(MENAFN) Officials said that Singapore is estimated to see a budget deficit of USD4.96 billion in the 2015 financial year, accounting for around 1.7 percent of gross domestic product (GDP), Xinhua reported.
The Finance Minister attributed the deficit mainly to the fact that the government is allocating USD4.4 billion for future investments, including the Changi Airport Development Fund, which takes USD2.2 billion.
The development spending increased from USD8.9 billion five years ago to USD14.8 billion in the coming financial year, which represents around 4.8 percent of GDP, the minister said in a statement.
"These major investments in Singapore's future will mean significantly higher development expenditures. Government spending will inevitably rise," Deputy Prime Minister said.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.