Singapore expects a fiscal surplus of S$6.8 billion, or 0.9 per cent of gross domestic product for the 2025 financial year, despite a generous spending plan under which the government’s total expenditure will exceed operating revenue.

Wong, in his first budget as premier, announced a healthy fiscal position. He forecast a surprise budget surplus of S$6.8 billion (roughly $5.1 billion) or 0.9% of GDP for fiscal 2025. Corporate income tax is now the single largest contributor to revenue

Lawrence Wong, who took the helm from Lee Hsien Loong, will deliver the budget on Feb. 18. The country is due for a general election by November.