Singapore
Its gross debt looks high, but the government borrows to invest, not to spend: the proceeds are invested and its assets exceed its debts. It runs one of the world’s largest current account surpluses relative to its size.
How much it owes, and what it costs
Government debt in Singapore is about 166% of GDP this year, on IMF estimates, 39 points higher than in 2019. The budget is in surplus, at +3.7% of GDP. The IMF expects debt to rise to about 169% by 2031.
| Measure | 2019 | 2025 | 2026IMF estimate | 2031IMF forecast | 2007–26 |
|---|---|---|---|---|---|
| Government debt% of GDP, gross | 127.7% | 165.7% | 166.4% | 169.2% | |
| Budget balance% of GDP, minus = deficit | +3.8% | +4.2% | +3.7% | +1.7% | |
| Primary balancebudget before interest | – | – | – | – | – |
| Interest cost% of GDP, net | – | – | – | – | – |
Long-term foreign-currency ratings, checked 25 October 2026. AAA is the highest grade; below BBB− is “high yield”.
What it earns and spends abroad
Singapore runs a current account surplus of 16.7% of GDP (about $112bn): it earns more from the rest of the world than it spends there, and lends the difference abroad.
| Measure | 2019 | 2025 | 2026IMF estimate | 2007–26 |
|---|---|---|---|---|
| Current account% of GDP | +15.5% | +16.7% | +16.7% | |
| Current accountUS$ billions | +58 | +101 | +112 |
Growth, prices and borrowing costs
The IMF expects the economy to grow 5.0% this year in real terms, with inflation averaging 2.3%.
Aug 2026
| Measure | 2025 | 2026IMF estimate | 2027IMF forecast |
|---|---|---|---|
| Growthreal GDP, % | 5.0% | 5.0% | 3.0% |
| Inflationaverage for the year, % | 0.9% | 2.3% | 2.2% |
| Unemployment% of workforce | 2.0% | 2.1% | 2.1% |
The mechanics behind it
Terms on this page
Other country profiles
Sources and notes
- Government finances, current account, growth, inflation and unemployment: IMF World Economic Outlook and Fiscal Monitor, via the IMF DataMapper (checked 2026-10-24). The IMF publishes them in April and October.
- 2026 figures are IMF estimates, and later years are IMF forecasts. Earlier years are actual data, sometimes revised.
- Debt is general government gross debt: central, regional and local government and social security. Interest cost is net interest, worked out as the primary balance minus the overall balance.
- Credit ratings: long-term foreign-currency ratings from S&P Global, Moody’s and Fitch, checked on the date shown. Agencies can change them at any time.
- Policy rates, 10-year yields, monthly inflation and exchange rates: as on The numbers page.