Singapore has announced a 2014 defence budget of SGD12.56 billion (USD9.93 billion), a 3.2% increase over spending in 2013, the government said on 21 February.
While expenditure as a percentage of GDP is higher than the global average of around 2%, it remains significantly below the Singapore government's sanctioned cap of 6%. The reduction from 3.4% of GDP in 2013 to 3.3% in 2014 follows a general trend of decline with regards to this particular metric since 2009. (IHS Janes)