Tengku Datuk Seri Zafrul Tengku Abdul Aziz
KUALA LUMPUR: Following are the highlights of the Economic Outlook, Fiscal Outlook and Federal Government Revenue estimates for 2023:
Economy is expected to grow moderately between 4.0 to 5.0 per cent in 2023 versus 6.5 to 7.0 per cent in 2022
Services sector is expected to be the main contributor to 2023 GDP growth, which is anticipated to expand by 5.0 per cent in 2023
Construction sector to grow by 4.7 per cent in 2023, manufacturing by 3.9 per cent, agriculture by 2.3 per cent and mining by 1.1 per cent.
Budget 2023 allocation amounted to RM372.3 billion versus RM385.3 billion in 2022 (revised upwards from RM332.1 billion)
The top three recipients of Budget 2023 are the Ministry of Finance (RM67.2 billion), Ministry of Education (RM55.6 billion), and Ministry of Health (RM36.1 billion), constituting 43.3 per cent of total expenditure
Federal government revenue is expected to decrease by 4.4 per cent in 2023 to RM272.57 billion from a growth of 22.0 per cent (RM285.22 billion) in 2022
This fiscal deficit is expected to reduce to 5.5 per cent of GDP in 2023 from 5.8 per cent in 2022
Fiscal deficit is expected to be consolidated at a gradual pace with the overall balance averaging at 4.4 per cent of GDP in the Medium-Term Fiscal Framework 2023-2025
The government may extend the statutory debt limit of 65 per cent of GDP in the medium term after the expiry of Act 830 on Dec 31, 2022
Crude oil price is expected to average at US$90 per barrel - Bernama
