Singapore Budget Deficit
General government net lending/borrowing as % of GDP GGXCNL_NGDP
Singapore's budget deficit was 3.11% in 2025, ranked 12th globally. This represents a 30.0% decrease from 2024. Data from IMF WEO, covering 1990–2025.
Overview
Singapore's budget deficit stood at 3.11% in 2025, a decline of +1.33% from 2024. The IMF projects 3.11% by 2025. Singapore ranked 12th globally.
Singapore's budget deficit has exhibited significant fluctuations over the past three and a half decades. At its highest point in 2011, the deficit reached 7.96% of GDP, a stark contrast to the -6.73% surplus achieved in 2020. This substantial swing in fiscal performance is indicative of the country's reliance on stimulus measures during times of economic uncertainty, as witnessed during the 2008 global financial crisis. Currently, the budget deficit stands at 3.11% of GDP, ranking Singapore 12th globally. Notably, Cyprus, another developed economy, has a deficit of 3.41%, while the Republic of Congo, a developing country, has a deficit of 3.23%. The trajectory of Singapore's budget deficit is expected to remain a topic of interest, particularly if the government's efforts to boost economic growth and reduce its reliance on external factors are successful, potentially leading to a reduction in the deficit in the coming years.
Data & projection
| Year | Budget Deficit | YoY change | Rank |
|---|---|---|---|
| 2030* IMF | 1.95% | - | - |
| 2029* IMF | 1.91% | - | - |
| 2028* IMF | 2.13% | - | - |
| 2027* IMF | 2.36% | - | - |
| 2026* IMF | 2.71% | - | - |
| 2025* IMF | 3.11% | - | - |
| 2025 | 3.11% | −1.33% | #12 |
| 2024 | 4.44% | +0.97% | #179 |
| 2023 | 3.47% | +2.26% | #175 |
| 2022 | 1.21% | +0.08% | #165 |
| 2021 | 1.13% | +7.86% | #175 |
| 2020 | -6.73% | −10.50% | #86 |
| 2019 | 3.77% | +0.09% | #181 |
| 2018 | 3.68% | −1.56% | #177 |
| 2017 | 5.24% | +1.99% | #185 |
| 2016 | 3.26% | +0.40% | #178 |
| 2015 | 2.86% | −1.74% | #180 |
| 2014 | 4.60% | −1.36% | #182 |
| 2013 | 5.96% | −1.37% | #181 |
| 2012 | 7.34% | −0.63% | #178 |
| 2011 | 7.96% | +2.28% | #182 |
Detected Pattern
Analysis
Singapore matched the Export Boom Cycle pattern in 2021. Historically, 71% of countries showing this pattern (546 out of 768) saw budget deficit improve within 24 months. View full analysis →
Frequently Asked Questions
Singapore's budget deficit was 3.11% in 2025. Ranked 12th globally. This represents a 30.0% decrease from the previous year.
Singapore's budget deficit peaked at 7.96% in 2011.
The lowest budget deficit in Singapore was -6.73% in 2020.
Singapore ranks 12th globally in budget deficit as of 2025.
The World Bank indicator code is GGXCNL_NGDP. Data sourced from IMF WEO.
Singapore's budget deficit is projected to reach 3.11% by 2025 based on IMF projection.
The budget deficit of Singapore in 2025 was 3.11%. This ranks 12th in the world.
Cite this page
@misc{historysaid_singapore_budget-deficit,
title = {Singapore Budget Deficit},
url = {https://historysaid.com/singapore/budget-deficit/},
publisher = {HistorySaid},
year = {2026}
}