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Singapore expected to run fiscal deficit of $5 billion in FY2021; deficit to continue for third year in FY2022

Amala Balakrishner
Amala Balakrishner2/18/2022 07:55 PM GMT+08  • 4 min read
Singapore expected to run fiscal deficit of $5 billion in FY2021; deficit to continue for third year in FY2022
Singapore’s fiscal deficit for the ongoing FY2021 ending in March is expected to hit $5 billion or 0.9% of Gross Domestic Product
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Singapore’s fiscal deficit for the ongoing FY2021 ending in March is expected to hit $5 billion or 0.9% of Gross Domestic Product (GDP).

The figure has been revised down from the $11 billion deficit expected previously, and is much smaller than the record $51.6 billion deficit registered in FY2020, estimates from the Ministry of Finance (MOF) show.

The lower figure for FY2021 follows lower total expenditure and higher operating revenue. For reference, the total revised expenditure for FY2021 is $98.4 billion, down from the $102.3 billion expected previously.

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