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Economics Assignment, NUS, Singapore: In this section, provide an overview of the Singaporean economy Type of economy and role played by different sectors
University National University of Singapore (NUS)
Subject Economics Assignment
Posted on: 8th Jun 2023

Economics Assignment, NUS, Singapore: In this section, provide an overview of the Singaporean economy Type of economy and role played by different sectors

In this section, provide an overview of the Singaporean economy. Key points to address include:

  • Type of economy and role played by different sectors (households, firms, government and external sector
  • Using data from SingStat (hint: explore data under economy>National accounts> Gross Domestic Product (GDP)) identify both the top-level Good Producing Industry and the top-level Services Producing Industry for 2021. Note: the top-level industries may have sub-categories below them (e.g. Wholesale and Retail Trade is a top level industry while Wholesale Trade and Retail Trade which both sit separately under this top-level industry are sub-categories).

For both the top-level industries identified provide a figure showing the contribution made by each towards Singapore’s GDP in 2021. Also calculate the percentage share of GDP each of these represents and contextualise the significance of these industries to the Singaporean economy (Calculate the percentage share of all these 11 sectors then see what is share of the GDP in 2021. ) Highlight the top 3 and give some comment why this 3 and what type is important

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  • Summarise where Singapore’s economy sits compared to other national economies in terms of the overall size of its economy as well as in terms of GDP per capita (hint: use reputable open source data and cite the evidence you find that informs your answer). Explain what this reveals about the Singaporean economy and standard of living.

(Remember do not quote full sentences or paragraphs – you can paraphrase where necessary, but you must cite the sources of the information you use – plagiarism of any type will not be tolerated).

  • Discuss the trends reflected in the chart including factors that help explain and interpret what the chart is showing. In your answer be sure to address any important developments over the past 60 years that have impacted Singapore’s performance with respect to GDP.     Talking about overall GDP, odnt need to talk about consumption. It went up or down
  • To assist the government ministers in understanding your report include a comment to explain what the change in inventories reflects and how this may be interpreted.

Contributions to GDP by Industry 2018-2021

  • Generate ONE Excel chart showing the contributions to GDP made by the 11 aggregate top-level industrial sectors that sit under the Goods Producing Industries (4 industrial sectors) and also the Services Producing industries (7 industrial sectors). Present your chart showing annual data for the period 2018 to 2021.  (which is done below, but I just need some explanation).

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Analyse and discuss what the two charts produced for this sub-section reveal about how various industrial sectors have performed over the past few years. Be sure to address possible reasons for the performance that is observed and where possible provide evidence or an example to support your answer.

  • Analyse and discuss what the two charts produced for this sub-section reveal about how various industrial sectors have performed over the past few years. Be sure to address possible reasons for the performance that is observed and where possible provide evidence or an example to support your answer.
  • Generate ONEExcel chart to show the annualised percentage change in the overall Consumer Price Index (CPI). Also in your chart include the annualised change in the overall Consumer Price Index (CPI) for the following three household income groups: highest 20%, lowest 20% and middle 60%. Present your chart showing the annual percentage change in CPI for the period 2018-2021 inclusive.
  • Generate ONE Excel chart to show the percentage change in the overall Consumer Price Index (CPI) as well as the percentage changes in consumer spending on the composite groupings ‘Food’ and also ‘Housing and Utilities’.
  • Discuss why inflation rates measured by the Consumer Price index (CPI) may differ across household income groups.
  • Explore the data used in this sub-section which breaks down overall CPI to consider changes in the composite groups and specific items that form part of the basket of goods and services used to calculate CPI. Address what this reveals about recent cost-of-living pressures within Singaporean society.
  • Discuss the trends reflected in the unemployment chart including factors that help explain and interpret what the chart is showing over the 20-year period.

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