Singapore's defence budget will increase by 5.7% in nominal terms to SGD13.1 billion (USD9.5 billion) for Fiscal Year (FY) 2015, according to figures published by the Ministry of Finance (MOF).
The increase will see defence expenditure increase as a proportion of GDP for the first time since 2009, rising from 3.2% of GDP in 2014 to 3.3% for 2015.
Singaporean defence spending from 2005-15. (IHS)
Speaking at the Committee of Supply Debate 2015, Defence Minister Ng Eng Hen said that while Singapore was closely monitoring the significant growth in defence spending that had taken place in Asia over the last decade, the country would not alter its policy of gradual increases to military spending.
"We are not responding to it in sharp rises," said Ng, "as we have often said we want to avoid sharp increases or dips in our own defence spending."
MOF figures also show that over the course of FY 2014 defence expenditure was revised downward by 1.2% from SGD12.6 billion to SGD12.4 billion. Actual expenditure for FY 2013 came in at SGD11.8 billion, compared with the SGD12.3 billion initially budgeted.
(Jane's)
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