The 2017 budget projects lower oil and gas revenues, lower non-oil revenues, and lower overall expenditures compared to the ninth five-year plan. Oil revenues are projected to decline 19% due to a reduced oil price assumption and planned production cuts in line with OPEC agreements. Non-oil revenues are projected to decline 2% due to lower expected corporate tax revenues. Overall expenditures are budgeted to decline 8% though development spending is maintained. The budget forecasts a budget deficit of 35% of revenues, higher than the previous plan.
Vietnam's state owned enterprises divestment targets - striking a delicate ba...Christiana Wu
Vietnam’s budget deficit is growing amidst dwindling crude oil revenue and ballooning public debt. Will the proceeds from the divestments of multi-billion dollar state-owned companies and highly controversial across-the-board tax hikes proposal be enough to balance the state’s finances? Will the mega sales of Government’s stakes in Vinamilk, Sabeco, Habeco, Petrolimex, Vietnam Airlines, and other corporations be in time to provide desperately needed capital? | For more reports like this? Follow SPEEDA on Linkedin: www.linkedin.com/showcase/3687396/ or visit https://goo.gl/VfHswA
Prévisions économiques du printemps 2019 pour le LuxembourgPaperjam_redaction
Luxembourg's GDP is forecast to grow at a steady pace over 2019 and 2020, driven mainly by domestic demand supported by strong labor market conditions. Inflation is set to remain under 2.0% as moderating oil prices offset wage growth and tax measures. The headline budget surplus is forecast to decline from recent high levels as revenue growth slows and expenditures rise, falling to 1.4% of GDP in 2019 and 1.1% in 2020.
The document provides an overview of economic developments and the Saudi national budget for fiscal years 2016 and 2017. It summarizes that global economic growth is projected at 3.1% in 2016 and 3.4% in 2017, while Saudi GDP growth was 1.4% in 2016. Revenues for 2016 are expected to be SAR 528 billion, with a budget deficit of SAR 297 billion financed through borrowing. The 2017 budget projects revenues of SAR 692 billion and expenditures of SAR 890 billion, an 8% increase over 2016. Key reforms aim to strengthen finances and transition the economy in line with Saudi Vision 2030.
Macroeconomic Developments Report. June 2018Latvijas Banka
Based on data from Latvijas Banka, Central Statistical Bureau of Latvia, Ministry of Finance, and Financial and Capital Market Commission, this publication assesses developments of the external sector and exports, financial market, domestic demand and supply, prices and costs, and balance of payments, and provides forecasts for the economic development and inflation. The publication is available only in electronic form.
Flash Report - Government Deficit - 6 April 2018OTP Bank Ltd.
2017-ben a kormányzat előzetes bejelentésének megfelelően 2% volt a költségvetés hiánya. Az erős bér- és fogyasztás-bővülés miatt gyorsan nőttek az adóbevételek. A kiadási oldalon a legnagyobb mértékben, 54%-kal a beruházások nőttek, illetve az év végi, diszkrecionális döntéseknek köszönhetően a dologi kiadások. A beruházások várhatóan átmeneti megugrása és az év végi diszkrecionális döntések nélküli egyenleg továbbra is egyensúly közeli. Az államadósság – amely immár az Exim Bank adatait is tartalmazza – a GDP 73.6%-ára mérséklődött az előző évi 76%-ról, dacára annak, hogy az EU-s projektek előfinanszírozása az eredmény-szemléletűnél érdemben magasabb pénzforgalmi deficitet eredményezett. Előretekintve a kockázatok – részben a választásokhoz kötődő bizonytalanság miatt – a deficit növekedése irányába mutatnak.
The document summarizes the positive economic growth in Ireland in 2015 and outlook for 2016. It states that in 2015, all economic indicators showed marked improvement over 2014 with GDP growth of 7% and GNP growth of 5.6%. Consumer spending increased 3.5% and investment increased 26.4%. The prospects for 2016 are also positive with GDP growth projected around 4.5% as employment increases and consumer spending expected to strengthen further. Some risks mentioned are high private and sovereign debt levels, political instability surrounding an election, and slowing global economic growth.
The proposed FGN budget of N10.3 trillion for the 2020 fiscal year was presented to the National Assembly on Tuesday, October 8, 2019. The budget represents an increase of 11% from the approved N9.1 trillion FGN budget for 2019. Of the total proposed 2020 budget,
non-debt recurrent expenses accounts for 47.6% (N4.9 trillion), while capital outlay represents 20.7% (N2.1 trillion).
We have done an in-depth analysis of the budget proposal evaluating it against such other issues such as our debt profile, ERGP, plans to raise VAT and performance of previous budgets.
