The economy has a free market system with high dependency on the International Trade and Commerce. The country comes under the high-income group nations.
The Gross Domestic Product (Purchasing power parity) of the economy according to the estimated data of July 2005 is $254.2 billion with a real growth rate of 7 %. The GDP percapita has reached $36,800 in the same period.
Among the various sectors of the economy the service sector has the highest contribution to the economy. From the 2005 estimated data agriculture sector constitutes 0.1%, industrial sector constitutes 10.0% and the service sector constitute 89.9 %.
The country has become a separate contracting party to the General Agreement on Tariffs and Trade (GATT) in 1986, and is a founding member of the World Trade Organization (WTO) established in 1995.
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