Singapore's 2013 budget surplus earmarked at $2.4b

That's 0.7% of GDP.

In FY2013, the government is projected to post an overall budget surplus of $2.4 billion, or 0.7% of GDP, said the Monetary Authority of Singapore today.

The basic balance, which is the primary balance less special transfers but without taking into account top-ups to endowment and trust funds, is estimated to be $0.3 billion compared to $3.6 billion in the previous year, largely due to the expected increase in operating expenditure.

Excluding top-ups to endowment and trust funds, the government is projected to disburse $1.3 billion in special transfers, primarily in the form of a one-off GST Voucher Special Payment and CPF Medisave top-ups. Meanwhile, topups to endowment and trust funds are expected to fall to $5.6 billion from $7.4 billion in FY2012.

This is largely due to the Bus Service Enhancement and Special Employment Credit Funds established in February 2012, for which there are no top-ups this year. Instead, the government will add another $3 billion to the GST Voucher Fund and $2.3 billion to other existing funds such as Medifund, ComCare, Edusave, and ElderCare.

Together, these top-ups will strengthen the government’s safety net for the elderly and needy households, and build capacity for long-term investments in social assistance and education.