Economic Performance of Singapore Report 2022

Running head: Economic Performance of Singapore
Economic Performance of Singapore
Name of the Student
Name of the University
Student ID

Economic Performance of Singapore1
Table of Contents
Introduction......................................................................................................................................2
Production Output Performance......................................................................................................2
Unemployment................................................................................................................................4
Price Level Analysis........................................................................................................................6
Conclusion.......................................................................................................................................8
Reference.........................................................................................................................................9

Economic Performance of Singapore2
Introduction
Germany is a country in Europe, which is regarded as global business centre. Like any
other country in Germany important industries are agriculture, manufacturing and service
industry. However, the as the country is highly urbanized the agriculture production is low and
the corresponding industry is thus weak in the country and thus its contribution in the country’s
GDP is negligible and close to zero, in 2018 the share was recorded at 0.7%. On the other hand it
is found that the industry is the largest industry of the country with 68.2% share of GDP in 2018.
Additionally, the manufacturing sector is the second largest industry in the country with 25.8 %
contribution to the GDP. The main products that are produced in Germany are vehicles,
electronic product, machinery, chemicals and pharmaceutical products. All the mentioned
product are part of export sector of the country and shares significant amount of the export
revenue generated. Export sector of Germany is visibly significant as it generates 47.24% of
GDP of the country in 2017. The top 5 countries in which Germany makes the most exports are
China, France, the United States, Netherlands and Italy. Germany is one of the advanced
countries and the economic performance of the country has been good for about last ten years.
Production Output Performance
Assessing performance of a country based on its productivity requires focus on annual
produce of final goods and services of the country. Thus, the idea of actual performance of
production of a country can be realised by analysing the real GDP as it is adjusted by the
inflation rate (Feldstein, 2017). Real GDP is the measure of GDP that reflects the actual amount
of production of a country since it is obtained by doing division of nominal GDP by GDP
deflator. Elimination of effect of inflation from the nominal GDP is important because reflection
of inflation in a production data gives an over estimated value.

Economic Performance of Singapore3
In graph 1, it can be seen that GDP of Germany has performed well in the last ten years.
According to the graph the GDP of the country has increased gradually with every passing year
except the recession phase of 2008-2009. In 2008, the GDP of the country was over €700 billion
and after that it has gradually increased and the reached close to €820 billion in 2018. However,
in 2008-2009 recession phase the GDP of the country fell drastically close to €650 billion
(Heilemann, & Schnorr-Bäcker, 2017). Moreover, during eh period from 2008 to 2018 the
average inflation rate of the country is found below 2% and consequently it can be inferred that
Germany has recovered well from the recession condition as the value of GDP has grown by
over 25%. The trend line in the graph and thus supporting the statement that the country has
grown from 2008 to 2018.
Graph 1: GDP of
Germany (Billion Euro)
Source: (Tradingeconomics.com, 2019)
To achieve the growth rate and increase the productivity of Germany has taken various
measures that might have contributed positively on the country’s economy. Thus, the actions
implemented by the government had good effect on the economy of the country. It is evident
from the above graph. The commendable task that the government of Germany did was pulling
the court up from that pit of recession. After the recession the measures of the government
increases the GDP of the country, and the country grew at faster rate. The growth of the