479 710346 ' 6'570 1i547 155 1l702 941970 13#596 690893 2,4uO 20,482 451 48 4 4 9 21971 33,629 71)844 ' 5,U95 416 96 5121972 38'309 71142b ' 5oU95 382 96 47b1973 43,022 711047 5P095 302 162 5441974 47,736 701665 ' 5#095 382 228 61U1975 52?450 70i284 5,*95 582 219 8001976 56'964 69,702 5#095 200 200 4uO1977 61'859 69)5U2 - 5'u95 200 181 381 -
1978 66i754 69)302 ' 2*54B 3i135 162 3J2961979 66s167 66i16t - ' 3,135 143 30277198U 63'032 63#032 ' ' 3,135 124 3#2581981 59Y897 59'o97 - * 3,135 105 3J2391982 56P763 56p763 ' ' 3,135 86 3'22 01983 53'628 531626 ' ' 3,135 67 3J20119b4 50'493 50#493 a ' 3,135 48 3'1821985 47,358 471358 ' a 3,135 29 3-1063
TABLE 4.3-SINGAPORE
ETINLTED FUTURE SERVICE PAYMENTS CN BERNAL PUBLIC DEBTUTSTBAg,ND INCLUDfIG UNDJ3BURSED AS C' DECEMBER 31,1970
DEBT REPAYABLE IN FOREIGN CURRENCY
IN THOUSANDS OF U.S. DOLLARS PAGE 9
LOANS FROM GOVERNMENTSUSA
DEBT OUTSTANDING TRANSACTIONS DURING PERIODBEGINNING OF PERIOD CANCELO
LATIONS,
DISBURSED INCLUDING CUMMIT' DISBURSE* SERVICE PAYMENTS ADJUST*
YEAR ONLY UNDISBURSED NENTS MENTS PRINCIPAL INTEREST TOTAL MENTS
tl) ~~~~(2) (3) (4) st*(?t6
1967 ' i9,974 390 36
1968 390 39p93 ' 10,403 - 169 109 -1b#936
1969 10792 21t002 9P291 1,308 739 2#O07 1
197U 18*776 19$695 388 2,732 1'U56 3'78b -580
1971 16,383 16#383 2,520 945 3Rt66
1972 13,963 13J863 ' 2,520 7'94 30314
1973 11#342 11h342 2,520 o43 3plb3
1974 8, 822 81822 2,520 491 39012 -
1975 6,301 6,301 2,520 340 2*861 -
1976 3,781 3*781 2,- 2,520 189 2*9709
1977 1,260 1*260 - 1,260 38 1*298 -
TABLEl4.3- SINGAPORE
EST (TED FUTURE SERVICE PAIKYMS CN EXTERnL PUBLIC DEBTO St ADDNG NCLUDItiG UNDXBbRSED AS OF DECEMER 31,1.970
DEST REPAYABLE !N FOREIGN CURRENCYPAGE 10
IN THOUSANDS OF U.S. DOLLARS
LUANS FROM GOVERNMENTS
DEBT OUTSTANDING TRANSACTIONS DURING PERIODBEGINNINGO or' PERIOD CANCEL-
LATIONSoDISBURSED INCLUDING COMNIT& DISBURSE- SERVICE PAYMENTS ADJUST-
YEAR ONLY UNDISBURSED MENTS MENTS PRINCIPAL INTiREST TOTAL MENTSCl) (2) (3) (4) CS) CO) (7) (8)
1966 4*906 4*906 ' - 529 - 529 -I1967 4*376 4,376 39#974 390 524 524 -5901968 3#6b8 43P236 70r000 15,536 1*954 292 2*246 *18P9341969i 1T271 92i34a ' 17?,61 2,855 b94 3,749 951970 32*372 89)588 5*132 20pb70 3,lb3 1,21U 4,393 -578
1971 50S012 90A959 6*973 2#936 1,0b9 4*025 051972 54,049 881108 6,034 3,233 1,o6e 4*3011973 56*850 841874 5*095 3,233 991 4*224 -1974 58*712 811641 5J095 3,233 bbO 4'1131975 60,574 78*408 5*095 3,433 694 4*1271976 62*236 74*974 U 50095 3*052 498 3*550-1977 64*279 71;922 ' 5*095 1,192 302 2'093 -
1978 67*583 70J131 ' 2*548 3*466 219 3*6861979 66*664 661664 ' 3*466 1(5 30641 -
1980 63,198 63b19b a a .,301 130 3*4 0 -1981 59P897 59o91 * a 3a135 105 3*239 -1982 56P763 56*763 a 3,135 o6 3*220 21983 53*628 53h621i a 3*135 67 3*201 -1984 50*493 501493 * a 3,135 48 3*182 -1985 47,358 47*355 - 3*135 29 3*163
ECONOMIC AND SOCIAL DATA DTVISIONECONOMIC PROGRAM DEPARTMET
DECEMBER 2, 1971
TABLE 4.3 -SINGAPORE
ESTIMTED FUTUMEB SiS-V1U1 PA1W-at4Lo %AM ILMnL
OUTSTANDING INCLTDDIG UND15BURSED AS CF DECEMBER 31,1970
DEBT REPAYABLE IN FOREIGN CURRLNIT
IN THOUSANDS OF U.S. DOLLARS PAGE 11
SUPPLIERSFRANCE
DEBT OUTSTANDING TRANSACTIONS DURING PERIOD
BEGINNING OF PERIOD CANCELLATIONSO
DES6URSED INCLUDING COMMIT DISBURSE- SERVICL PAYMENTS ADJUST
YEAR ONLY UNDISBURSED MENTS WENTS PRINCIPAL INTEREST TOTAL MENTS
cI) (2) (3) (4) (5) (6) (7) (B)
1967 - r 149 149 - - -1966 149 149 807 - - - -1969 149 956 23 - -79
197U 386 871 4 063 189 6; 4b 116 1
1971 so7 4,891 - ?,665 150 42 192 -
1972 3#?22 4#141 ' 1,U54 3U0 102 403
1973 3,975 40441 '466 551 177 727
1974 3,890 3,'90 711 202 919 -
1975 3'173 3A173 ' 717 163 860
1976 2?456 2P456 ' 686 123 809 -
1977 1,7(0 1)77U - 635 67 722 -
1978 1,135 1,135 ' 552 53 605 -
1979 583 563 d 417 24 441
1980 166 166 ' - 166 4 171
TABLE 4.3 -SINGAPORE
ETIKATED FUTURE SERVE PAIMRITS ON QEI FO PUBLDX DEBTOUTSTANDIlG DNCLUDf UNDGSBWEED AS C' DECEMBER 31,1970
DEBT REPAYABLE IN FOREIGN CURRLNCY
IN THOUSANDS OF U.S. DOLLARS P
SUPPLIERSJAPAN
DEBT OUTSTANDING TRANSACTIONS DURING PERIODBEGINNING OF PERIOD CANCEL
LATIONSODISBURSED INCLUDING COMMIT- DISBURSE- SERVICE PAYMENTS ADJUST-
YEAR ONLY UNDISSURSED MENTS MENTS PRINCIPAL INTEREST TOTIL MENTScl) (2) (3) (4) (1) (6) (T) CO)
1970 - a 3,795 570 - - - -
1971 S70 3#795 ' 10u75 114 35 349 -
1972 1'531 3#681 a 1'075 114 28 1421973 2'492 3A56t 1.*075 114 20 Ii41974 3.453 31453 ' - 448 2U4 6521975 3'0u0 3,0U '- 448 176 6241976 2,557 2,*55' 334 150 464 -1977 2.223 2.223 ' 334 130 464 -1978 1.8b9 13189 ' ' 214 110 3841979 1.615 11615 ' 214 94 3981980 1,401 1,401 ' 214 d1 2951981 1.187 1167 '' 214 68 2821982 973 973 2 214 55 2691983 759 759 ' 214 42 2561984 545 545 ' ' 214 29 2431985 331 331 ' ' 214 17 231
TAILE4.3- SINGAPOnE
ESTD(TED FUTURE SERVIE PAYMENS C EXTERNAL PUBLIC DEBTOUTSTAIDNG DICLUDIW UNDISBURSED AS CF DECEMBEff 31,1970
DEBT REPAYABLE IN tUREIGN CURRENCY
IN THOUSANDS OF U.S. DOLLIRS PAGE 13
SUPPLIERSSwITZERLAND
DEBT OUTSTANDING TRANSACTIONS DURING PERIODBEGINNING OF PERIOD CANCEL&
LATIDNS^.DISBURSED INCLUDING COMMIT DISBURSE- SERVICE PAYNENTS ADJUST-
YEAR ONLY UNDISBURSED MENTS MENTS PRINCIPAL INTEREST TOTAL MENTS(I) C2) (3) C4) CS) Cs) C?) (8)
196? 6 a1968 6 I ' - a1969 6 6 ' 1 * 1197U 5 5 - U 1 1
1971 4 4 X 1 11972 3 3 1 U 11973 2 a ' 1 U 1 -1974 1 1 - . 1 . 1 -
TABLE4.3- SINGAPORE
ESTIMTED FUTURE SERVICE PAYMENS CN EXTERL PUBLIC DEBTOUTSTADIN IN CLUDING UNDTBBURSED AS OF DECEMBR 31,1970
DEBT REPAYABLE IN FOREIGN CURRENCYPAGE 14
IN THOUSANDS OF U.S. DOLLARS
SUPPLIERSUNITED KINGDOM
DEBT OUTSTANDING TRANSACTIONS DURING PLRIODBEGINNING OF PERIOD CANCELO
LATIONS,DISBURSED INCLUDING CUMMIT- DISBURSE- SERVICE PAYMLNTS ADJUST-YEAR ONLY UNDISBURSED MENTS MENTS PRINCIPAL INTEREST TOTAL MENTS(1) C2) (3) (4) (1) (6) (C) Cc)
1 970 - 12 o793 -
1971 12,793 4,vob - - * b1972 4,96e 12i793 - 4,966 71 27 981973 9,866 12#722 ' 2,857 503 211 7741974 12o219 12#21- 1,201 656 18571975 11#018 11;018 - 1,201 589 1'7911976 9,817 911 - 1*21 523 1'775 -1977 8,616 85616 1201 457 1'6S8 -1978 7,415 7o415 1,136 391 1J527 -1979 6,279 6p279 -9- 935 332 1'2661980 5,344 5 344 * 864 282 1,1461981 4,480 4148( U 864 235 1,099 -1982 3,616 3h61b ^ 864 1t? 10511983 2,752 2P752 864 139 7 5 31984 1,868 1,888' 864 92 9561985 1,024 1D024 b * 676 44 920 -
TABLF 4.3- SINGAtOUHF
ESTIHATED FUTURE SERVIE, PAVENTS ON EI:ERIL PUBLIC DEBTa1TSTANDU DCLUDjG UNDJSBURSED AS c DECEMBER 31,1970
UE;-T RLPAYABLL IN FULId1GN CUPERLNCY
IN THOUSANUS 1 U.S. nULLARS
UTHEN PKIVATL 1INANCIAL INST.UNITfLU KINGUUM
rE$T (oIITSIANDING TRANsACTIONS DURING PLRIOUHEFGINNING UF PLRIOI) CANCIL
LAT JUNS*)ISHIJRsU n INCLlDING CUMhl 1- DISBUHSF B SERVICL PAYMLNIS ADJUST-
YtAR ONLY UNDISBURSLU MLNTS Mt-NTS P5INCItAL INILKEST ID1AL MLNTS(1) (2) (3) (4) (5) (6) () (u)
1 Vt'9 - - (,?UU -- - _ _ 197Q -I(,UU - - 3'4..$
lH19 l - - - -_ 1 9{> ~~~- - - -_
ECONOMIC AND SOCIAL DATA DIVISIONECONOMIC PROGRAM DEPARTMENT
DECEMBER 2, 1971
Table 5.1Public Sector Resources for Investment,1966-1971/72(in millions of Singapore dollars)
1966 1967 1968 1969/70 1/ 1970/712/ 1971/72 -Budget
I.SOURCESA. Current Account Surplus 240 287 408 633 703 532
1. Government 121 1m 22 37 - 139
2. Statutory Authorities 57 67 90 131 154 167
3. Central Provident Fund 62 66 66 135 164 226
B. Capital Account Revenues 11 7 19 52 52 55
C. External Capital (Gross) 39 46 88 54 184 136
1. Loans 39 27 7 70 13a) Government (-) (-) (-) (3) (105) (66)
b) Statutory Authorities (39) (24) (58) (47) (76) (70)
2. Suppliers Credits - 11 29 3 -
3. Grants - 11 1 _ _
D. Internal (Cross) 4/ 37 54 152 107 42 24
TOTAL 327 394 667 846 981 747
II.USESA. Development Expenditure 289 297 380 458 596 975
1. Governtaent 101 97 -1 172 227 3)3
2. Statutory Authorities 188 199 264 286 372 592
B. Sinking FundContributions 21 23 85 146 237 82
of which:LoanAmortization (-) (28) (14) ( 6) (87)
C. Financial Investment- 17 74 202 242 1)48 -310
TOTAL 327 394 667 846 981 747
1/ 15 month data, Jan 1969-March 19702/ From April 1,1970 to March 31,19713/ From April 1,1971 to March 31,1972b/ Excluding loans from CPF.
