These are the only 2 instances when budget deficit exceeded 1% of GDP

You will be surprised.

According to Moody's comments on the Singapore budget, th country's very strong fiscal fundamentals are characterized by a fiscal framework that prevents any government from accumulating a deficit during a term in office which usually lasts five years. 

Over the past twelve years, Singapore has run budget deficits exceeding 1% of GDP on only two occasions: 1.7% of GDP in 2001 and 1.1% of GDP in 2003.

And even during the height of the Global Financial Crisis, the budget deficit was only 0.3% of GDP.

Here's more from Moody's:

On average, since 1997, the island republic’s fiscal surplus has measured about 0.8% ofGDP—a strikingly sound performance for an advanced economy.

For FY2013, the government projects a budget surplus of SGD2.4 billion, equivalent to 0.7% of estimated GDP for this year.

The government had revised upwards its estimated budget surplus for FY2012 to SGD3.9 billion (1.1% of GDP) from its initial forecast of SGD1.3 billion, driven by much higher-than-anticipated revenues from stamp duties and vehicle quota premiums, a levy which pertains to Singapore’s ownership rules for motor vehicles.

We broadly agree with the government’s budget projections for FY2013, although our forecast of 3% for real GDP growth is at the high end of the government’s forecast range of 1% to 3% in 2013.

Our forecast also translates into a slightly higher budget surplus of 0.9% of GDP compared with the government’s 0.7%.