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Budget Speech


Estimates for 2013-14

152.    Operating expenditure for 2013-14 is estimated to be $352 billion and recurrent expenditure will be $291.3 billion, representing an increase of 15.5 per cent and 10.5 per cent respectively over the revised estimate for 2012-13.  It is estimated that capital expenditure will be $88 billion, including $70.1 billion on capital works.  I forecast that total government expenditure will reach $440 billion, an increase of 15.6 per cent compared with the revised estimate for 2012-13.  Public expenditure will be equivalent to 21.7 per cent of GDP.

153.    The increases in expenditure, both total and recurrent, for 2013-14 far exceed the estimated nominal GDP growth of 5.5 per cent in 2013.  This clearly demonstrates that the current-term Government upholds the principle of committing resources as and when needed to provide appropriate services for the community.

154.    Total government revenue for 2013-14 is estimated to be $435.1 billion.  Earnings and profits tax, estimated at $189.4 billion, will be our major source of revenue.  Land revenue is estimated at $69 billion.

155.    Taking all these into account, it is expected that a small deficit of about $4.9 billion will be recorded in our accounts in the coming year, and we shall largely achieve fiscal balance.  Fiscal reserves are estimated at $729.1 billion by end-March 2014, representing approximately 34 per cent of GDP or equivalent to 20 months of government expenditure.



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