Singapore: public finances

Does Singapore have a budget surplus?

Singapore's overall fiscal position was a surplus of S$15,103 million in financial year 2025, or 1.9% of GDP, according to revised estimates in the Department of Statistics (SingStat) fiscal tables. The budget for FY2026 projects a surplus of S$8,543.1 million, or 1.0% of GDP.

The financial year runs from 1 April to 31 March. The overall fiscal position includes the Net Investment Returns Contribution from the returns on the reserves (S$27,534.3 million in FY2025). Before that and special transfers, the primary balance was a surplus of S$6,401.4 million.

Official sources: SingStat: overall fiscal position, annual · SingStat: fiscal position, % of GDP

How much tax does Singapore collect?

Singapore's government operating revenue was S$130,860.6 million in financial year 2025, according to revised estimates in the Department of Statistics (SingStat) fiscal tables. Corporate income tax brought in S$35,242.8 million, goods and services tax S$21,303.1 million and personal income tax S$20,639.6 million.

Tax revenue was 14.4% of GDP in FY2025, according to the same tables as a share of GDP. Operating revenue also includes vehicle quota premiums (S$8,660.4 million) and fees and charges.

Official sources: SingStat: overall fiscal position, annual · SingStat: fiscal position, % of GDP

How much does Singapore's government spend?

Singapore's government spent S$124,459.3 million in financial year 2025, according to revised estimates in the Department of Statistics (SingStat) fiscal tables. Social development took S$61,020.3 million, security and external relations S$33,689.4 million and economic development S$25,099.6 million. The FY2026 budget plans spending of S$137,323.4 million.

Social development covers areas such as education, health and housing. Total expenditure was 15.5% of GDP in FY2025. Spending excludes top-ups to statutory and trust funds, which are counted separately as special transfers.

Official sources: SingStat: overall fiscal position, annual

What is Singapore's national debt?

The IMF puts general government gross debt in Singapore at 165.7% of GDP in 2025. Since 2005 it has ranged from 86.5% of GDP (2006) to 170.4% of GDP (2023). It is 2nd highest of 29 in East Asia & Pacific, where the median is 45.0% of GDP. Worldwide: 3rd of 185.

What is Singapore's fiscal deficit?

The latest figure from the IMF, for 2025, is 4.2% of GDP. The peak was 8.0% of GDP in 2011 and the low -6.7% of GDP in 2020. East Asia & Pacific median: -1.7% of GDP; Singapore is 5th highest of 29. World rank, highest first: 8th of 188.

How much revenue does Singapore's government raise?

The latest figure from the IMF, for 2025, is 19.7% of GDP. No year since 2005 has been higher. East Asia & Pacific median: 33.6% of GDP; Singapore is 25th highest of 29. World rank, highest first: 132nd of 187.

How big is Singapore's government spending as a share of GDP?

According to the IMF, general government spending in Singapore was 15.5% of GDP in 2025. The peak was 24.0% of GDP in 2020 and the low 9.0% of GDP in 2007. East Asia & Pacific median: 32.9% of GDP; Singapore is 29th highest of 29. Of 186 countries with 2025 data, 174th highest.

What is tax revenue in Singapore?

The IMF puts central government tax revenue in Singapore at 13.6% of GDP in 2024. The peak was 13.9% of GDP in 2017 and the low 11.6% of GDP in 2005. Across East Asia & Pacific the middle value was 15.4% of GDP, and Singapore placed 9th highest of 12. World rank, highest first: 67th of 92.

How much does Singapore spend on its military?

3.0% of GDP: that is military spending in Singapore for 2025, according to SIPRI. Since 2005 it has ranged from 2.4% of GDP (2022) to 4.3% of GDP (2005). East Asia & Pacific median: 1.4% of GDP; Singapore is 1st highest of 16. World rank, highest first: 27th of 149.