* Not availableSource: Ministry of Finance, Annual Reports of Statutory
Authorities, Annual Reports of CPF
Table 5.2Public Sector Resources for Investment,1966-1971/72
(percentage distribution)
1966 1967 1968 1969/70 1/ 1970/71 1971/72
I.SOURCES
A. Current Account Surplus 73.4 72.8 61.2 74.8 71.6 71.2l.Government 37.0 39.1 37.75 39-.2 T2.Statutory Authorities 17.4 17.0 13.5 15.4 15.7 22.33.Central Provident Fundl9.0 16.7 9.9 16.0 16.7 30-3
B. Capital Account Revenue 3.4 1.8 2.8 6.1 5.3 7.4
C. External Capital (Gross)11.9 11.7 13.2 6.4 18.8 18.21. Loans 11.9 TT1 8T7 779 T18C7 :572. Suppliers Credits - 2.8 4.3 0.5 0.3 -
3. Grants - 2.8 0.2 - - -
D. Internal (Gross) 11.3 13.7 22.8 12.7 4.3 3.2
TOTAL 100.0 100.0 100.0 100.0 100.0 100.0
II.USES
A. Development Expenditure 88.4 75.4 57.0 54.1 60.7 130.51. Government 30.9 24.9 17.1 20.3 T r:1.32. Statutory Authorities57.5 50.5 39.6 33.8 37.9 79.2
B. Sinking FundContributions 6.4 5.8 12.7 17.3 24.2 11.0of which:Loan
Amortization (-) (7-1) (2.1) (0.7) (8.9) (N.h,)
C. Financial Investment 5.2 18.8 30.3 28.6 15.1 -11.5
TOTAL 100.0 100.0 100.0 100.0 100.0 100.0
1/ 15 month data
Source: Table 5.1
Table 5.3Public Sector Resources for Investment,1966-1971/72
(percentage - year to year change)
1966-67 1967-68 1970/71-71/72
I.SOURCES
A. Current Account Surplus 19.6 42.2 - 24,31 .Gove rne nt 63.6 - 63.92.Statutory Authorities 17.5 3h.3 8.43.Central Provident Fund 6.5 0.0 37.8
B. Capital Account Revenue -36.4 171.4 5.8
C. External. Capital (Gross) 17.9 91.3 - 26.11. Loans - 3 171 - 92. Suppliers Credits - 163.63. Grants - -90.9
D. Internal (Gross) 45.9 181.5 - 2.9
TOTAL 20.5 69.3 - 23.9
II.USES
A. Developrnent Expenditure 2.8 27.9 63.61. Government -3.0 18.4 71.02. Statutory Authorities 5.9 32.7 59.1
B. Sinking Fund Contributions 9.5 269.6 -65.4of which: Loan
Amortization (-) (-50.0) (N.A.)
C. Financial Investment 335.0 173.0 -309.5
TOTAL 20.5 69.3 -23.9
Source: Table 5.1
Table 5.4a
'ublic Sector Development Expenditure, 1966-1971/72(in millions of Singapore dollars)
1966 1967 1968 1969/701/1970/71 1971/72(budget)
1. Industrial and Commercial Development 46 57 58 134 211 349(Industrial Infrastructure) 2/ (32) (46) (37) (61) (86) (150)(Loans to Industrial andCommercial Enterprises) 3/ (14) (11) (21) (73) (125) (199)
2. Primary Production 2 3 1 1 1 2
3. Tourism Infrastructure - - - 1 3 15
4. Public Utilities 73 63 106 77 121 140(Electricity) (49) (41) (81) (64) (98) (92)(Water) (20) (18) (22) (9) (16) (35)(Gas) (4) (3) (2) (3) (4) (4)(Joint Expenditures) (neg.) (1) (1) (1) (3) (9)
5. Transportation 15 18 29 36 45 123(Civil Aviation) (neg.) (2) (3) (2) (5) (14)(Roads, Bridges, etc.) (8) (8) (13) (12) (12) (15)(Ports) (7) (8) (13) (22) (28) (94)
6. Communications 31 15 20 32 38 63(Telecolmmunications) (37) (15) (20) (32) (37) (61)(Postal and Meteorological Services) (neg.) (neg.) (neg.) (neg.) (1) (2)
7. Land Development 30 34 39 39 36 54(General Land Acquisition) (1) (4) (6) (2) (2) (11)(Land Reclamation) (15) (14) (15) (20) (15) (21)(Drainage) (3) (3) (4) (4) (4) (5)(Resettlement) (5) (4) (5) (3) (2) (4)(Urban Renewal) (6) (9) (9) (10) (13) (13)
8. Sewerage 11 7 7 10 10 14
9. Housing 50 59 72 95 108 159
10. Education 18 21 12 19 11 27
11. Health 2 1 1 3 4 6
12. Community and Welfare Services 9 5 2 5 3 15
13. Public Administration 2 14 33 6 5 8
Total 4/ 289 297 380 458 596 975(Direct Government Expenditure) (101) (98) (116) (99) (99) (184)(Govermnent Loans Extended) (-) (-) (_) (73) (125) (199)(Statutory Authorities) 4/ (188) (199) (264) (286) (372) (592)
1/ Includes 15 months, January 1, 1969 - March 31, 1970.
2/ Includes amounts for housing and port development in Jurong Town.3/ Does not include activities of DBS (set up August 1, 1968).i/ The figures include some land transfers from Government to Statutory Authorities,
which strictly do not constitute expenditures for the public sector.
Source: Ministry of Finance.
Table 5.4b
Public Sector Resources for Investment. 1966 - 1971/72(Percent of GNP)
1966 1967 1968 1969/70 1/ 1970/71 1971/72
I. SOURCESA. Current Account Surplus 6.6 7.2 8.9 9.3 11.2 7-4
1. Government 3.3 3.9 557 . 77 1.92. Statutory Authorities 1.6 1.7 2.0 1.9 2.5 2.33. Central Provident Fund 1.7 1.6 1.4 2.0 2.6 3.2
B. Capital Account Revenues 0.3 0.2 0.4 0.8 0.8 0.8
C. External Capital (gross) 1.1 1.2 1.9 0.8 2.9 1.91. Loans 1.1 07 1.3 0.7 2.9 1.92. Suppliers Credits - 0.3 0.6 0.1 - -
3. Grants - 0.3 - - -
D. Internal (gross) 1.0 1.3 3.3 1.6 .0.7 0.3
Total 9.0 9.9 14.6 12.5 IL 10.4
II. USESA. Developnent Expenditure 8.o 7.5 8.3 6.7 9.5 13.6
1. Government 27 2 23 2 - h 732. Statutory Authorities 5.2 5.0 5.8 4.2 5.9 8.3
B. Sinking Fund-Contributions o.6 0.6 1.9 2.2 3.8 1.1
of which: Loan Amortization m3 (07) (073) (I) (MMh) ( ,77t)
C. Financial Investment 0.4 1.8 4.4 3.6 2.4 -4.3
Total 9.0 9.9 14.6 12.5 15.7 l0.4
1/ 15 month data
Source: Table 5.1
Table 5.5Analysis of Puble 5ector Finances, 1966-70/71
(in millions of Singapore dollars)
1966 1967 1968 1969/70 - 1970/71 1971/72 2/
GOVERNMENT
Current revenue 619 703 851 1330 1333 1387
Current expenditures 498 569 599 961 948 1248Current account surplus 121 154 252 369 385 139
Savings ratio .195 .219 .296 .277 .289 .100Development Expenditure 101 98 116 172 226 383
Savings as % of D.Exp. 119.8 157.1 217.2 214.5 171.9 36.3
STATUTORY AUTHORITIES
Current revenue 277 322 351 447 423 678
Current expenditures 220 255 261 316 269 311
Current account surplus 57 67 90 1.31 154 167
Savings ratio .206 .208 .256 .293 .364 .349Development Expendi.ture 188 199 264 286 372 592
Savings as % of D.Exp. 30.3 33.7 34.1 65.8 41.4 28.2
CENTRAL PROVIDENT TIMD
Current revenues 74.7 82.5 98.1 190.9 216.3 288.3
Current expenditures 12.5 16.2 32.0 55.5 69.9 62.1
Current account surplus 62.2 66.3 66.1 135.h 16L.4 226.2
Savings ratio .833 .804 .674 .709 .767 .785
PUBLIC SECTOR
Total savings 260.2 287.3 608.1 635.4 703.4 532.2
Total revenues 970.7 1107.5 1300.1 1967.9 1970.3 2153.3
Savings ratio .247 .259 .314 .323 .357 .247
Development Expenditure 289 297 380 458 596 975
Savings as % of D.Exp. 83.1 96.7 107.4 138.7 118.0 51.6
Savings as % of GNP 6.6 7.3 8.9 9.6 11.3 7.1
Capital revenues 11 7 19 52 52 55Financial investment 17 74 202 242 148 -310
Funds available fordevelopment expenditure 234.2 220.3 225.1 645.L 607.6 897.2
Funds available as % ofdevelopment expenditure 81.0 74.2 59.2 97.2 101.9 92.0
Financing gap beforeborrowing 54.8 76.7 154.9 12.6 -11.64 77.8
Gross external borrowing 39 66 88 56 184 136,
Gross domestic borrowing 37 54 152 107 62 26
Sinking Fund Contributions 21 23 85 146 237 82
of which:Loan Amortization - 27.9 13.9 6.0 87.5 N.A.
Others (net) -17.2 -74.3 -202.1 -242.6 -118.6 309.8
NATION4AL ACCOUNTSY
Gross domestic investment 473 518 736 1016 1507 N.A.
Gross domestic savings 583 631 9916 1273 1281 N.A.
Resource balance (-= inflow) 110 113 258 259 -226 N.A.
Factor income paynients 60 61 72 120 120
Balance on current account 170 174 330 379 -106 N.
Net public inflow -5 27 24 61 141 N.I.
Net private inflow 22 158 194 27 426 N.A.
Reserve Chasge(-=increase) -187 -359 -548 -467 -461 N.A.
1/ Provisional actualT/ Budget3/ All figures are for Jan. 1 - Dec. 30.
/ 15 month data
Source: Same as for Table 5.1
Table 5.6
Analysis of Public Sector Finances, 1966-70/71(Percent of GNP)
1966 1967 1968 1969/701/ 1970/71 1971/72
GovernmentCurrent Revenues 17.1 17.7 18.6 19.7 21.3 18.5Current Expenditures 13.7 13.9 13.1 14.2 15.2 16.7Current Account Surplus 3.3 3.9 5.5 5.5 6.2 1.9Development Expenditure 2.8 2.5 2.5 2.5 3.6 5.1
Statutory AuthoritiesCurrent Revenues 7.6 8.1 7.7 6.6 6.8 6.4Current Expenditures 6.1 6.4 5.7 4.'7 4.3 4.2Current Account Surplus 1.6 1.7 2.0 1.9 2.5 2.2Development Expenditure 5.2 5.0 5.8 4.2 6.0 7.9
Central Provident FundCurrent Revenues 2.1 2.1 2.1 2.8 3.4 3.9Current Expenditures 0.3 0.4 0.7 0.8 0.8 0.8Current Accourt Surplus 1.7 1.7 1.4 2.0 2.6 3.0
Public SectorTotal Savings 6.6 7.3 8.9 9.4 11.3 7.1Total Revenues 26.7 28.0 28.5 29.1 31.5 28.8Developmen-t Ependiture 8.0 7.5 8.3 6.8 9.5 13.0
Capital Revenues 0.3 0.2 0.4 0.8 0.8 0.7Financial Investment 0.5 1.9 4.4 3.6 2.4 -4.3Funds Available for Devel-opment Expencliture 6.9 7.4 9.3 10.2 9.7 7.8
Financing Gap BeforeBorrowing 1.0 0.1 -1.0 -3.14 -0.2 5.2
Gross External Borrowing 1.1 1.2 1.9 0.8 2.9 1.8Gross Domestic Borrowing 1.0 1.4 3.3 1.6 0.7 0.3Sinking Fund Contributions 0.6 0.6 1.9 2.2 3.8 1.1
Resource Balance (- = inflow) 3.0 2.9 5.6 3.8 -3.6 N.A.Factor Income Payments 1.7 1.5 1.6 1.8 1.9 N.A.Net Public Inflow -0.1 0.7 0.5 0.9 2.3 N.A.Net Private Inflow 0.6 4.0 4.2 0.4 6.8 N.A.Reserve Change (-=increase) -5.2 -9.1 -12.0 -6.9 -7.4 N.A 0
1/ 15 month data
Source: Table 5.5
Table 5.7
Central Provident Fund, 1966-1971(In millions of Singapore dollars)
1966 1967 1968 1969 1970 19711./
Revenues 74.7 82.5 98.1 141.h 198.1 262.6
Annual Contributions 51.5 55.8 68.0 106.6 156.4Interest from Investments 22.9 26.4 29.8 34.4 41o.Other 0.3 0.3 0.3 0.4 0.7
Expenditures 12.5 16.2 32.0 43.8 47.0 58.5
Benefits 11.0 14.7 23.9 20.1 22.255 Years 6.2 8T2 14.9 13.3 15.3Leaving -llaya 1.9 2.9 5.0 4.2 4.2Physical Encapacity 0.2 0.4 0.5 o.6 o.6Unsound M{ind - - - - -
Death 1.3 1.6 1.6 2.0 2.1Ceased to be Employees 1.4 1.6 1.7 - -
Administrative Costs 1.5 1.5 1.8 1.9 1.9 1.5Home Ownership Scheme - - 6.3 21.7 22.9 14.1
Savings 62.2 66.3 66.1 97.6 151.1 2_4.1
/ Based on. data up to August 31, 1971.
Source: Central Provident Fund, Annual Reports.