The economy in Romania grew more slowly in the first quarter of 2018 compared to the fourth quarter of 2017. GDP growth was 4% year-over-year in Q1 2018, down from 6.7% in Q4 2017. The budget deficit also increased in Q1 2018 to 0.5% of GDP due to higher spending outpacing revenue growth. Inflation is expected to stabilize later in 2018 and end the year around 3.6% as the central bank has raised interest rates three times in 2018 to cool the economy. Lending to households remains strong while corporate lending has slowed with the moderating economy.
Vietnam's state owned enterprises divestment targets - striking a delicate ba...Christiana Wu
Vietnam’s budget deficit is growing amidst dwindling crude oil revenue and ballooning public debt. Will the proceeds from the divestments of multi-billion dollar state-owned companies and highly controversial across-the-board tax hikes proposal be enough to balance the state’s finances? Will the mega sales of Government’s stakes in Vinamilk, Sabeco, Habeco, Petrolimex, Vietnam Airlines, and other corporations be in time to provide desperately needed capital? | For more reports like this? Follow SPEEDA on Linkedin: www.linkedin.com/showcase/3687396/ or visit https://goo.gl/VfHswA
Prévisions économiques du printemps 2019 pour le LuxembourgPaperjam_redaction
Luxembourg's GDP is forecast to grow at a steady pace over 2019 and 2020, driven mainly by domestic demand supported by strong labor market conditions. Inflation is set to remain under 2.0% as moderating oil prices offset wage growth and tax measures. The headline budget surplus is forecast to decline from recent high levels as revenue growth slows and expenditures rise, falling to 1.4% of GDP in 2019 and 1.1% in 2020.
The document provides an overview of economic developments and the Saudi national budget for fiscal years 2016 and 2017. It summarizes that global economic growth is projected at 3.1% in 2016 and 3.4% in 2017, while Saudi GDP growth was 1.4% in 2016. Revenues for 2016 are expected to be SAR 528 billion, with a budget deficit of SAR 297 billion financed through borrowing. The 2017 budget projects revenues of SAR 692 billion and expenditures of SAR 890 billion, an 8% increase over 2016. Key reforms aim to strengthen finances and transition the economy in line with Saudi Vision 2030.
Macroeconomic Developments Report. June 2018Latvijas Banka
Based on data from Latvijas Banka, Central Statistical Bureau of Latvia, Ministry of Finance, and Financial and Capital Market Commission, this publication assesses developments of the external sector and exports, financial market, domestic demand and supply, prices and costs, and balance of payments, and provides forecasts for the economic development and inflation. The publication is available only in electronic form.
Flash Report - Government Deficit - 6 April 2018OTP Bank Ltd.
2017-ben a kormányzat előzetes bejelentésének megfelelően 2% volt a költségvetés hiánya. Az erős bér- és fogyasztás-bővülés miatt gyorsan nőttek az adóbevételek. A kiadási oldalon a legnagyobb mértékben, 54%-kal a beruházások nőttek, illetve az év végi, diszkrecionális döntéseknek köszönhetően a dologi kiadások. A beruházások várhatóan átmeneti megugrása és az év végi diszkrecionális döntések nélküli egyenleg továbbra is egyensúly közeli. Az államadósság – amely immár az Exim Bank adatait is tartalmazza – a GDP 73.6%-ára mérséklődött az előző évi 76%-ról, dacára annak, hogy az EU-s projektek előfinanszírozása az eredmény-szemléletűnél érdemben magasabb pénzforgalmi deficitet eredményezett. Előretekintve a kockázatok – részben a választásokhoz kötődő bizonytalanság miatt – a deficit növekedése irányába mutatnak.
The document summarizes the positive economic growth in Ireland in 2015 and outlook for 2016. It states that in 2015, all economic indicators showed marked improvement over 2014 with GDP growth of 7% and GNP growth of 5.6%. Consumer spending increased 3.5% and investment increased 26.4%. The prospects for 2016 are also positive with GDP growth projected around 4.5% as employment increases and consumer spending expected to strengthen further. Some risks mentioned are high private and sovereign debt levels, political instability surrounding an election, and slowing global economic growth.
The proposed FGN budget of N10.3 trillion for the 2020 fiscal year was presented to the National Assembly on Tuesday, October 8, 2019. The budget represents an increase of 11% from the approved N9.1 trillion FGN budget for 2019. Of the total proposed 2020 budget,
non-debt recurrent expenses accounts for 47.6% (N4.9 trillion), while capital outlay represents 20.7% (N2.1 trillion).
We have done an in-depth analysis of the budget proposal evaluating it against such other issues such as our debt profile, ERGP, plans to raise VAT and performance of previous budgets.
