Singapore's Central Government Debt (% of GDP), 1990-2022

Singapore's central government debt has consistently exceeded 70% of GDP due to the government’s policy of issuing bonds to develop a robust domestic debt market rather than financing deficits. Debt rose steadily from 75.6% in 1990 to over 100% in the early 2000s, reflecting increased issuance to support infrastructure investments and economic growth.

During the COVID-19 pandemic, debt reached a historic high of 153.52% in 2021 as Singapore introduced stimulus measures to sustain its economy. By 2022, the ratio moderated to 135.86%, signaling the recovery of economic activity while maintaining the debt's role in fostering financial stability rather than reflecting fiscal stress.

Find out more through related statistics on military personnel proportion in Singapore, Singapore’s annual GDP growth rate, Singapore’s urban expansion.