KUALA LUMPUR: The consolidated public sector (CPS) current balance is estimated to increase by 14.9 per cent to RM110.4 billion in 2022 from RM96.1 billion in 2021, according to the Ministry of Finance (MOF).
In its 2023 Fiscal Outlook and Federal Government Revenue Estimates report released today, the MoF said the growth is attributed to higher non-financial public corporations' (NFPCs) current surplus as a result of a significant boost in revenue, which was driven by higher commodity prices.
"In addition, the consolidated development expenditure (DE) is anticipated to rise by 39.4 per cent to RM174.4 billion in 2022 from RM125.2 billion in 2021, in line with higher investments particularly by the NFPCs.
"The CPS is estimated to increase to RM92.9 billion, constituting 5.4 per cent of gross domestic product (GDP) in 2022 from -RM66.9 billion (-4.3 per cent), after considering the COVID-19 Fund expenditure and netting off intra-transfers, net lending and dividends between units," it said.
The MoF said the general government revenue is projected to grow by 17.9 per cent to RM339.1 billion in 2022, significantly due to higher federal government (FG) revenue collection, supported by higher commodity prices and improved economic activities including financial services.
Similarly, the general government operating expenditure (OE) is estimated to increase by 20.9 per cent to RM327.3 billion, mainly attributed to the higher FG's OE, it said.
It said the general government is expected to record a current surplus of RM11.8 billion this year against RM16.9 billion in 2021.
"The general government development expenditure is projected to rise by 11.6 per cent to RM76.3 billion, mainly due to higher state governments' development expenditure.
"As such, total expenditure is expected to rise by 14.8 per cent to RM432.3 billion in 2022 from RM376.7 billion in 2021, after taking into account the additional spending of the federal government from the COVID-19 Fund," said the MoF adding that these numbers are after netting off intra-transfers and net lending.
Consequently, the overall deficit of the general government is expected to rise to RM93.3 billion or 5.4 per cent of GDP in 2022 from -RM89.2 billion (-5.8 per cent) in 2021.
Meanwhile, the consolidated revenue collection of state governments in 2022 is expected to increase by 9 per cent to RM31.2 billion this year against -3.5 per cent to RM28.7 billion last year, of which 78.1 per cent is from state-generated revenue, while the balance is transfers and grants from the federal government.
"The state-generated revenue is estimated at RM24.4 billion with 62.7 per cent or RM15.3 billion is for sales tax, petroleum royalties, land premiums and investment income.
"Largest shares of the consolidated state-generated revenue are from the states of Sarawak, Sabah, Selangor, Terengganu and Johor constituting 80.7 per cent or RM19.7 billion," it said.
The total direct and indirect tax is estimated at RM9.7 billion or 31.2 per cent of the consolidated revenue, while for the non-tax revenue is projected at RM13 billion or 41.6 per cent, this year, said the MoF.
The report said the NFPC revenue is projected to register a higher growth of 32.8 per cent to RM517 billion this year (2021: 29 per cent to RM389.4 billion) or 30.2 per cent of GDP, mainly contributed by the oil and gas subsector resulting from global oil price surge.
As for the total NFPC total expenditure for 2022, it is expected to rise to RM516.6 billion in 2022 (2021: RM367) or 30.2 per cent of GDP, with current expenditure increasing to RM415.7 billion and capital expenditure to RMM100.9 billion, in line with the resumption of economic activities.
---- BERNAMA
Bernama
Fri Oct 07 2022
The total direct and indirect tax is estimated at RM9.7 billion or 31.2 pct of the consolidated revenue, while for the non-tax revenue is projected at RM13 billion or 41.6 pct, this year, said the MoF. - REUTERS
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