Table 5.8Operations of the Statatory Authorities, 1966-1971/72
kin mi-Llons of Singapore dollars)
Public Housing and Port of Singapore JurongUtilities Development Singapore Telephone TownBoard Board Authority Board Corporation 1/(PUB) (HDB) (PSA) (STB) (JTC) TOTAL
1966
Receipts 110.6 43.8 91.8 17.2 13.7 277.1Expenditures 80.8 46.1 77.6 8.0 6.6 220.0Surplus (+)/Deficit (-) 29.8 -2.3 1h.2 9.2 7.1 57.1Development Expencditure 72.7 52.h 6.9 12.2 45.8 188
1967
Receipts 129.6 51.6 103.7 19.0 17.9 321.7Expenditures 93.1 52.8 83.9 51.6 1.7 255.0Surplus (+)/Defici.t(-) 36.5 -1.2 19.8 9.4 3.2 66.7Development Expenc[iture 63.0 59.4 7.9 11.8 56.7 199
1968
Receipts 1h6.0 58 107.0 22.0 18.0 351.0Expenditures 92.6 59.5 84.4 6.7 15.6 261.0Surplus (+)/Defic-it (-) 53.4 -1.5 22.6 15.3 2.h 90.0Development Expenditure 106 72 13 1', 58 26h
1969/70 2/
Receipts 201.0 80 109 35 22.0 44 7Expenditures 121.0 93.1 76.3 11.2 lk.5 316Surplus (+)/Defic:it (-) 80.0 -13.1 32.7 23.8 7.5 131Development Expenditure 77 95 22 32 61 286
1970/71
Receipts 185.0 75 102.0 31.0 30.0 423Expenditures 104.5 74.6 64.4 11.2 15.9 269Surplus (+)/Deficit(-) 80.5 0.4 37.6 193.8 14.1 154Development Expenditure 120 108 28 29 86 372
1971/72
Receipts 205.0 77 116.0 38.0 42.0 478Expenditures 119.1 89.4 67.7 11.9 22.9 311Surplus (+)/Deficit (-) 85.9 -12.4 48.3 26.1 19.1 167Development Expenditure 139 159 94 10 150 592
1/ Before June 1,1968 this refers to the EconomicDevelopment Board (EDB)
2/ 15 month data
Source: Ministry of Finance and Annual Reports ofStatutory Authorities
Table 5.9Government Finances,,1966-March 1972
(In millions of Singapore dollars)
1966 1967 1968 1969/70 3/ 1970/71 1971/72
CURRENT REVENUE' 619 703 85 1330 1333 1387
Tax Revenue 431 456 535 846 823 845
Interest Payments byStatutory Authorities 22 30 38 45 51 60
Investment earnings ofDevelopment Fund 12 10 10 24 16 20
Other 154 207 268 415 443 462
CURRENT EXPENDITURE 498 549 599 961 948 1248
Economic and SocialServices 306 325 336 439 396 475
Defense and InternalSecurity 80 90 131 341 375 587
Other 112 134 132 181 177 186
CURRENT SURPLUS 121 154 252 369 385 139
CAPITAL REVENUES 11 7 19 52 52 55
DEVELOPM4ENT EXPENDIT-URE 101 98 1/ 116 172 224 383
Direct GovernmentExpenditure 2.3 19.2 21.8 -6.1 -2.8
Loans to Stat.Authorities 98.7 67.6 91.4 - 105.0 101.4
Loans to industrial andcommercial enterprises - 1.2 2.8 73.1 125.4
OVERALL SURPLUS/DEFICIT 31 63 155 219 213.0 -189.0
FINANCING -31 -63 -155 -249 -213.0 189
External borrowing - - - 3 105 66
Domestic borrowing 99 120 218 242 206 250
Foreign grants - 7 1 - - -
Other 1 -19 3 13 7 5
- Loan Amortization 0.1 29.5 15.3 8.6 88.8 N.A.
Use or Accumulation (-)of Government Balances -130.9 -141.5 -361.7 -498.I -Ld42.2 132.0
1/ Includes trarnsfer of $10 million to DevelopmentContingencies Fund
2/ Subsidy to EI)B not included
3/ 15 Month date,
Source: Ministry of Finance
Table 5.10
Government Current Revenue, 1966-1971/72(in millions of Singapore dollars)
1966 1967 1968 1969/70 1/1970/71 1971/72Budget
Tax Revenue 431 456 535 846 823 845
Direct Taxes 200 219 265 415 405 431
Income Tax 110 123 158 237 262 280
Property Tax 75 79 88 150 115 125
Estate Duty 5 7 8 11 10 9
Payroll Tax 10 10 11 17 18 17
Indirect Taxes 231 237 270 431 418 41-4Import dut:ies 147 115 121 180 175 155Motor vehicle taxes, duties
and fees 37 39 43 67 66 71Stamp dutiies 6 8 10 23 24 27Entertainment taxes 8 9 9 12 11 11Excise duties 25 58 78 116 109 114Other 8 8 9 33 33 36
Other Revenue 188 247 316 484 510 542
Sales of goods and services 5 _F2 99 I5' 137 T3Post Office and Telecommuni-cations Department 26 34 59 88 78 82
Other Government Departments 32 48 40 68 59 63Interest and Dividends 18 24 58 85 103 83Currency Board profits and
currency surplus 8 15 15 - 8 18
Land sales and rents 14 13 22 48 45 35Interest payments by Stat.
Authorities into DevelopmentFund 22 30 38 45 51 60
Investment earnings of dev-elopment fund. 12 10 10 24 16 20
Other 56 73 74 126 150 181
Current Account Revenues 619 703 851 1,330 1,333 1,387
Capital Account Revenues 11 7 19 52 52 55(Capital Repayment by Stat.
Authorities)
TOTAL REVENUES 630 710 870 1,382 1,385 1,442
1/15 month data
Source: Minis'try of Finance
Table 5.11
Government Current Revenue, 1966-1971/72(percentage distribution)
1966 1967 1968 1969/701/ 1970/71 1971/72
Tax Revenue 68.4 64.2 61.5 61.2 59.4 58.6
Direct Taxes 31.7 30. 330. 30.0 29.2 29.9Income Tax 17.4 17.3 18.2 17.1 18.9 19.4Property Tax 11.9 11.1 10.1 10.9 8.3 8.7Estate Duty 0.8 1.0 0.9 0.8 0.7 3.6Payroll Tax 1.6 1.4 1.3 1.2 1.3 1.2
Indirect Taxes 36.7 33.4 31.0 31.2 30.2 28.7Import Duties 23.3 16.2 13.9 13.0 12.6 10.7Motor Vehicle Taxes,
Duties and Fees 5.9 5.5 4.9 4.8 4.8 4.9Stamp Duties 0.9 1.1 1.2 1.7 1.7 1.9Entertainment Taxes 1.3 1.3 1.0 0.9 0.8 0.8
Excise Duties 4.0 8.2 9.0 8.4 7.9 7.9Other 1.3 1.1 1.0 2.4 2.4 2.5
Other Revenue 29.8 314.8 36-3 35.0 36.8 37.6Sales of Goods and Services 9.2 11.6 11.1 11.2 9.9 10.0
Post Office and Telecom-munications Dept. 4.1 4.8 6.8 6.3 5.6 5.7
Other Government Depts. 5. 1 6.8 4.6 4.9 14.3 4.-4Interest and Dividends 2.8 3.'4 6.7 6.2 7.4 5.8Currency Board Profits and
Currency Surplus 1.3 2.1 1.7 - 0.6 1.2Land Sales and Rents 2.2 1.8 2.5 3.5 3.2 2.14
Interest Payments by Stat.Authorities into Develop-ment Fund 3.5 4.2 4.4 3-3 3.7 4.2
Investment Earnings of Dev-elopment Fund 1.9 1.14 1.1 1.7 1.2 1. a
Other 8.9 10.3 8.5 9.1 10.8 12.6
Current Account Revenues 98.2 99.0 97.8 96.2 96.2 96.2
Capital Account Revenues 1.8 1.0 2.2 3.8 3.8 3.8(Capital Repayment by Stat.
Authorities)
Total Revenues 100.0 100.0 100.0 100.0 100.0 100.0
1/ 15 month da,ta
Source: Table 5.10
Table 5.12 a
Government Current Expenditures, 1966- 1971/72
(In millions of Singapore dollars)
1966 1967 1968 1969/70 31 1970/71 197 2/72
Social Services 243 253 260 342 295 344
Education T5 13 57 199 17 191Public Health 71 72 74 96 83 98Other 48 46 39 47 38 55
Economic Services 63 72 76 97 101 131
Postal and TelegraphServices 22 24 25 34 31 42
Civil Aviation 5 5 5 8 6 9Public Wbrks 23 24 26 33 28 2/ 35
Other 13 19 20 22 36 - 45
Internal Security andDefense 80 90 131 341 375 587
Interest Payments 28 38 60 96 93 99
Internal Administration 84 96 72 85 84 87
TOTAL 498 5h9 599 961 948 1248
j Excludes Sinking Fund contributionsSinking Fund Contributions:
1966 21 million1967 23 "1968 85 "
1969/70 1461970/71 2371971/72 82
/ Excludes subscription of $30 million to the Monetary Authority of Singapore.
3/ 15 month data
Source: Ministry of Finance
Table 5.12b
Economic Classification of Government CurrentExpenditures, 1966-1971/72
(In millions of Singapore dollars)
1966 1967 1968 1969/70 21 1970/71-/
I. Annually Recurrent Expenditures 4h8.9 498.8 581.5 949.0 974.2
1. Wages and SalariesCivilian Employees 224.7 244.0 252.1 334.8 308.1
2. Contributions to Providentand Pension Funds 3.5 3.1 3.2 5.1 5.5
3. Military Outlays 30.7 27.9 58.9 250.2 277.1
a) Wages and Salaries (15-5) (15.1) (43.6) (66.4) (93.0)b) Cornstruction and
Ecuipment (1.2) (0.8) (0-3) (137.8) (133.1)c) Development Expenditure (14.0) (12.0) (15.0) (46.O) (51-0)
4. Goods and Services 67.3 81.9 109.1 132.7 147.5
5. Transfer Payments 92.0 101.2 96.9 128.3 140.9
a) to private sector (31-9) (31-3) (30.5) (40.2) (33.4)b) to public sector (58.7) (68.4) (64.6) (85.7) (102.2)c) to abroad, including
West Malaysia (1-4) (1.5) (1.8) (2.4) (5.3)
6. Interest Payments 23.0 38.0 60.0 96.0 93.0
7. Rential of Fixed Assets 2.7 2.7 1.3 1.9 2.1
I. pecial Expenditures 15.1 46.2 13.8 7.2 7.2
1. Goods and Services for FixedCapital Formation 8.5 6.2 13.8 7.2 7.0
2. Capital Transfers to PublicAuthorities and Non-ProfitInstitutions 6.6 40.0 - - 0.2
I. Financial Claims 34-. 4.0 3.7 4.6 -33. *
TOTAL 498.o 549.o 599.3 961.0 948.0
1/ Estimated2/ 15 month data
*Estimated balancin- item.
Source: Department of Statistics.
Table 5.13
Government Current Expenditures ,1966-71/72(Percentage Distribution)
1966 1967 1968 1969/70 ! 1970/11 1971/72
Social Services 48.8 46.1 43.4 35.6 31.1 27.6
Education 24.9 24.6 24.5 20.7 18.3 15.3Public Health 14.3 13.1 12.4 10.0 8.8 7.9Other 9.6 8.4 6.5 4.9 4.0 4.4
Economic Services 12.6 13.1 12.7 10.1 10.6 10.5
Postal & Telegraph Services 4.4 4.4 4.2 3.5 3.3 3.4Civil Aviation 1.0 0.9 0.8 0.8 0.6 0.7Public Works 4.6 4.4 4.4 3.5 2.9 2.8Other 2.6 3.4 3.3 2.3 3.8 3.6
Internal Security and Defense 16.1 16.4 21.9 35.5 39.6 h7.0
Interest Payments 5.6 6.9 10.0 10.0 9.8 7.9
Internal Administration 16.9 17.5 12.0 8.8 8.9 7.0
TOTAL 100.0 100.0 100.0 100.0 100.0 100.0
1/ 15 month data
Source: Table 5.12.
Table 5.14
Analysis of Tax Burden, 1966-1971/72(in millions of Singapore dollars)
1966 1967 1968 1969 1 969/701/ 1970/71 1971/72
Total Tax Revenue 482.5 511.8 603.0 756.6 991.7 993.9 1,083.3
Budget Revenue 431.0 456.o 535.0 650.0 846.0 823.0 845.0
As % of G.N.P. 11.9 11.5 11.7 12.4 12.5 13.2 11.8Rate of Growth - 5.8 17.3 21.5 - - 2.7As % of total taxes 89.3 89.1 88.7 85.9 85.3 82.8 78.0
Income Taxes 110 123 158 198 237 262 280
As % of G.N.P. 3.0 3.1 3.5 3.8 3.5 4.2 3.9Rate of Growth - 11.8 28.5 25.3 - - 6.9As % of total taxes 22.8 24.0 26.2 26.2 23.9 26.4 25.8
Provident Fund 51.5 55.8 68.0 106.6 145.7 170.9 238.3
As % of G.N.P. 1.4 1.4 1.5 2.0 2.2 2.7 3.3Rate of Growth - 8.3 21.9 56.8 - - 39.4As % of total taxes 10.7 10.9 11.3 14.1 14.7 17.2 22.0
Total Taxes as % of G.N.P. atMarket Prices 13.3 12.9 13.2 14.4 14.7 15.9 15.1
1/ 15 month data
Source: Ministry of Finance, Annual Reports ofStatutory Authorities, Annual Reports of CPF.
