Transcribed

Singapore : Fiscal balance, Current account indicators

3.29.8 Fiscal balance Overall budget balance Primary budget balance % of GDP 1- 0_ -1- 2008 2009 2010 2011 2012 2013 Budget Source: Ministry of Finance. www.mof.gov.sg 3.29.9 Current account indicators Services balance Current account Trade balance balance $ billion % of GDP 80_ - 80 60_ - 60 40_ - 40 lulu 20_ - 20 -20_ -20 2005 2007 2009 2011 2013 2014 Forecast Source: CEIC Data Company (accessed 6 March 2013). 3.29.8 Fiscal balance Overall budget balance Primary budget balance % of GDP 1- 0_ -1- 2008 2009 2010 2011 2012 2013 Budget Source: Ministry of Finance. www.mof.gov.sg 3.29.9 Current account indicators Services balance Current account Trade balance balance $ billion % of GDP 80_ - 80 60_ - 60 40_ - 40 lulu 20_ - 20 -20_ -20 2005 2007 2009 2011 2013 2014 Forecast Source: CEIC Data Company (accessed 6 March 2013).

Singapore : Fiscal balance, Current account indicators

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Singapore has a tradition of fiscal prudence with budget surpluses, except during recessions. Fiscal rules do not allow a cumulative deficit over the term of any one government. The budget for FY2013 ... estimates another overall fiscal surplus of S$2.4 billion, or 0.7% of GDP and lower than what was recorded in FY2012 (Figure 3.29.8). Authorities expect a slight decline in revenues, as receipts related to transport and the property market fall in the next 2 years. Expenditures are likely to be higher owing to increased outlays for higher education and health. A slower pace of export growth and a relatively faster rise in imports— as domestic demand expands with government social spending—will likely narrow the current account surplus over the coming years. It is forecast at 16% of GDP in 2013 and 15% in 2014, down from 19% in 2012 (Figure 3.29.9). The high degree of uncertainty over the global economy poses the highest risk to growth. As a trade-dependent city-state, Singapore will remain at risk from the patchy developments in the US, protracted sovereign-debt crisis in Europe, and moderation in PRC economic growth. A sharp and abrupt correction in property values could cause substantial bank losses, as housing loans account for 31% of total loans. However, Singapore’s strong fiscal position, flexible labor market, well-capitalized banking system, and substantial foreign exchange reserves can provide a buffer, if any of these risks materialize. Source: Ministry of Finance. www.mof.gov.sg, CEIC Data Company (accessed 6 March 2013)

Singapore : Fiscal balance, Current account indicators

Singapore : Fiscal balance, Current account indicators

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