Chart of the day: Budget deficit to hit $3b in FY22
This is on the back of an expected increase in total expenditures and operating expenses.
Singapore is expecting to see a $3b overall budget deficit in the financial year 2022, which is equivalent to 0.5% of the state’s gross domestic product.
This is on the back of an expected 4.1% year-on-year (YoY) jump in total expenditures to $102.41b, and a 1.7% YoY increase of operating revenue to $81.75b; these estimates are lower than that of UOB of $107.66b and $90.9b, respectively.
UOB added that the expected increase in operating revenue and total expenditure is “significantly smaller” and “observably slower” when compared to the pre-COVID five-year average between FY2010 to FY 2019.
The five-year average for operating revenue was 6.6%, while total expenditure was 6.2%.
“Nonetheless, the rise in Singapore’s expenditure needs continues to outpace revenue receipts, highlighting that more needs to be done to ensure sustainable finances going forward,” UOB said.
Read more: Singapore Budget 2022: GST hike delayed, carbon tax raised
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