Table 5.15
Projections of iovernmenui Currenw Revenues, 1971/72 - 1976/77(In millions of Singapore dollars)
7-i~~~~~~~~~~~~~~~~~~~1971/72 1972/73 1973/t74 1974/75 1975/76 1976/ 77
Tax Revenue 907 1050 1215 1394 1602 1824Direct Taxes T173 761 90 1078
Income Tax 310 378 461 562 686 838Property Tax 125 136 148 161 175 192Estate Duty 9 10 U1 12 13 14Payroll Tax 17 20 23 26 30 34
Indirect Taxes 446 506 572 633 698 746Import Duties 177 201 226 239 250 239Motor Vehicle Taxes,
Duties and Fees 71 52 94 108 124 139Stamp Duties 27 30 34 38 43 49Entertainment Taxes 11 12 13 14 15 16Excise Taxes 124 142 162 187 215 2h7Other 36 39 43 47 51 56
Other Revenue 587 675 776 892 1026 1180
Total Current Revenue 149 1725 1991 2286 2628 3004
1/ Adjusted Budget Estimates.
Source: Mission Estimates.
Table 5.16
lProjections of iovermnent Current Expenditures, 1971/72-1976/77(in millions of- Singapore dollars)
1971/72 1972/73 1973/74 1974/75 1975/76 1976/77
Social Services 378 416 428 9 5Education 191 210 231 25h 279 306Public Health 98 112 128 1h6 167 191Other 55 56 57 58 59 60
Economic Services 131 162 201 250 gL 8Postal and Telegraph 2L 52 T 101 126Civil Aviation 9 12 16 21 28 37Public Works 35 43 53 66 82 102Other 5 55 67 82 100 123
Internal Security and 587 702 807 928 1067 1227Defense
Interest Payments 99 116 149 18h 217 258
Internal Administration 87 92 98 104 111 119Statutory Expenditure
21 21 21 21 21. 21Others 66 71 77 83 90 98
TOTAL 1248 1450 1671 192h 2211 2549
Source: Mission Estimates.
Table 5.17
Projecked Revenuea and EWea'dltures of the Statutory Authorities, 1 971/72-1976/77(In millions of Singapore dollars)
Public Housing Port or Singapore JurongUtilities and Singapore Telephone Town
Board Development Authority Board CorporationBoard
(PUB) (HDB) (PSA) (STB) (JTC) TOTAL
1971/72Receipts 205.0 7 116.0 38.0 42.0 478Expenditures 119.1 89 67.7 11.9 22.9 311Surplus (+)/Deficit(-) 85.9 -12.4 48.3 26.1 19.1 167
1972/7-3Receipts 240.2 88.1 127.0 43.1 51.2 549.6Expenditures 133.7 100.8 71.6 13.7 28.4 348.2Surplus (+)/Deficit(-) 106.5 J12.7 55.4 29.4 22.8 201.4
Receipts 278.7 100.8 139.8 49.9 62.5 631.7Expenditures 154.6 113.7 75.1 16.0 35.2 394.6Surplus (+)/Deficit(-) 124.1 -12.9 64.7 33.9 27.3 237.1
1974/75Receipts 325.7 115.3 153.7 55.7 76.3 726.7Expenditures 185.9 128.3 79.1 18.5 236 455.4Surplus (+)/Deficit(-) 139.8 -13.0 74.6 37.2 32.7 271.3
1975/76Receipts 371.2 131.9 168.9 62.9 93.1 828.0Expenditures 206.2 144.7 83.4 21.4 54.1 509.8Surplus (+)/Deficit(-) 165.0 -12.8 85.5 b1.5 39.0 318.2
1976/77Receipts 420.5 150.9 185.6 71.4 113.6 942.0Expenditures 229.3 163.2 87.9 24.8 67.1 572.3Surplus (+)/jeficit(-) 191.2 -12.3 97.7 46.6 46.5 369.7
Source: Pro,jections for PUB,PSA, and STB were provided by statutory authorities.Projections for HDB and JTC are mission estimates.
Table 5.18
Projected Revenue and Expenditure of theCentral Provident Fund, 1971/72-1976/77
(In millions of Singapore dollars)
1971/72 1972/73 1973/74. 1974/75 1975/76 1976/77
Revenues 262.6 296.5 341.3 392.8 452.1 520.2Annual Contributions 212.7 238.9 274.8 316.0 7 9Interest from Investments h9.2 56.9 65.8 76.1 88.0 101.6Other 0.7 0.7 0.7 0.7 0.7 0.7
Expenditures 8 71.4 87.1 106.3 129.7 158.1Benefits:55 Years 2d.2Leaving Malaya 4.2Physical Incapacity o.6Unsound Mind -Death 2.2Ceased to be employees -
Administrative Costs 2.3Home Ownership Scheme 21
Savings 20h.1 22j 254.2 286.5 322.4 362.1
Source: Mission Estimates.
Table 5.19
Projected Public Sector Finances, 1971/72 - 1976/77kin millions of Singapore dollars)
1971/72 1972/73 1973/74 1974/75 1975/76 1976/77
GovernmentCurrent Revenues 1494.0 1725.0 1991.0 2286.0 2628.0 3004.0Current Ecpenditures 1248.0 1450.0 1671.0 1924.0 2211.0 2549.oCurrent Account Surplus 246.0 275.0 320.0 362.0 L17.0 455.0
Statutory AuthoritiesCurrent Revenues 478.0 549.6 631.7 726.7 828.0 942.0Current Expenditures 31U.0 348.2 394.6 455,4 509.8 572.3Current Account Surplus 167.0 201.4 237.1 271.3 318.2 369.7
Central Provident FundCurrent Revenue 262.6 296.5 341.3 392.8 452.1 520.2Current Eicpenditures 58.5 71.4 87.1 106.3 129.7 158.1Current Account Surplus 204.1 225.1 254.2 286.5 322.14 362.1
Public SectorCurrent Revenues 2234.6 2571.1 2964.0 3405.5 3908.1 4466.2Current Expenditures 1617.5 1869.6 2152.7 2485.7 2850.5 3279.4Current Account Surplus 617.1 701.5 811.3 919.8 1057.6 1186.8
Source: Mission Estimates.
Table 5.20
IProjected Public Sector Development Expenditure,1971/72-197 5776
(In millions of Singapore dollars)
1971/721' 1972/73 1972/73 1973/7 1974/75 1975/76
1. Industrial InCrastructure 6 89 82 83 95 108
2. Loans to Industrial andConmiercial Enterprizes 199 200 200 200 200 200
3. Public Utilities 136 266 287 217 204 206
L. Transportationi 106 135 140 160 190 220
5. Telecommunications 50 61 57 53 55 60
6. Land Development 54 65 75 '30 80 80
7. Housing 161 188 220 26m3 2'87 307
8. Other 89 95 105 110 120 130
Total 859 1,099 1,166 i,166 1,231 1,311
1/ The figures here differ from those in table 5.8a of the appendix.The statutory authorities do their planning on a calender rearbasis and these figures have been used uncorrected here.
2/ Land transfers from the Government to JTC have been deducted.Expenditures by JTC for housing and port development have beenclassified as such under the respective heading.
Source: Plans from statutory authorities and mission estimates.
Table 5.20
Projected Public Sector Development Expenditure,1971/72-197 5/76
(In millions of Singapore dollars)
1971/72]- 2' 1972/73 1972/73 1973/74 1974/75 1975/76
2/1. Industrial Infrastructure 64 89 82 83 95 108
2. Loans to Industrial andCornmercial Ent;erprizes 199 200 200 200 200 200
3. Public Utilit:Les 136 266 287 21L7 204 206
4. Transportationi 106 135 1h0 160 190 220
5. Telecommunications 50 61 57 53 55 60
6. Land Development 54 65 75 30 80 80
7. Housing 161 188 220 263 287 307
8. Other 89 95 105 110 120 130
Total 859 1,099 1,166 1,166 1,231 1,311
1/ The figures here differ from those in table 5.ha of the appendix.The statutory authorities do their planning on a calender yearbasis and these figures have been used uncorrected here.
2/ Land transfers from the Govermment to JTC have been deducted.Expenditures bDy JTC for housing and port development have beenclassified as such under the respective heading.
Source: Plans from statutory authorities and mission estimates.
Table 5.21
Projected Development Expenditure,1971-1976
(In millions of Singapore dollars)
1971/72 1972/73 1973/74 1974/75 1975/76 1976/77
JTC 120 201 228 174 175 201
% land transfers 24 80 94 30 12 10
JTC net 96 121 134 14 163 191
PSA 76 96 77 53 4L 15
STB 38 49 44 4o 41 45
PUB 136 266 287 217 20L 2062/
HDB 130 160 180 210 220 230
Total StatutoryAuthorities L76 692 722 664 672 717
3/Direct Government 184 207 244 302 359 394
Government Loans toIndustrial and 199 200 200 200 200 200Commercial Enterprizes
Total 859 1,099 1,166 1,166 1,231 1,311
1/ Figures for statutory authorities refer strictly tocalender years, not government financial years.
2/ HDB for 1971 has 159 in budget, but concedes that thiswill definitelly not be reached. 130 used here.
3/ Strictly, the! Department of Telecommunications -ll becomnea statutory authority on April 1,1972. It is included inDirect Goverrment above, however.
Source: Plans from statutory authorities and mission estimates.
Table 5.22Public Sector Resources for Investment, 1971/72 - 1976/77
(in millions of Singapore dollars)
1971/72 1972/73 1973/74 1974/75 1975/76 1976/77
I, SOURCES
A. Current Account Surplus 617 701 811 920 1057 11871. Government -bz 275 320 362 417 4552. Statutory Authorities 167 201 237 271 318 3703. Central Provident Fund 204 225 254 287 322 362
B. Capital Account Revenues 55 -- 55 55 55
C. External Capital (Gross) 153 153 153 153 1531. Loans2, Suppliers Credits3. Grants
D. Internal (Gtross) 107 277 243 161 107 88
TOTAL 932 1186 1262 1289 1372 1483
II USESA. Development Expenditure 8 1099 1166 1166 1231 1311
1. Government 3 3 5 559 -§ Z2. Statutory Authorities 470 692 722 66 672 717
B. Sinking Fund Contributions 73 87 90 123 141 172
C. Financial Investment -
TOTAL 932 1186 1262 1289 1372 14b3
/ AdJusted budget estimate
Source: Mission estimates
Table 6.1
Conslum.er Price Index T 0 6I -1971 Jn a)
(April/May 1960 = 100)
Weight December JuneWeight 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1970 1971
Food 507.1 100.9 102.4 109.0 106.7 108.0 110.0 119.6 112.2 115.8 112.6 109.9 113.4
Housing 1L8.6 100.5 101.3 102.0 105.4 105.1 107.2 109.5 110.0 113.2 114.1 1114.2 116.1
Clothing 58.9 99.6 99.5 100.2 100.7 1OL .8 103.3 103.2 104.° 107.7 108.2 106.6 110.0
Other 285.4 100.9 101.0 101.4 105.1 105.8 106.4 106.8 108.5 109.7 111.4 111.4 111.6
TOTAL 1000.0 100.8 101.7 105.3 105.7 106.8 108.2 113.5 110.4 113.2 112.2 110.8 113.1
Source: Department of Statistics.
Table 6.2
Factors Affecting Money Supply, 1963-1971(S$ million, End-period)
1963 1964 1965 1966 1967 1968 1969 1970 1971(June)
Money Supply 841 854 895 1,006 985 1,197 l,421 1,651 1,689
Currency in active circula-tion 240°4 439 469 508 423 502 617 726 773
Denmnd deposit2/ 437 415 426 498 562 695 80 925 916
Annual Change in Money Supply 46 13 41 111 -21 212 224 230 38
Factors Affecting Money Supply
a) Public Sector 44 -4 -4 25 239 331 -90 46 101
Claims on government 7 4 -3 27 252 358 -106 78 m12
Government deposits1 / 37 -8 -1 -2 -13 -27 16 -32 -11
b) Private Sector 0 33 9 28 -244 -18 102 245 -25
Claims on Private Sector 77 93 73 147 98 316 452 541 219Fixed, savings depositsi/ -77 -60 -64 -119 -3h2 -334 -350 -296 -214
c) Foreign Assets of MbnetarySector -11 -36 29 108 -21 -62 262 51 -7
d) Otherl/ 13 20 7 -50 5 -39 -50 -112 -31
1/ Minus sign denotes increase.2/ Excluding government deposits.
Source: Monetary Authority of Singapore.
Table 6.3
Interest Rates Charged By Commercial Banks on
Loans and Advances 1965 - 1971(Average percent per annum)
1965 1966 1967 1968 1969 1970 1971End month position June December June December June December June December June December June December June
Government andstatutory authorities 7.0 7.0 7.0 7.2 7.0 8.5 9.0 - - 8.5 8.5 8.5
Agriculture 7.7 8.5 8.5 8.3 8.7 9.2 8.9 9.0 8.9 9.5 9.7 9.2 8.9
Mining and quarrying 9.1 8.9 8.6 9.1 9.0 9.7 9.3 9.5 9.5 9.8 9.2 9.3 9.2
Manufacturing 8.0 7.8 8.0 8.1 8.0 8.9 8.5 8.5 8.4 8.h 8.t 8.h 8.5
Construction 8.7 8.5 8.7 8.9 9.2 9.8 9.8 9.8 9.8 9.7 9.7 9.7 9.7
General Commerce 8.0 7.9 7.9 8.2 8.0 8.9 8.8 8.7 8.6 8.7 8.7 8.8 8.8
Miscellaneous 8.5 8.6 8.6 8.8 8.8 9.5 9.h 9.6 9.6 9.5 9.5 9.5 9.5
All categories 8.2 8.1 8.2 8.L 8.3 9.1 8.9 8.9 8.9 8.9 8.9 8.9 9.0
Source: Banking & Financial Institutions Department,Monetary Authority of Singapore.
