Singapore is classified as one of the advanced economies of the world. It is currently the worlds no 2 investment friendly destination and considered as the gateway to Asia in terms of business opportunities and commodity trading. It is strategically well located for east west trading route and is one of the world’s busiest Business port. All of these factors have greatly contributed to the nation’s economic health.
In order to estimate the economic health of Singapore we adopted the GQM technique and have considered the following:
To estimate the economic health of Singapore for the year 2016.
- What is the GDP growth rate? Where does it stand against comparable developed countries?
- Identify the sectors which are contributing the most and least to the GDP to find avenues of improvement.
- Compare inflation of Singapore against comparable developed countries.
- Identify the biggest trading partners and their trading trend.
- To what extent are the job opportunities affecting the economic health of the country?
- GDP Growth Trend with comparable countries
- Sector wise GDP
- CPI Trend with Comparable Countries
- Import and Export Volumes and Growth
- Unemployment Rate
The data for the dashboard was collected from the department of Statistics Singapore and International Monetary Fund. Based on the KPIs mentioned above an exploratory analysis was done on 2 levels
- Singapore’s year on year performance
- Performance with respect to other advanced economies.
The dashboard visualization was done in Tableau.
GDP Growth Trend:
All the countries that we have considered have a positive GDP growth rate between 2-3 % except Japan.
GDP Growth- Sector wise:
For the year 2016, growth in Service Industry is a meagre 1 %. The Manufacturing Industry has however contributed the most to Singapore’s GDP with a growth rate of 3.6 %.
CPI Inflation Rate:
The CPI inflation rate has been negative for Singapore in the years 2015 & 2016 when compared to other countries although it was previously spiking till 2014 . Excepting Singapore, all the countries have a similar growth pattern.
Trade – Import and Export:
United States is the largest player for Singapore trade market. Singapore’s export to Japan is noticeably growing at 24.13 %
Unemployment rate lies between 3-6 % roughly for all the countries. When compared to other countries, Singapore has the lowest unemployment rate.
As an advanced economy, Singapore naturally has a limited scope for GDP growth. Global trend shows that countries classified alongside Singapore have also shown similar growth patterns with a dip in GDP growth in 2009 and a spike in 2010 which can be attributed to the Global financial crisis in 2008
Singapore, as characteristic of a developed country, is oriented towards a service industry driven economy. Growth in manufacturing industry relates to more demand for consumer goods and also opens up more employment opportunity. Hence, we are anticipating a decrease in the unemployment rate.
Singapore is largely dependent on the trading market. Any fluctuation in the trading market will directly impact Singapore’s economy. As a country with limited resources Singapore is handicapped interms of its domestic export. Its advantage however lies in its transhipment potential to countries in southeast Asia.
The deflation in CPI post initial inflations suggests that the supply has overshot the demand. All other countries taken for comparison have a positive inflation which suggests higher demand. But despite a rather grim CPI stats, Singapore’s GDP growth is the second highest for 2016. These KPIs cumulatively indicate that Singapore’s economy is relatively healthy.
Data Visualization hence enables one to gain better insights on Singapore economy, by keeping track of its progress in interdependent metrics such as trade, GDP, and CPI. It provides a holistic view of the economy and will enable us to act proactively to the volatile nature of global economic trends.
To view our Dashboard Click Here
Abhinaya Murugesan [E0146975]
Allen Geoffrey Raj [E0146962]
Kavya Andakudi Kesavan [E0146814]
Preethi Jennifer Rajkumar [E0146754]
Saravanan Kalastha Sekar [E0146873]