Singapore's fiscal stance is expected to tighten in 2011-15 as the government maintains its countercyclical approach to policymaking. The government is targeting a small budget surplus of S$1bn (US$770m) in 2011/12. Excluding a range of special transfers (such as growth dividends), the government plans to increase total expenditure in 2011/12 by just 1.5%, to S$47.1bn, while it expects revenue to increase by 5.9%, to S$48.1bn. For 2010/11 the government initially targeted a deficit of S$7.2bn, but unexpectedly rapid revenue growth has meant that it now expects to post a shortfall of just S$930m. On a calendar-year basis the government ran a small surplus in 2010, equivalent to 0.2% of GDP, and, in line with the latest budget plans and the current direction of policy, small surpluses will also be recorded in 2011-12. Assuming that the economy remains on a sustainable growth path during the latter part of the forecast period, strong revenue growth, coupled with modest public expenditure, will result in more sizeable budget surpluses from 2013 onwards.