Table 6.4a
Classification of Commercial Bank Loans andAdvances to the Private Sector2L, 1263-1971
End year position 1963 1964 1965 1966 1967 1968 1969 1970 1971 1963 1964 1965 1966 1967 1968 1969 1970 1971
June June
-- iin(Pcna--------------------(S… million)----------------------------(-ce ) ----------------------------- (Percentage)--------------- - ----------
Agriculture 16.3 23.8 11.1 21.8 13.5 14.8 16.4 25.1 24.6 1.9 2.6 1.2 2.1 1.2 1.1 0.9 1.2 1.1
Mining and Quarrying 5.9 5.3 5.6 8.2 7.9 11.0 11.9 16.2 16.3 0.7 0.6 0.6 0.8 0.7 0.8 0.7 0.7 0.7
Manufacturing 83.5 118.4 157.2 183.2 236.5 359.9 447-5 738.5 721.4 10.0 13.0 17.2 17.9 21.4 26.6 25.9 34.1 31.0
Construction 47.2 59.4 80.3 99.0 49.6 41.1 48.1 49.7 53-6 5.6 6.5 8.8 9.7 4.5 3.0 2.8 2.3 2.3
General commerce 425-9 423-3 439-3 467.6 493.5 518.6 629.7 678.6 749.3 50.8 46.3 48.1 45.7 44.7 38.4 36.5 31-3 32.1
of which:
Foreign trade andWholesale trade 411.1 408.4 418.4 439.8 467.2 487.0 587.0 644.9 694.8 49.0 44.7 45.8 43.0 42.3 36.0 34.0 29.8 29.8
Retail trade 14.8 14.9 20.9 27.8 26.3 31.6 42.7 33.7 54.5 1.8 1.6 2.3 2.7 2.4 2.4 2.5 1.5 2.3
Miscellaneous 260.1 283.4 220.0 243-9 303.6 406.1 573-5 659.1 763.0 31.0 31.0 24.1 23.8 27.5 30.1 33.2 ;30iL4 32.8
TOTAL 838.9 913.6 913.5 1023.7 1104.6 1351.5 1727.1 2167.2 2328.2 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
v Excluding statutory authorities.
Source: Banking & Financial Institutions Department,Monetary Authority of Singapore.
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t7 2 .0o _ GN O A -o N -d X ° o. > o UA .0 '.) CO 'S UA O ¢ * t .G b O ~~~~~~~~~~~~~~~~~~~~~~~~~ V. a J J 7 Us _~~~~d
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Table 6.5
Assets and Liabilities of Commerciai Banks, 1964-71(s$ million, end of year)
1964 1965 1966 1967 1968 1969 1970 1971June
Assets
1. Cash 30 30 30 145 38 48 43 482. Balances due from Banks 413 430 502 388 500 521 558 608
(2.1) Singapore (179) (184) (226) (153) (239) (243) (252) (265)(2.2) Other Countries (234) (246) (276) (235) (261) (278) (306) (343)
3. Balances with N.A.S. - - - 95 111 105 129 1254. Investment in Securities3/ 316 432 429 489 800 822 921 1,076
(4.1) Singapore Securities (110) (115) (140) (395) (785) (724) (828) (974)(4.2) Securities of other
Countries (206) (317) (289) (94) (95) (98) (93) (102)5. Loans and Advances!/ 19126 1,285 1,462 1,607 1,942 2,550 3,105 3,314
(5.1) Loans (915) (1,034) (1,153) (1,275) (1,579) (2,065) (2,551) (2,760)(5.2) Trade bills (211) (251) (309) (332) (363) (485) (554) (554)
6. Other Assets 197 205 221 159 203 228 286 281
Total 2,082 2,382 2,644 2,783 3,67h 4,274 5,o42 5,452Liabilities
7. Deposits 1,137 1,222 1,412 1,828 2,310 2,745 3,195 3,446(7.1) Demand Deposits (424) (447) (520) (588) (734) (811) (948) (943)(7.2) Fixed Deposits (484) (549) (634) (919) (1,240) (1,563) (1,818) (2,039)(7.3) Savings and other
Deposits (229) (226) (258) (321) (336) (371) (429) (464)8. Balances due to Banks_/ 628 852 865 583 839 937 1,046 1,153
(8.1) Singapore (172) (237) (277) (291) (427) (594) (599) (645)(8.2) Other Countries (456) (615) (588) (292) (412) (343) (447) (508)
9. Other Liabilities 317 308 367 372 525 592 801 853
Total 2,082 2,382 2,644 2,783 3,674 4,274 5,042 5,452
1/ Includes bills receivable and loans and advances to other banks.2/ Includes loans and advances to other banks.3/ Includes Treasury Bills.
Source: Banking & Financial Institutions Department, M.A.S.
Table 6.6
Assets and Liabiliti.s of inrnce Funds, 1965-1970
(In SS million)
1965 1966 1967 1968 1969 19701/
Life General Total Life General Total Life General Total Life General Total Life General Total Life General Total
Asset
Fixed Assets 14.15 13.45 27.60 11.72 13.28 25.00 11.46 13-16 24.62 12.44 13.40 25.84 12.60 13.45 26.05 14.20 14.83 29.03
Loans 23.77 2.89 26.66 24.80 2.64 27.44 25.85 3.05 28.90 26.79 2.74 29.53 27.27 1.57 28.84 28.92 2.15 31.07
Goverrment & LocalGovernment Securities 20.27 6.36 26.63 19.64 8.12 27.76 25.60 8.21 33.81 37.51 13.10 50.61 48.54 14.97 63.51 51.40 16.47 67.87
Debentures & Sbares ofCompanies 25.80 7.55 33.35 31-83 5.52 37.35 39.23 8.24 47.47 37-87 9.74 47.61 38-50 11.63 50.13 43.48 12.64 56.12
Other Aasets 10.32 23.27 33.59 15.09 23.59 38.68 13.75 26.50 40.25 18.52 26.74 45.26 18.07 33.31 51.38 22.99 39.57 62.56
Total Assets 94.31 53.52 147.83 103.08 53.15 156.23 115.89 59.16 175.05 133.13 65.72 198.35 144.98 74.93 219.91 160.99 85.66 246.65
Liabilities
Balance of RevenueAccounts & Reserves 83.93 20.37 104.30 91.46 23.08 114.54 106.54 26.34 132.88 120.76 28.89 149.65 133.31 33.95 167.26 N.A. N.A. N.A.
Btan Overdraft 0.08 1.14 1.22 - 0.28 0.28 - 0.25 0.25 1.95 0.75 2.70 - 1.42 1.42 N.A. N.A. N.LA.
Claims Admitted orIntimated 1.44 12.01 13.45 1.31 12.53 13.84 1.95 14.73 16.68 2.45 18.14 20.59 2.85 22.68 25.53 N.A. N.A. N.A.
Other Liabilities 8.86 20.00 28.86 10.31 17.26 27.57 7.40 17.84 25.24 7.97 17.94 25.91 8.81 16.89 25.70 N.A. N.A. LA.
Total Liabilities 94.31 53.52 147.83 103.08 53.15 156.23 115.89 59.16 175.05 133.13 65.72 198.85 144.98 74.93 219.91 N.A. N.A. N.A.
/ Preliminary figures.
N.A. - Not available.
SO-ce: Data obtained by IBRD mission.
Table 6.7
Average Weekly and Hourly Earnings by Industry, 1966-70/(In Singapore dollars)
Average Earnings Per Week2 Average Earnings Per Hour./
19662/ 19673/ 19682/ 19691i/ 19702/ 19661/ 1b672196"/& 196AL,/ 1971z ± u<
All industries 43.73 h6.10 45.17 45.82 45.85 0.92 0.97 0.96 0.96 0.96
Agriculture, forestry, huntingand fishing 28.40 32.29 28.30 37.50 39.02 0.89 0.75 o.68 0.91 0.92
Mining and quarrying 56.88 53.25 54.03 57.63 61.29 1.27 1.19 1.22 1.26 1.30
Manufacturing 43.25 h5.91 46.18 4h.51 44.16 0.91 0.97 o.96 0.92 0.91
Construction 42.36 50.11 42.36 50.11 52.47 0.90 0.99 0.97 1.02 1.08
Uciliries: electricity, gas,water and sanitaryservices 45.82 41.84 40.98 37.96 39.33 0o84 0.86 0.85 0.81 0.83
Commerce L8.67 49.24 48.70 42.41 43.36 1.04 1.08 1.05 0.94 0.95
Transport, storage andcommunications 49.57 51.87 51.92 53.06 53.88 1.07 1.08 1.08 1.11 1.13
Services 36.88 37.31 37.72 43.95 h6.13 0.82 0.83 0082 0.98 1.01
1/ Figures are based on data obtained from a sample survey of establishments in principal industries conducted in thelast week of July each year.
2/ Earnings include overtime but exclude bonuses, employers' shares of C.P.F. contributions and payments in kind.3/ Figures for the years 1966-68 are in respect of "worlonen". 'Workman" is defined to include an artificer, journeyman
or any manual worker, whether skilled or unskilled and includes any person, other than clerical staff, employed inmechanically propelled commercial transport but not a seaman, domestic servant, shop assistant, or watchman.
4/ Figures from 1969 refer to "production, transport and related workers" 18 years of age and above. They cover paidemployees only. The category "production, transport and related workers" is defined to include (a) workers who aredirectly engaged in or are closely associated with the processing of materials, the manufacture, assembling, servicinaand repair of products and the construction of buildings, roads and structures, (b) workers who operate stationaryengines and equipment to move materials, products and persons from one location to another, and (c) general labourers.
5/ The industrial classification w,as revised in 1970. In order to maintain comparability, the figures for 1970 in theabove table have been re-clt.;sifieo according to the industrial classification used in the previous years.
Source: Minis Gry of LaboiLr.
Table 7.1a
Conposition of Nlanufacturinp Ind'ustries 1969 1/
Workers Rerruner- ZapitalEstablish- Value Value per est- ation per Expend-
Output Value Added Ernlovrnent Rornun'rat±on ments Added per Added per ablishment worker itureS$ rnil. 7 S$ rul. Noo. a SS mil. A N . .utput % ;;.orker SV * o. S$'OO0 S mll
Food Industry 401.2 12.5 67.5 7.9 8,146 8.1 20.6 6.14 210 12.3 16.8 8.3 38.8 2.5 21.1Beverage Industry 59.4 1.8 32.1 3.7 2,354 2.3 9.9 3.1 24 1.4 54.0 13.6 98.1 4.2 1.5Tobacco Industry 90.7 2.8 24.4 2.8 1,064 1.1 3.6 1.1 10 o.6 26.9 22.9 106.4 3.4 1.3Manufacture of Textiles 47.8 1.5 13.6 1.6 3,674 3.6 7.0 2.1 27 1.6 28.5 3.7 136.1 1.9 11.9Leather footwear, wearing apparel
and other made-uo textiles 97.1 3.0 27.4 3.2 9,961 9.9 15.6 4.9 196 11.5 28.2 2.8 50.8 1.6 6.6Wcod and cork, except furniture 160.3 5.0 52.3 6.1 8,228 8.2 26.3 8.2 159 9.3 32.6 6.4 51.7 3.2 12.2Frrn:ture and fixtures 28.5 0.9 12.0 1.4 2,250 2.2 5.6 1.8 57 3.3 42.1 5.3 39.5 2.5 3.1Paper and Paper Products 32.5 1.0 11.0 1.3 2,802 2.8 4.1 1.3 60 3.5 34.0 3.9 46.7 1.5 6.0Printing, Publishing and
Allied Industries 78.3 2.4 43.3 5.1 5,895 5.9 19.7 6.2 159 9.3 55.3 7.3 37.1 3.3 15.3Leither Products except Footwear 19.1 0.6 3.3 0.4 ''16 0.7 1.3 0.4 25 1.5 17.3 4.6 28.6 1.8 0.2Rubber Prodicts including
Rubber footwear bc t excludingRucber Processing -7.0 1.5 17.0 2.0 2,064 2.0 5.7 1.8 33 1.9 36.1 8.2 62.5 2.8 2.4
Cher.cals and Chemical Products 156.9 4.9 45.0 5.3 4,4104 4.4 12.9 4.0 98 5.7 28.7 10.2 44.9 2.9 9.2Petrzlecs and Coal Prodicts 1,132.6 35.2 157.2 18.4 1,866 1.9 24.5 7.7 9 0.5 13.9 34.2 207.3 13.1 41.8Non-retalic .ineral Products
except Petroleum and Coal 77.5 2.4 29.3 3.4 4,138 4.1 13.9 4-3 48 2.8 37.8 7.1 86.2 3.4 4.4Basic ?:etal Industries 72.1 2.2 25.5 3.0 1,665 1.7 6.5 2.0 25 1.5 35.4 15-3 66.6 3.9 1.0Metal Frudx:cts excent Machinery
and Transport Equ prent 159.1 4.9 53.3 6.2 7 502 7.4 214.1 7.5 11±8 8.6 33.5 7.1 50.7 3.2 10.2Machinery except Electrical 49.8 1.5 20.8 2.4 3,242 3.2 10.3 3.2 103 6.0 41.8 6.4 31.5 3.2 3.1Electrical L.achinery 122.7 3.8 47.3 5.5 6,845 6.8 15.8 4.9 55 3.2 38.5 89 12h.5 2.3 22.6Transport Fquipment, Repairs
and pa.-ts 259.5 8.1 lbl.3 16.5 17,010 16.9 78.9 24.7 11L 6.7 54.5 8.3 149.2 4.6 25.2Miscellaneous Manufactures 121.7 3.8 32.8 3.8 6,932 6.9 13.5 14.2 154 9.0 27.0 4.7 45.0 1.9 13.6
Total Manufacturing 1 213.9 100.0 856.6 100.0 100,758 100.0 319.8 100.0 1 714 100.0 26.7 8.r 58.8 3.2 212.6Rubber Froce-sing 1;004.9 -T7.3 5,213 12.? -2 T 9.1 l 2.5 5.0
Total R inufa:turing including.-u.z er Proces :ng 4,278.8 9032 9 105 971 332.7 1 742 21.1 8 rO.8 3.1 217.6Granmte quarrying 12.0 10.7 .99.2 70.9 1.0
Tctal fact ring includingRu½ber Processing and 4,290.8 914..6 107,235 337.6 1,758 21.3 8!; 61.0 3-1 218.6Granite czarryi:ng
Notes: (a) The dte.ta for the Petroleum Industry in the 1969 Census were extended to include blending activitywhich accounted for about 2% of the increase in employment, 28% of output and 9% of value added.
