Government gross debt in Singapore

International Monetary Fund · Annual · Importance

IMF forecast (WEO): 2026: 171.9% 2027: 172.7% 2028: 173.4% 2029: 173.9% 2030: 174.3% 2031: 174.7%

85.3 (1999) ANUAL · % of GDP · Annual · CSV

Period	% of GDP
Jan 1999	85.3
Jan 1998	84.6
Jan 1997	70.8
Jan 1996	71.3
Jan 1995	69.8
Jan 1994	70.7
Jan 1993	71.2
Jan 1992	79.0
Jan 1991	76.4
Jan 1990	73.5

About this indicator

Source

International Monetary Fund

Frequency

Annual

Release

Published annually (with quarterly advance estimates in some economies), subject to revision with the national accounts.

What it is

Government gross debt measures the total outstanding liabilities of Singapore's government owed to its creditors. It is reported in absolute terms and as a share of GDP, though in Singapore a very high gross debt coexists with a very strong net financial position.

How it's calculated

The figure comes from the Monetary Authority of Singapore (MAS), the Treasury and IMF estimates: the sum of issued government securities set against nominal GDP. Much of it is issued to develop the bond market and back the pension funds (CPF), not to fund spending. It is an annual figure.

Market implications

Despite a high gross debt, Singapore is a net creditor with a 'AAA' rating, so this figure rarely worries markets; the reading matters mainly to understand the design of its pension system and its debt market.

Limitations

Gross debt is very misleading in Singapore: by law the government cannot spend the proceeds of issuance, which are invested in assets that far exceed the liabilities. Reading the debt-to-GDP ratio as in other countries leads to wrong conclusions.