🇸🇬 Singapore
Public Sector Debt · 2026
Total Debt
190.4%
of GDP
Global Rank
#4
of 192
Interest Burden
8%
of govt revenue
S&P Rating
AAA
Credit rating
SOE Debt
+14.1%
3 categories
Sovereign Wealth
236%
of GDP in SWF assets
5yr Change
+18pp
rising
Where the Debt Sits
Central Government
Central Government: 176.3%Energy SOEs: 1.4%Infrastructure: 10.0%Public Corps: 2.7%
Who Holds This Debt
Holder Breakdown
Domestic 70%
Foreign 30%
Domestic: 70%Foreign: 30%
Currency Denomination
Local 100%
Local currency: 100%Foreign currency: 0%
Full Debt Breakdown
Central Government176.3% of GDP
Central GovernmentIMF WEO — General Government Debt
176.3%Energy SOEs1.4% of GDP
Singapore Power (SP Group)SP Group FY2024 Financial StatementsWholly-owned by Temasek. Electricity and gas transmission/distribution.
1.4%Infrastructure SOEs10.0% of GDP
Housing & Development Board (HDB)HDB FY2024 annual report; IMF Article IVCumulative govt loans/advances ~S$60B. Deficit S$6.34B in FY2024.
8.2%Singapore Airlines (SIA Group)SIA FY2024 audited financial statementsIncludes lease liabilities. Temasek holds ~56% stake.
1.8%Public Corporations2.7% of GDP
Temasek Holdings (group borrowings)Temasek Review 2024→Group total debt ~S$19.5B. Liquid assets ~6x debt.
2.7%Total Corporate Debt122.2% of GDP
Nonfinancial corporate debtBIS/FRED Q3 2025
122.2%Household Debt43.5% of GDP
Household debtBIS/FRED Q3 2025
43.5%Unfunded Pension Liabilities0.0% of GDP
Central Provident Fund (fully funded DC)OECD; CPF Board 2024; IMFFully funded DC. No unfunded liability by design.
0.0%State Bank Liabilities1.2% of GDP
DBS Group (Temasek 29% stake — pro-rata debt)DBS Annual Report 2024Pro-rata share of DBS bonds/subordinated debt.
1.2%All Layers Total357.3%
Credit Ratings
S&P
AAA
Moody's
Aaa
Fitch
AAA
Data Sources
IMF WEO — General Government Debtgeneral_government · Updated semi_annual
Dec 2026176.3% GDP
Ranking Neighbors
Compare Singapore with other countries
Enter the Arena