(b) Percentages may not add up due to rounding.
1/ Establishments engaging 10 or more workers
Source: Census of Industrial Prodiction
Table 7.1b
1/Co.Tmroition of Manufacturiny Industries 19701
Value Workers Remuner- CapitalEstablish- Value Added per per est- ation per Expend-
Industry Major Group Outuut Value Added yment Reruneration ments Added per worker ablishment worker itureS$ mil. w S nil. , No. .Sr 57o outpu t % 5$000 No. S$'000 S$ nil.
Food Industry 506.4 12.7 85.2 7.7 9,089 7.2 22.5 5.7 225 12.3 16.8 9.4 4o.4 2.5 15.5Beverage Industry 68.9 1.7 37.2 3.4 2,354 1.9 9.9 2.5 27 1.5 5h.0 15.8 87.2 4.2 2.1Tobacco Industry 100.0 2.5 29.6 2.7 1,13b 0.9 3.7 0.9 11 0.6 29.6 26.1 103.1 3.3 1.2Manufactxire of Textiles 73.6 1.8 21.2 1.9 5,824 L. 6
11.8 3.0 33 1.8 28.8 3.6 176.5 2.0 23.6Leather footwear, wearing apparel
and other made-up textiles 103.0 2.6 29.0 2.6 11,384 9.0 18.3 IJ.6 203 11.1 28.2 2.5 56.1 1.6 10.0Wood and cork, except furniture 181.3 4.6 58.8 5.3 9,572 7.6 27.4 7.0 165 9.0 32.4 6.1 58.0 2.9 19.4Furniture and fixtures 37.9 1.0 16.6 1.5 2,827 2.2 7.2 1.8 60 3.3 43.8 5.9 47.1 2.6 2.2Paper and Paper Products 42.3 1.1 15.4 1.4 3,160 2.5 3.4 0.9 63 3.4 36.4 4.9 50.2 1.1 2.6Printing, Publishing and
Allied Industries 94.9 2.4 51.6 4.7 6,569 5.2 22.9 5.8 165 9.0 54.4 7.9 39.8 3.5 27.6Leather Products except
Footwear 14.1 0.4 1.5 0.1 723 0.6 1.2 0.3 25 1.4 10.6 2.1 28.9 1.6 0.1Rubber Products including
Rubber footwea:- butexcluding Rubber Processing 51.2 1.3 18.2 1.7 2,302 1.8 6.3 1.6 35 1.9 35.5 7.9 65.8 2.8 4.4
Chemicals and Cherical Products 209.3 5.3 58.2 5.3 5,301 4.2 15.7 4.0 105 5.8 27.8 11.0 50.5 3.0 19.0Petroleun and Coal Products 1,188.1 29.8 182.4 16.5 1,977 1.6 25.0 6.4 9 0.5 15.4 92.3 219.7 12.7 42.0Ncn-netalic ?Zneral Products
except Petroleum and Coal 87.4 2.2 34.8 3.2 4,852 3.8 15.8 4.0 53 2.9 39.8 7.2 91.5 3.3 14.9Basic Metal Industries 84.2 2.1 30.4 2.8 1,747 1.4 6.5 1.7 25 1.4 36.1 17.8 69.9 3.7 6.3Metal Products except Llachinrry
and Transport Equipnent 210.6 5.3 65.7 6.0 9,346 7.4 29.1 7.4 158 8.7 31.2 7.0 59.2 3.1 32.8K:zaine- except _lectrical 75.4 1.9 23.6 2.1 3,890 3.1 12.5 3.2 104 5.7 31-3 6 37.L 3.2 4.9Electrical Mazhinery 339.4 8.5 114.0 10.3 114,661 11.6 30.8 7.8 65 3.6 33.6 7 .b 225.6 2.1 34.0Transport Equipment, Repairs
and parts 33L.3 8.4 175.7 15.9 19,560 15.4 103.6 26.4 120 6.6 52.6 9.0 163.0 5.3 25.6Miscellanecus Manufactures 180.3 4.5 54.4 1.9 10,177 8.0 19.6 5.0 174 9.5 30.2 5.3 58.5 1.9 15.2
Tot31 Ylanufacturinr 3,982.6 100.0 1 103.5 100.0 126 449 100.0 393.1 100.0 1,825 100.0 27.7 8.7 6 1 302.8Rubter Processing 5. 59 12.8 30 13 .3 27 2.9
Tcta; K,:;: ^tur:n inzludingc'bber ?iolessiing 4.938.4 1j.146.o 131 648 406.0 1 855 23.2 8.l 70.9 3.1 305-7
Cran.ite quarrying 13.5 12.0 9 1;103 17 W57 0.9
Total Kanu:actur.ng including.Rubber ProzesainE andGrunbte quarroing nd 1,158.0 132,812 411.4 1,B72 23.4 8.7 70.9 306.5
Note: Percentages may not add up due to rounding.
1/ Preliminary and establishbents engaging 10 or more workers
Source: Census of Industrial Production
Table 7.2a
Establishments in Production and UnderImplementation as at December 31, 19-9
No. of Paid-Up Capital Fixed Value ofEstablishments Category Establish- (S$ Million) Assets Employment Output
ments Local Foreign Total (S$ Million) (No.) (S$ Million)
Total number of Establishmentscovered by Survey i/ 631 424.8 466.4 891.2 1,095.8 63.358 1,754.9
Establishments in Prodaction
Jurong Establishments 215 175.4 1-40.5 315.9 440.7 23,914 613.5Establishments in Other
Industrial Estates 290 209.3 218.4 427.7 501.4 38,072 1,141.4
Total Establishments in Production 505 384.7 358.9 743.6 942.1 61,986 1,754.9of which
Pioneer Establishments 236 221.8 249.9 471.7 585.8 36,071 1,199.8
Establishments under Implementation
Jurong Establishments 67 18.5 81.9 100.4 112.9 665 -Establishments in Other
Industrial Estates 59 21.6 25.6 47.2 40.8 707
Total Establishments under Implementation 126 40.1 107.5 147.6 153.7 1,372of which
Pioneer Establishments 45 26.1 89.8 115.9 134.2 688
/ Coverage includes the following:
(a) all pioneer firms.(b) all Jurong firms.(c) selected non-pioneer establishments with foreign investments.
Source: Economic Development Board .
Table 7.2b
Establishments in Production and UnderImplementation as at December 3l, 1970
No. of Paid-Up Capital F Fixed j Employ- Value ofEstablishments (S$ Milion) Assets ment 2/ Output 2
-ssl n -y Total Total -a oca Foreig Total ( Million) (No.) (5$ Million)Covered Responded
Total number of Establishmentscovered by Survey i/ 712 493 550.1 514.8 1,064.9 1,714.2 80,967 2,399.0
Establishment in Production
Jurong Establishments 241 204 247.9 222.3 470.2 813.9 29,879 823.1Establishments in Other
Industrial Estates 361 218 251.0 245.4 496.4 816.2 49,o38 1,575.9
Total Establishments in Production 602 422 498.9 467.7 966.6 1,630.1 78,917 2,399.0of which
Pioneer Establishments 266 262 313.4 347.6 661.0 1,172.0 50,464 1,659.9
Establishments under Implementation
Jurong Establishments 80 53 43,9 13.6 57.5 57.4 1,808 -Establishments in Other
Industrial Estates 30 18 7.3 33,5 40.8 26.7 242 -
Total Establishments under Implementation 110 71 51.2 47.1 98.3 84.1 2,050 -of which
Pioneer Establishments 47 34 27.9 38o9 105,4 66.5 739 -
1/ The following establishments are covered by the Survey:
(a) All Pioneer Establishments.(b) All Establishments with foreign investments.(c) Non-Pioneer locally-owned establishments which satisfy either one or both of the following criteria:
( i) Establishments incurring not less than a quarter million dollars in fixed assets.(ii) Establishments employing not less than 50 workers.
2/ Paid-Up Capital, fixed assets, employment, value of output, value added and sales are for firms whichresponded to survey only.
Source: Economic Development Board,
Table 7.3a
Jurong Establishments* by Industra Major Groupas at December 31, 1969
No. of Paid-Up Capital SalesEstablishments (S$ Million) Gross Employ- output Value (S$ llion
Establishment Pro_ Under Fixed ment (S$m.) Added Sal EirtCategory ction mePa- Local Foreign Total Assets (No.) (S$m.) Local Direct Total
tion
Food & Beverages 18 13 23.6 17.2 40.8 51.0 1,567 101.1 16.0 71.0 34.1 105.1
Textiles & Garments 17 8 22.4 24.6 47.0 48.5 4,014 49.7 20.7 16.0 28.4 44.4
Wood & Paper Products 23 6 48.2 19.6 67.8 73.4 4,965 53.6 21.4 14.9 43.7 58.6
Leather & RubberProducts 13 3 3.0 17.2 20.2 28.1 1,502 41.3 14.6 18.9 20.5 39.4
Chemical & ChemicalProducts 35 2 9.7 14.4 24.1 23.1 1,605 28.9 10.6 21.3 11.6 32.9
Petroleum & PetroleumProducts 1 2 - 62.0 62.0 140.3 235 71.1 15.0 52.5 37.2 89.7
Non-Metallic Mineral 10 5 9.7 5.8 15.5 22.2 1,069 21.8 5.4 19.7 3.6 23.3
Metals & Engineering 51 17 59.3 27.0 86.3 132.9 6,863 205.5 73.1 122.3 103.8 226.1
Electrical Products 10 2 5.9 4.5 10.4 8.3 867 20.9 6.7 17.4 3.8 21.2
Plastic Products 16 1 5.5 12.6 18.1 9.6 870 8.9 2.8 8.6 1.9 10.5
Miscellaneous 21 8 6.7 17.4 24.1 16.2 1,022 10.7 5.3 4.8 6.0 10.8
Total 215 67 194.0 222.3 416.3 553.6 24,579 613.5 191.6 367.4 294.6 662.0
* Establishments in production and implementation and all Jurong establishments are included in the Survey.
Source: Economic Development Board.
Table 7.3b
Jurong Establishments* by Industry Major Grouipas at Deoember 31, 1970
No. of Paid-LIp Capital SalesEstablishments (S$ Million) Gross Employ- Value (S$ Million)
Establishment Pro- Under Fixed ment output AddedCategory duc- Imple- Local Foreign Total Assets (No.) a(Sm l) Loaes Exports
tion menta- (S$m.)tion
Food & Beverages 14 8 25.8 11.3 37.1 48.1 1,451 125.8 39.7 125.6 61.9 187.5
Textiles & Garments 20 2 33.9 20.7 54.6 59.8 5,051 63.4 20.5 30.5 29.6 60.1
Wood & Paper Products 21 5 47.3 16.6 63.9 73.3 5,677 81.3 25.0 23.7 54.0 77.8
Leather & RubberProducts 10 - 7.4 14.1 21.5 31.3 1,746 59.3 17.1 20.2 37.8 58.o
Chemical & ChemicalProducts 35 9 25.2 16.8 42.0 58.0 1,999 101.6 39.1 58.0 16.3 74.3
Petroleum & PetroleumProducts 2 - - 85.0 85.0 239.7 391 95.6 31.7 71.1 24.5 95.6
Non-Metallic Mineral 8 5 17.5 3.5 21.0 31.5 1,144 24.6 8.o 22.6 3.5 26.1
Metals & Engineering 47 16 111.6 48.7 160.3 268.4 9,954 215.8 79.1 132.9 92.3 225.1
Electrical Products 12 3 7.1 6.o 13.1 27.6 1,723 25.0 7.9 20.9 7.5 28.4
Plastic Products 18 3 8.9 6.7 15.6 15.2 1,300 14.8 5.0 10.6 5.4 16.0
Miscellaneous 17 2 7.2 6.5 13.7 18.3 1,251 15.9 5.3 6.5 10.5 17.0
TOTAL 204 53 291.9 235.9 527.8 871.2 31,687 823.1 278.4 522.6 343.3 865.9
* Establishments in production and implenmntation and all Jurong establishments are included in the survey.
Source: Economic Developmnt Board.
