Budget 2023: Malaysia expects fiscal deficit to consolidate to 5% of GDP in 2023

KUALA LUMPUR: Malaysia’s fiscal deficit is expected to consolidate further in 2023 to 5.0 per cent of gross domestic product (GDP), falling to RM93.94 billion from RM99.48 billion in 2022.

Similarly, the primary deficit is estimated to reduce further to 2.5 per cent of GDP, that is down to RM47.84 billion from RM58.21 billion in 2022, the Ministry of Finance (MoF) said in its "Updates on Economic & Fiscal Outlook and Revenue Estimates 2023” report.