Singapore has one of the highest per capita incomes in Asia and is an important global business as well as transportation hub. In 2014, the Singapore economy grew by 2.9% as compared with 4.4% in the previous year. The largest sector of the economy is services and accounts for close to 72% of the GDP while industry contributes the remaining 28%.
The tourism sector contributed 5.3% of Singapore’s GDP in 2013 and the share is expected to increase to 5.8% in 2014. Visitor arrivals to Singapore fell 3.1% year- on-year to reach 15.1 million in 2014. This was the first time that a fall in visitor arrivals has been experienced since 2009 and is attributable primarily to a fall in the number of Chinese visitors.
Singapore’s’ international airport, Changi Airport is one of the best airports globally and has won more than 450 awards. The airport caters to over 100 airlines and is expected to double its capacity by 2020 to serve 135 million passengers per annum.
The report ‘A study of Singapore’s Tourism Sector 2015’highlights key dynamics ofSingapore’s tourism sector. The growing opportunity in the sector has been investigated along with capturinginitiatives and performance of key stakeholders in the sector such as the Intercontinental Hotel Group, Accor S.A., Singapore Airlines, Tiger Airways Holdings Ltd and the Singapore Tourism BoardThe report contains latest industry-related opinions.