Table 7.4a
Establishments- /in Industrial Estates other thanJurong by Major Industrial Groups as at December 31, 1969
No. of Paid-Up Capital SalesEstablishments (S$ Million) alue (m5loy O Sallo
Establishment Pro Under Fixed ment OtPt Added Local Direct TotalCategory Pro- imple- ~~Assets met (S$M) M , ae xot
Category duc- mpte- Local Foreign Total (S$m.) (No.)
tion tion
Food & Beverages 27 4 70.8 9.3 80.1 81.2 3,086 139.5 46.9 96.3 54.4 150.7
Textiles & Garments 23 9 10.6 15.4 26.0 29.0 5,919 50.6 14.1 6.4 44.0 50.4
Wood & Paper Products 34 16 12.0 9.8 21.8 21.8 1,834 26.6 9.5 21.2 8.8 30.0
Leather & RubberProducts 8 - 2.5 2.1 4.6 5.0 1,030 9.0 3.2 10.9 3.6 14.5
Chemical & ChemicalProducts 29 4 5.9 8.3 1402 23.5 878 2105 7.4 18.9 8.4 27.3
Petroleum & PetroleumProducts 6 2 - 120.5 120.5 1143 440 468.9 90.5 401.4 93.6 495.0
Non-Metallic MineralProducts 5 1 7.7 9.2 16.9 20.6 1,260 28.8 13.7 22.1 6.2 28.3
Metal & Engineering 74 7 93.1 26.2 119.3 181.5 11,236 203.8 98.5 168.4 60.4 228.8
Electrical & ElectronicProducts 29 9 21.9 15.0 36.9 38.8 8,919 101.0 41.1 30.3 83.4 113.7
Plastic Products 19 1 1.6 2.3 3.9 3.5 617 4.9 2.4 3.8 1.8 5.6
Miscellaneous 36 6 4.8 26.0 30.8 23.0 3,560 86.8 15.1 99.8 18.6 118.4
Total 290 59 230.9 244.1 475.0 542.2 38,779 1,141.4 342.4 879.5 383.2 1,262.7
* Coverage includes: (a) all pioneer firms; (b) selected non-pioneer firms with foreign investments.1/ Establishments in production and implementation.
Source: Economic Development Board.
Table 7.4b
1/*Establishments- in Industrial Estates* other than
Jurong by Major Industrial Groups as at December 31, 1970
Establishment No. of Paid-Up Capital Gross SalesEstablishment E^ oPadY DisFxe Emloy- Oupt Value (S$ bMilion)Establishments (S$ Million) Fixemd Lm OutputionCategory Ases ment (~K Added Direct ToaProdn. Impl. Local Foreign Total (No.) (S$m.) Local ExNo)rt
Food & Beverages 23 1 74.2 32.6 106.8 105.3 4,712 243.7 82.1 196.7 73.6 270.3
Textiles & Garments 24 2 23.4 10.7 34.2 45.3 7,831 61.7 18.2 11.7 45.8 57.5
Wood & Paper Products 18 2 13.6 14.5 28.1 28.2 2,059 44.8 13.2 22.1 14.2 36.2
Leather & RubberProducts 6 - 4.2 0.2 4.4 3.0 759 6.5 0.3 3.4 2.7 6.1
Chemical & ChemicalProducts 27 2 8.0 14.6 22.7 48.8 1,159 63.5 23.7 49.4 14.0 63.4
Petroleum & PetroleumProducts 7 2 1.0 136.0 136.9 315.3 1,907 591.2 194.9 327.1 296.2 623.3
Non-Metallic MineralProducts 6 - 7.1 9.4 16.5 28.0 1,454 36.0 13.5 28.1 7.0 35.1
Metals & Engineering 43 1 83.4 32.5 115.9 176.2 11,065 260.9 98.1 196.7 56.3 253.1
Electrical Products 38 2 25.9 20.8 46.7 76.5 12,882 232.8 85.8 33.0 218.6 251.6
Plastic Products 7 - 1.6 0.4 2.0 3.1 306 5.0 2.4 5.0 0.6 5.6
Miscellaneous 19 6 15.8 7.2 22.9 13.3 5,146 29.8 11.4 4.4 26.7 31.1
TOTAL 218 18 258.2 278.9 537.1 843.0 49,280 1,575.9 543.6 877.6 755.7 1,633.3
* Coverage includes: (a) all pioneer firms(b) selected non-pioneer firms with foreign investments.
1/ Establishments in production and implementation.
Source: Economic Development Board..
Table 7.5
Industrial Indicators-/, 1961 - 1970
1961 1962 1963 1964 1965 1966 1967 1968 1969-/ 1970(Preliminary)
Number of Establishments 562 605 858 930 1,000 1,123 1,200 1,586 1,714 1,825% Increase 7.7 41.8 8.4 7.5 12.3 6.9 32.2 8.1 6.5
Output (s$ Millions) 518 660 844 928 1,086 1,326 1,687 2,176 3,214 3,983% Increase 27.4 27.9 10.0 17.0 22.1 27.2 29.0 19.7 23.9
Value Added (S$ Millions) 174 202 253 282 348 415 479 612 857 1,104% Increase 16.1 25.2 11.5 23.4 19.3 15.4 27.8 31.2 28.8
Number of Workers 27,562 28,642 36,586 41,488 47,334 52,807 58,347 74,833 100,758 126,449% Increase 3.9 27.7 13.4 14.1 11.6 10.5 23.3 32.5 25.5
Direct Exports (S$ Mil.) 179 217 224 266 349 405 508 598 1,265 1,708% Increase 21.2 3.2 18.8 31.2 16.0 25.4 17.7 24-3 35.0
1/ All manufacturing establishments, excludes establishments engaged in rubber processing and quarrying, employing10 or more workers.
2/ The coverage of data in the 1969 Census was extended to include blending activity of the petroleum industry.The growth rates compiled for 1969 have been adjusted for the extension.
Source: Census of Industrial Production.
Table 7.6
Domestic Sales of Manufacturing Establishments2'by Industry Major Group, 1960-1969(S$ Million)
Industry Major Group 960 1961 1962 1963 1964 1965 1966 1967 1968 1969
Food and Beverages 73.6 77.2 83.0 111.2 111.4 138.0 165.1 245.4 270.9 298.6
Tobacco Industry 32.7 44.0 38.7 55.9 65.2 71.1 75.9 80.4 82.5 92.1
Textiles, Leather ProductsFootwear, except RubberFootwear 9.8 6.1 6.2 9.4 10.8 12.3 20.9 31.4 46.9 66.1
Wood, Furniture, PaperProducts 25.0 25.2 26.6 40.7 46.5 51.3 68.4 83.1 116.8 138.7
Printing and Publishing 26.3 35.1 30.6 43.6 47.5 50.7 55.5 60.3 61.9 68.9
Rubber Products (notprocessing) 5.3 4.8 4.3 7.1 8.2 9.8 14.5 22.4 27.1 25.2
Chemical Products ) 34.3 32.0 163.0 176.0 176.9 183.1 ( 56.6 74.0 92.4 96.4Petroleum Products ) (179.0 252.3 460.4 602.1Non-Metallic Mineral Products 9.9 12.2 18.6 40.9 30.2 31.0 56.0 43.3 57.3 63.7
Metal and Metal Products 19.8 44.0 27.4 41.9 60.7 80.6 96.1 99.2 128.2 173.7
Machinery (except electrical) 12.7 13.8 10.9 11.6 11.1 13.0 23.8 25.4 38.2 44.6
Electrical Products 3.5 4.4 5.8 8.6 7.3 9.6 13.7 21.5 31.7 43.5
Shipbuilding and Repairing) (12.4 15.0 12.2 14.2 25.6)) 31.0 31.6 20.0 ( 43.9 106.6
Motor Vehicle Building ) (and Assembling ) (22.4 28.7 28.4 27.7 35.6 46.o 78.7
Miscellaneous 8.7 11.3 11.6 31.5 29.2 35.5 41.5 58.5 69.7 91.7
Total Manufacturing 292.7 341.8 446.8 613.0 648.5 726.3 908.8 1,158.2 1,573.8 1,990.1
Yearly increase (%) - 16.8 30.7 37.2 5.8 12.0 25.1 27.4 35.9 26.5
Growth rate (%), 1960-69: 20.6
1/ Establishments engaging 10 or more workers.
Source: .2eas Is of Industrial j
Table 7.7
Direct Exports of Manufacturing EstablishmentsL/by Industry Major Group, 1960-1969(In S$ Million) InutyMjrGop19026
Industry Major Group 1960 1961 1962 1963 1964 1965 1966 1967 1968 19699/
Food and Bevarages 41.4 46.1 49.5 45.1 51.1 67.6 71.6 130.9 143.7 158.8
Tobacco Industry - 0.3 0.8 12.3 3.4 2.1 8.0 4.2 9.0 4.8 3.4Textiles, Leather ProductsFootwear except Rubber Footwear 4.1 8.1 7.1 11.7 28.6 33.9 38.9 44.1 71.9 91.9Wood, Furniture and Paper Products 19.8 20.1 19.4 24.8 26.6 35.0 44.1 42.0 60.0 82.3
Printing and Publishing 7.2 10.5 10.9 10.7 9.1 11.1 10.1 8.3 6.8 8e5Rubber Products (not processing) 12.8 8.5 7.0 7.4 7.0 10.1 11.3 7.6 9.7 20.8
Chemical Products ) 29.1 32.1 29.4 43.6 61.3 75-4 35.2 41.5 57.7 5686Petroleum Products ) ~~~~~~~~~~82.9 97.8 77.9 578.2
Non-Metallic Mineral Products 15.0 18.6 22.5 20.4 20.7 20.2 7.4 14.1 23.4 16.6Metal and Metal Products 15.9 13.7 20.8 23.9 27,2 38.0 37.9 50.7 61.0 59.2Machinery (except electrical) 4.0 4.5 5.0 4.2 3.5 6.8 5.7 4.5 3.1 5.9Electrical Products 13.7 13.1 12.4 12.7 11.9 15.0 17.8 21.6 23.0 84.6
Shipbuilding and Repairing 0.7 1.6 19.1 4.6 3.7 11.4 21.0 22.1 34.6 66.2Motor Vehicle Building, Assembling - - - 10.7 11.4 14.9 13.9 10.0 7.1 6.7Miscellaneous 0.3 1.3 2.0 0.7 2.0 1.8 3.0 3.7 13.8 25.7
Total Manufacturing 164.3 17921 217.5 223.8 266.4 349.2 404.9 508.2 598.5 1,265.3
Annual Growth Rate (%) - 9.0 21.4 2.9 19.0 31.1 16.0 25.5 17.8 111.4
Growth Rate (%), 1960-69: 20.1
1/ Establishments engaging 10 or more workers.2/ See notes (a) to Table 7.1a.
NOTES: Data cannot be compared with dorestic exports in the balance of payzwnts because the latter treats productsof certain processing industries as entrepot exports.
Source: Census of Industrial Production.
