Real GDP grew by 1.1% to $673.3 billion in 2023, according to the Economic Survey of Singapore 2023 released by the Ministry of Trade and Industry (MTI) on Feb 15. In 2023, the budget focused on helping businesses tide through financial challenges, building capabilities for local enterprises and investing in small- and medium-sized enterprises.
Singapore ended the fiscal year 2023 with a deficit of $3.6 billion, 0.5% of the country’s total gross domestic product (GDP).
This is above the $0.4 billion deficit target mentioned by deputy prime minister Lawrence Wong in his speech in 2023.
