The minimum monthly wage in Singapore is not regulated by the government. With regard to consumer prices, the inflation rate in Singapore is 2.4%. The currency of Singapore is Singapore dollar. The plural form of the word Singapore dollar is dollars. The symbol used for this currency is $, and it is abbreviated as SGD. The Singapore dollar is divided into cent; there are 100 in one dollar. Each year, consumers spend around $9,367 million. The ratio of consumer spending to GDP in Singapore is 0.00%, and the ratio of consumer spending to the world consumer market is 2.7%. The corporate tax in Singapore is set at 17%. Personal income tax ranges from 0% to 22%, depending on your specific situation and income level. VAT in Singapore is 7%, and it is known as Goods and Services Tax.
Gross Domestic Product
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Singapore is $454,346 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Singapore was last recorded at $78,445,056. PPP in Singapore is considered to be very good when compared to other countries. Very good PPP indicates that citizens in this country find it easy to purchase local goods. Local goods can include food, shleter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with very good PPP are safe locations for investments. The total Gross Domestic Product (GDP) in Singapore is 295,744 billion. Based on this statistic, Singapore is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in Singapore. The Gross Domestic Product (GDP) per capita in Singapore was last recorded at $51,061,646. The average citizen in Singapore has very high wealth. Countries with very high wealth per capita have an extended life expectancy and very high standard of living. Highly skilled workers can be found in many industries, and labor is very expensive in these countries. Countries with very high wealth offer opportunities for safe investments, as they are often supported by a diverse and thriving financial sector. GDP Annual Growth Rate in Singapore averaged 3% in 2014. According to this percentage, Singapore is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly.