Table 7. 8 a
Employment and Output by Industry Major Group, 1966-1970
1966 1967 1968 1969 1970Industry Major Group No. of Output No.of Output No.of Output No.of Output No.of Output
Workers S$ '000 Workers S$ '000 Workers S$ '000 Workers 3$ '000 Workers 3$ '000(Preliminary)
Food 5,409 1 B0,548 6,529 325,570 7,275 357,162 8,146 401,248 9,089 506,400Beverages 1,992 56,606 2,058 54,890 2,323 58,219 2,354 59,406 2,354 68,900Tobacco 1,236 82,622 1,188 92,472 1,197 87,754 1,064 90,694 1,134 100,000Wood and Cork 5,681 84,229 6,017 91,125 6,921 128,219 8,228 160,337 9,572 181,300Furniture and Fixture 1,o96 13,899 1,255 12,774 1,793 21,691 2,250 28,526 2,827 37,900Paper Products 1,085 14,274 1,159 17,799 2,502 26,177 2,802 32,542 3,160 42,300Printing and Publishing 4,801 65,542 4,992 68,489 5,137 68,506 5,895 78,293 6,569 94,900Textile and Leather Products 7,228 59,763 8,318 75,152 12,490 121,858 14,351 163,899 17,931 190,700Rubber Products 1,512 27,951 1,658 28,667 1,820 34,824 2,064 47,020 2,302 51,200Chemical Products 2,930 356,790 3,193 479,120 3,879 690,853 6,270 1,289,537 7,278 1,397,400(Petroleum and Coal) (610) (263,349) (626) (365,352) (625) (540,152) (1,866)(1,132,642) (1,977)(1,188,1oo)Non-Metallic Mineral Products 3,640 61,082 3,122 59,099 3,440 74,119 4,138 77,454 4,852 87,400Basic Metal Industries 1,551 45,210 1,679 48,537 1,814 61,655 1,665 72,090 1,747 84,200Metal Products 3,955 93,699 4,500 103,179 6,291 128,528 7,502 159,064 9,346 210,600Machinery 1,791 25,662 2,039 30,340 2,780 41,568 3,242 49,791 3,890 75,400Electrical Machinery 1,611 33,417 1,856 42,206 2,312 53,218 6,845 122,734 14,661 339,400Transport Eauipmenrrt 5,215 79,368 6,014 93,496 7,846 135,509 17,010 259,531 19,560 334,300Miscellaneous 2,074 45,120 2,770 64,320 5,013 85,808 6,932 121,736 10,177 180,300
Total Manufacturing 52, 8 0 7 1,325,782 58,347 1,687,234 74 833 2,175,668 100,758 3,213,899 126,449 3,982,600Rubber Processing 3,52 646,489 3,762 558,648 6 19,448 5,213 1,064,908 5,199 955,800
Total Manufacturing and 56,334 1,972,271 62,109 2,245,882 79,218 2,795,116 105,971 4,278,807 131,648 4,938,400Rubber Processing
Granite Quarrying 1,187 7,633 1,086 8,140 1,315 11,095 1,264 11,992 1,164 13,500
Total Manufacturing, RubberProcessing and Quarrying 57,521 1,979,905 63,195 2,254,022 80,533 2,806,211 107,235 4,290,799 132,812 4,951,900
Source: Census of Industra-41 Production
Table 7.8b
b1iployment and Output by Industry Major Group, 1960-65
Indust1MaJor Groun ls60 1961 1962 1963 1964 N 965Idstry Major Groun No f,t.p,t. Ho. f Otu o.o pt of of Oupu or of utput o~.o utputWorkers S$'COO Workers S$'000 Workers SS'000 Workers S$'000 Workers S$C000 Workers S$'000
Food 3,664--- 75,318 3,753 79,398 3,748 86,65o 14,594 116,454 4,807 122,493 5,0o4 115,000
Beverages 1,667 39,331 1,572 44,174 1,618 45,79 1,820 42,530 1,966 42,565 1,944 1,8,735Tobacco 965 38,905 944 39,869 1,008 51,227 1,181 59,817 1,212 70,227 1,247 79,187Wood and Cork 2,512 .35,697 2,38 34,638 2,444 33,957 3,432 49,879 4,068 56,207 4,647 65,808Furniture and Fixtures 431 3,842 417 4,817 b87 5,943 705 8,900 831 10,316 970 10,945Paper Products 439 5,187 487 6,524 b8e 6,122 590 6,269 625 7,313 873 10,823Printing and Publishing 4,061 42,674 4,o05 46,206 4,146 49,359 4,578 53,307 4,625 56,592 4,637 61,777Textiles mad Leather Products 1,302 15,208 949 14,661 1,027 13,106 1,805 21,180 3,689 41,197 6,138 47,647Rubber Products 877 18,138 949 13,638 697 11,533 857 14,831 880 15,070 1,355 21,828Chemical Products(Petroleum and Coal) 1,437 63,626 ,1415 62,308 1,883 186,892 2,047 223,127 2,038 237,741 2,249 260,984Non-metallic Mineral Prodacts 2,374 17,310 2,490 29,9o5 2,802 35,590 3,077 61,621 3,092 51,073 3,169 51,091Basic Metal Industries 471 4,926 445 23,365 379 9,313 437 11,912 94o 22,602 1,076 27,450Metal Products 1,724 30,389 1,846 35,204 2,131, 1o,o68 3,087 55,857 3,688 70,528 4,276 93,887Machinery 1,448 16,805 1,512 18,595 1,260 16,257 1,465 15,752 1,379 14,651 1,393 19,953aectrical Machinery 1,252 17,090 1,300 17,767 1,138 14,433 1,381 20,995 1,276 19,577 ,1454 25,479Transport Fouipment 2,270 31,708 2,209 3L,L28 2,61u, 39,896 14,060 49,U15 4,681 se,m 14,952 67,711Miscellaneous 522 9,416 71,7 12,877 773 14,237 1,170 32,8o7 1,688 31,6664 1,905 38,058Total Manufacturing 27.,16 465,568 27.562 518,373 2861L2 660,320 36,586 843,753 41,88 927.928 Z7,31, 1086,363
Rubber Processing 5,484 1,195,909 5,547 891,710 6,057 1,074,2,9 5,515 740,655 3,690 608,107 3,387 591,394Total Manufacturing and
Putber rrocessing t2,900 1,661.u77 309 1,410,083 34,699 1,73h.549 42,131 1.584,408 45.178 1.536.035 50.721 1,677.757Granite Quarrying 899 5,616 776 4,921 834 6,184 1,053 7,487 1,106 8,838 1,238 8,220Total Yanufacturing. Rbber
?rocessi.ng and Quarrying 33.799 1,667,093 33,885 1,415,004 35.533 1,740,733 h314 1,591,895 46,2a4 1.544,932 51,959 1,685,977
Sources Census of Indwtrial Prockction
Table 7.9a
Value Added and Capital Expenditure by Industry Major Group, 1966-1970
(S$ ' 000)
1,°66 1 6 7 1968 1969 1970Industry Major Group Value Capital Value Capital Value Capital Value Capital Value Capital
Added EXpenditure Added Expenditure Added gxpenditure Added Expenditure Added Expenditure(Preliminary)
Food 35,913 3,342 48,196 10,213 62,032 12,183 67,530 21,049 85,200 15,525Beverages 30,974 1,704 29,971 4,803 29,592 2,717 32,059 1,504 37,200 2,083Tobacco 26,649 1,349 31,024 2,546 22,407 965 24,374 1,295 29,600 1,240Wood and Cork 24,292 3,557 27,047 3,361 42,952 8,522 52,279 12,218 58,800 19,394Furniture and Fixtures 6,709 315 5,872 533 9,010 1,073 12,034 3,o56 16,600 2,241Paper Products 4,671 543 5,753 599 9,244 1,297 11,049 5,970 15,400 2,625Printing and Publishing 37,757 4,852 38,779 4,137 37,535 3,916 43,318 15,280 51,600 27,577Textiles and Leather
Products 14,665 2,457 20,685 6,041 32,311 13,034 44,370 18,653 51,700 33,280Rubber Products 11,019 622 10,443 435 12,433 1,191 16,996 2,379 18,200 4,352Chemical Products 82,400 30,058 101,329 26,042 139,221 13,229 202,239 51,024 240,600 61,001(Petroleum and Coal) (61,746)(25,624) (73,060)(22,161) (100,370) (6,419) (157,212) (41,839) (182,400) (41,963)Non-Metallic Mineral Products 28,047 4,076 26,252 4,566 28,414 2,262 29,310 4,386 34,800 14,789Basic Metal Industries 17,025 1,092 16,036 3,970 21,535 2,118 25,547 999 30,400 6,254Metal Products 27,669 3,333 31,748 4,000 43,723 9,052 53,315 10,228 65,700 32,765Machinery 11,618 1,193 14,361 2,414 17,800 2,094 20,829 3,122 23,600 4,860Electrical Machinery 13,408 3,029 15,917 3,063 17,456 2,033 47,254 22,601 114,000 34,037Transport Equipment 32,198 12,267 40,489 6,277 64,194 8,093 141,320 25,227 175,700 25,568Miscellaneous 10,030 1,744 14,729 1,806 21,899 5,794 32,811 13,587 54,400 15,217
Total Manufacturing 415 043 75,533 478 629 8i,805 611 758 89,573 856,631 212 578 1 103 500 302 809Rubber Processing 1bj120 293 237 5,094 47,251 5,036 253
Total Manufacturing andRubber Processing 431,163 75,826 502,502 85,367 639 044 94 622 903,882 217,614 1,146,000 305,663
Granite Quarrying 6,607 304 7,4 9,872 10,712 1,2008Total Manufacturing, RubberProcessing and Quarrying 437,770 76,130 509,76o 86,071 648,916 95,521 914,595 218,572 1,158,000 306,544
Source: Census of Industrial Production
Table 7.9b
Value Added and Capital xcpenditure by Industry Major Groups, 1960-1965S, '000 )
1960 1961 1962 1963 1964 196";Industry Major Group Value Capital Value Capital Value Capital Value Capital Value Capital Value Capital
Added Expenditure Added Ecpenditure Added Bxpenditure Added Expenditure Added Pxpenditure Added Expenditure
Food 16,700 i,475 18,062 876 17,518 3,231 20,372 920 24,373 8,313 32,106 7,311
Beverages 4,374 919 30,036 701 27,200 507 22,567 610 21,085 1,467 27,349 659
Tobacco 1,840 1,482 5,584 1,184 12,017 9,055 18,757 1,612 22,615 1,320 26,558 1, WI
Wood and Cork 6,726 148 10,117 287 10,255 L,s 13,842 666 17,104 6,160 19,398 4,500
Purniture and Fixtures 1,094 43 2,425 67 3,185 242 4,830 227 5,137 313 5,063 432
Paper Products 594 50 2,3147 88 1,913 80 2,077 151 2,492 485 3,890 1,609
Printing and Publishing 11,294 1,732 27,370 2,219 2e,605 2,45o 30,021 2,472 31,184 3,159 34,782 5,082
Textiles and Leather Products 2,390 184 3,684 1h8 3,560 834 5,o44 1,247 10,727 3,345 12,905 3,382
Rubber Products 1,673 267 2,918 Ill 2,518 139 3,879 372 3,241 297 7,h88 1,509
Cnemical Products(Petroleum and Coal) 3,280 491 11,223 1,172 26,085 9,524 38,827 3,477 41,662 3,890 59,619 10,7o6
Non-Setallic Mineral Products 5,566 1,116 lh,839 841 15,613 1,150 24,687 1,420 21,581 2,256 23,609 1,839
BasIc M4etal Industries 1,128 76 2,585 60 3,889 23 hl,950 24 9,672 840 11,203 2,471
Metal Products 4,532 766 12,639 947 11,,13 2,978 20,W,l 2,199 23,613 8,744 29,483 3,871
Machinery 4,231 217 8,025 295 8,256 559 7,116 207 6,249 346 8,657 2,080
Xlectrical Machinery 4,5143 315 9,244 139 6,181 266 9,478 560 9,788 736 11,137 919
Transport Equipment 5,501 477 10,659 1,067 17,252 1,101 20,3C8 963 26,110 9,735 26,216 9,150
Ytiscellaneous 81,7 20 2,407 337 3.221 683 5,370 391, 5,827 1,282 8,899 2,262
:otal M.on-uacturing 66,705 9.806 174,364 10,539 201,680 33.271 252,566 17,720 282,462 52,688 348,361 59.226
Rubber Processing 11,627 550 25,267 566 31,,561 2,316 33,198 495 20,724 L,13 13,662 174
Total !z-.ufacturing and RubberrLrocessng 78.122 10.357 199.631 11,L15 236,241 3559 285,764 18,215 303,185 53,102 362,023 59,101
Granite Quarrying 2,302 252 3,871 12 5,021 438 5,780 443 7,208 465 6,365 592
Totall'xanu.acturing, RubberProcessing and Quarrying 80.724 10.609 203,502 11.247 241,263 36,o28 291,513 18,658 310,393 53.66 368,388 59.992
SJQ=cA Census of Industrial Production
Table 7.10
Productivity2/by Industry Major Group, 1960-1970
(8$' 000)
Industiy 'sjor GroV 1,60 1961 1562 1963 196) 1965 1966 1967 1968 1969 1970(Prelim.)
Food 4.56 4.81 4.67 4.43 5.07 6.36 6.64 7.38 8.53 8.29 9.37Beverages 11.81 19.11 16.81 12.40 10.73 14.07 15.55 14.56 12.74 13.62 15.80Tobacco 8.01 5.92 11.92 15.88 18.66 21.30 21.56 26.11 18.72 22.91 26.10Wood and Cork 4.01, 4.15 4.20 4.03 4.20 4.17 4.28 4.50 6.21 6.35 6.14Furniture and Fixtures 3.14 5.82 6.54 6,85 6.18 5.22 6.12 4.68 5.03 5.35 5.87Paper Products 4.31 4.82 3.95 3.52 3.99 4.46 4.31 4.96 3.69 3.94 4.87Printing and Publishing 6.03 6.74 6.90 6.56 6.74 7.50 7.86 7.77 7.31 7.35 7.86Textiles & Leather Products 3.41 4.09 3.47 2.79 2.91 -2.10 2.03 2.49 2.59 3.09 2.88Rubber Products 3.79 3.07 3.61 4.53 3.68 5.53 7.29 6.30 6.83 8.23 7.91Chemical Products 6.76 7.93 13.85 18.97 20.44 26.51 28.12 31.73 35.89 32.26 33.06(Petroleum and Coal) (101.22) (116.71) (160.59) (84.25) (92.26)Non-metallic Mineral Products 2.30 5.96 5.57 8.02 6.98 7.45 7.71 8.41 8.26 7.08 7.17Basic Metal Industries 4.05 5.81 10.26 11.33 10.29 10.41 10.98 9.55 11.87 15.34 17.40Metal Products 6.31 6.85 6.75 6.62 6.40 6.89 7.00 7.06 6.95 7.11 7.03Machinery 4.51 5.20 6.55 4.86 4.53 6.21 6.49 7.04 6.40 6.42 6.07Electrical Machinery 6.30 7.11 5.43 6.86 7.67 7.66 8.32 8.58 7.55 6.90 7.78Transport Equipment 3.66 4.83 6.60 5.o0 5.57 5.29 6.17 6.73 8.18 8.31 8.98Miscellaneous 3.41 3.22 4.17 3.65 3.45 4.67 4.84 5.32 4.37 4.73 5.35
Total Manufacturing 5.18 6.33 7.04 6.00 6.81 7.36 7.86 8.20 8.17 8.50 8.73Rubber Processing 7.82 4.56 5.71 5.99 5.62 4.03 4.57 6.35 6.22 9.06 8.17Total Manufacturing and 5.62 6.03 6.81 6.78 6.71 7.14 7.65 8.09 8.07 8.53 8.71rubber processing
Granite Quarring - 4.41 4.99 6.02 5.49 6.52 5.14 5.57 6.68 7.51 8.47 10.31
Total Manufacturing, RubberProcessing and Quarrying 5.59 6.01 6.79 6.75 6.71 7.09 7.61 8.07 8.06 8.53 8.72
j/ Value added per worker
Source: Table 7.8