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Thursday, 5 October 2017

GDP on expectation of higher revenue #crude #tax #manufacturing-sectors #mining #strong-exports #foreign-direct-investments.


Malaysia: The government is expected to revisit its 2017 gross domestic product growth projection of four to five per cent range in Budget 2018 as the economy has grown beyond expectation in the first and second quarters, AmResearch said.
The GDp grew 5.6 per cent and 5.8 per cent in the first and second quarters respectively, bringing the first-half average to 5.7 per cent.
AmResearch said the robust growth was supported by strong exports and continued to be anchored by domestic demand.
At the same time, foreign direct investments rose to RM17 billion in the first quarter and RM8.2 billion in the seocnd quarter mainly in the services, mining and manufacturing sectors.
"We project the full-year 2017 GDP to hover around 5.7 per cent – 5.9 per cent, hence expecting an upwards revision to around 5.5– 6.0 per cent in Budget 2018," the firm said in a report today.
Given the stabilising commodity prices, better tax collection, improving global growth in 2017 and paired with the ongoing fiscal consolidation, the 3.0 per cent budget deficit target for 2017 is likely to be attained, it added.
AmResearch believes the fiscal deficit for 2018 should improve marginally to 2.9 per cent to GDP on expectation of higher revenue from stronger crude oil prices and tax collection with prudent spending.
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