Singapore Budget deficit of S$3.5 billion expected for FY19

Singapore

A LARGER budget deficit of S$3.48 billion is expected for FY19, with expenditure expected to increase, Minister for Finance Heng Swee Keat announced on Monday.

Despite being the biggest deficit in dollar terms since FY15's S$4.05 billion, the FY19 deficit amounting to 0.7 per cent of gross domestic product (GDP) did not surprise economists. Standard Chartered Bank's Asia economist Jonathan Koh said that the current term of government can easily afford to spend more, having accumulated a surplus of S$17.9 billion over the past three financial years.