Clarification by Deputy Prime Minister

The following statements were made as part of the speech by Deputy Prime Minister (Mr Heng Swee Keat) during the Debate on the Annual Budget Statement at the Sitting of 27 February 2025:

(a) The Deputy Prime Minister (Mr Heng Swee Keat): Between 2016 and 2023, Singapore’s labour productivity grew by 3.1% per annum. [Please refer to "Debate on Annual Budget Statement", Official Report, 27 February 2025, Vol 95, Issue 154, Budget section.]

(b) Mr Heng Swee Keat: The percentage of firms with R&D activities grew, from 14.8% of our GDP in 2012, to 23.6% in 2022. [Please refer to "Debate on Annual Budget Statement", Official Report, 27 February 2025, Vol 95, Issue 154, Budget section.]

Written statement by Mr Heng Swee Keat circulated with leave of the Speaker in accordance with Standing Order No 29(5):

I wish to make the following factual corrections to the speech given at the Debate on the Annual Budget Statement. The statements should respectively be read as follows:

(a) The Deputy Prime Minister (Mr Heng Swee Keat): Between 2016 and 2023, Singapore’s labour productivity grew by 2.1% per annum.

(b) Mr Heng Swee Keat: The percentage of GDP contributed by firms with R&D activities grew, from 14.8% in 2012, to 23.6% in 2022.