Public Finance

Data are preliminary when first released.
na not available or not applicable.  - nil or negligible
1 Refers to % change in latest period over the same period in the previous year.
2 Refers to % change in the previous period over the same period in the previous year.
3 Does not reflect the fiscal position of the current term of government, as it takes into account land sales and capital receipts (which accrue primarily to past reserves) in addition to taxes and other revenues, as well as land-related expenditure.
4 Reflects the net issuance of Government securities and Treasury Bills.
5 This refers to the portion of total external debt on the basis of the currency in which the debt is denominated.
6 There are two key categories of domestic debt instruments: (1) those issued under the Government Securities (Debt Market and Investment) Act for non-spending purposes; and (2) those issued under the Significant Infrastructure Government Loan Act for spending purposes. More information on government debt is available here.
7 Refers to the Government's financial year, which begins on 1 April of the current year and ends on 31 March of the following year. Data for FY2025 are budgeted estimates. Data for FY2024 are revised estimates. Figures may not add up due to rounding.
8 Excludes the repayment of loans and advances, interest income, investment income and capital receipts.
9 Refers to Expenditure on Manpower, Other Operating Expenditure Grants, Subventions and Capital Injections to Organisations, and Transfers. Agency Fees on Land Sales, Investment Expenses, SINGA-related Outlays and Net Disbursements of Advances are excluded.
10 Excludes land-related expenditure from FY2001.
11 Refers to discretionary transfers made by the Government and include one-off direct transfers to businesses and household, as well as resources set aside in funds for specific expenditure objectives.
12 Refers to Surplus/Deficit before Top-ups to Endowment and Trust Funds, Net Investment Returns Contribution, Capitalisation and Depreciation of Nationally Significant Infrastructure and SINGA Interest Costs and Loan Expenses.
13 Net Investment Returns Contribution is the sum of: (1) up to 50% of the expected long-term real return on the relevant assets specified in the Constitution; and (2) up to 50% of the net investment income on the remaining assets.
14 SINGA Interest Costs and Loan Expenses include the annual effective interest costs (which is computed based on the yield to maturity multiplied by the face value of the bond) and other ancillary loan expenses incurred in connection with the SINGA. It excludes principal repayment and transfer of loan discount to Development Fund. It is different from the Debt Servicing and Related Costs presented in the Expenditure Estimates and Annex to Expenditure Estimates for Head Y.