Government net lending/borrowing in Singapore

International Monetary Fund · Annual · Importance

IMF forecast (WEO): 2026: 3.3% 2027: 2.9% 2028: 2.5% 2029: 2.1% 2030: 1.8% 2031: 1.8%

5.2 (1999) ANUAL · % of GDP · Annual · CSV

Period	% of GDP
Jan 1999	5.2
Jan 1998	2.4
Jan 1997	5.7
Jan 1996	2.0
Jan 1995	4.8
Jan 1994	7.9
Jan 1993	4.4
Jan 1992	2.7
Jan 1991	0.7
Jan 1990	2.0

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

Measures the balance of the Singapore government's budget: a surplus when revenue exceeds spending, a deficit when the reverse holds. Published by the Ministry of Finance and usually expressed as a percentage of GDP.

How it's calculated

Calculated as the gap between government revenue and spending, with the distinctive feature that Singapore's fiscal framework includes the Net Investment Returns Contribution (NIRC) from its reserves. The fiscal year ends on 31 March.

Market implications

Singapore maintains strong fiscal discipline and typically posts surpluses or small deficits, backed by very large reserves and debt that does not fund current spending. The balance matters more as a signal of policy stance than as a financing-risk indicator.

Limitations

It is a low-frequency series prone to revision. The inclusion of investment returns (NIRC) means the balance is not directly comparable with other countries, and the March fiscal year-end further complicates comparison.