The economy in Romania grew more slowly in the first quarter of 2018 compared to the fourth quarter of 2017. GDP growth was 4% year-over-year in Q1 2018, down from 6.7% in Q4 2017. The budget deficit also increased in Q1 2018 to 0.5% of GDP due to higher spending outpacing revenue growth. Inflation is expected to stabilize later in 2018 and end the year around 3.6% as the central bank has raised interest rates three times in 2018 to cool the economy. Lending to households remains strong while corporate lending has slowed with the moderating economy.
Ukraine Monthly Economic Review, December 2016DIXI Group
The document summarizes Ukraine's economic situation and 2017 budget. Key points:
- Ukraine adopted a state budget for 2017 consistent with IMF parameters, but significantly raised minimum wages posing risks to stability.
- Possible policy changes under the new US administration create uncertainty for Ukraine.
- GDP growth is estimated at 1-1.5% in 2016 and projected to be 2% in 2017. Inflation ended 2016 at 12.4% and is projected to decrease to high single digits in 2017.
- The budget projects a deficit of 3% of GDP, in line with IMF targets, and will rely heavily on borrowing to finance expenditures.
News brief - Spring Budget 2017 highlightsGary Chambers
The document summarizes key points from the UK's 2017 Spring Budget. It notes that the economy has grown robustly since Brexit and the Chancellor emphasized economic stability and preparing for Britain's EU exit. Key measures included raising insurance premium tax, increasing national insurance contributions for self-employed workers, and £435 million in business rates support. Corporation tax will fall to 17% by 2020 and new consumer protection rules were introduced.
The quarterly macroeconomic report for Romania provides the following key points:
1) Third quarter GDP growth was 8.8% year-over-year, driven mainly by agriculture, industry, and trade. However, growth is expected to slow to 4% in 2018.
2) Inflation reached 3.3% in December and is expected to peak in the first quarter of 2018 before averaging 4% for the year. The central bank has begun tightening monetary policy in response.
3) The 2018 budget deficit is planned at 3% of GDP, which could continue weighing on investments in the short-term. However, public debt remains sustainable.
The Ukrainian economy recovered modestly by 2.3% in 2016, with a bumper agriculture harvest leading to stronger growth of 4.8 percent in the fourth quarter. Decisive reforms in the face of unprecedented shocks in 2014 and 2015 helped to stabilize confidence.
As a result, real GDP grew modestly by 2.3 percent in 2016 after contracting by a cumulative 16 percent in the previous two years. Signs of stronger growth of 4.8 percent (y-o-y) emerged in the fourth quarter of 2016. The recovery was supported by a bumper harvest, with agriculture growing by 6 percent in 2016 overall and 18.4 percent (y-o-y) in the fourth quarter.
Macroeconomic Developments Report. June 2019Latvijas Banka
This publication assesses developments of the external sector and exports, financial market, domestic demand and supply, prices and costs, and balance of payments, and provides forecasts for the economic development and inflation.
Brazil Economic Outlook (1st Quarter 2015) / Brief PresentationAlpkan Paker
Brazil Economic Outlook (1st Quarter 2015) / https://twitter.com/alpkanpaker
brazil economic outlook 1st quarter 2015 first brazil brasil brazilian economy balance of payments ease of doing business soveregin debt sovereign rating
This document provides Italy's draft budgetary plan for 2019. It summarizes recent economic trends in Italy, including slowing GDP growth and employment gains. It then outlines the government's macroeconomic and fiscal targets over 2019-2021, including a planned reduction in the budget deficit from 2.4% of GDP in 2019 to 1.8% by 2021. The plan expects GDP growth to accelerate to 1.5% in 2019 and above 1.6% in 2020-2021, driven by stronger domestic demand, exports, and employment growth. Public investment is forecasted to rise to support the economic expansion.
Macroeconomic Developments Report. July 2013Latvijas Banka
In the first quarter of 2013, Latvia's exports of goods continued to grow faster than imports in both nominal and real terms, driven by Latvian exporters' competitiveness. However, as external demand contracted and the base effect took over, the annual growth rate of Latvian exports decelerated. Most of Latvia's major trade partners saw downward revisions to economic growth forecasts for 2013. While growth is still expected in countries like Estonia, Lithuania, and Russia, the pace is expected to slow. Contraction in the euro area and weak growth in the UK and other European countries poses risks to Latvia's export growth in the coming quarters.
- Estonia weathered the recent economic crisis well due to fiscal adjustments introduced during the recession that allowed it to avoid a fiscal collapse. This included running budget surpluses in previous years that provided reserves.
- The economic recovery has been faster than expected, leading to higher than planned budget revenues in 2010. This means the budget deficit will be lower than targeted at 1.3% of GDP rather than 2.8%.
- For 2011, budget revenues are expected to increase 2% while expenditures rise 5%. This would result in a budget deficit of 1.6% of GDP, still below the 2% limit set in Estonia's budget strategy. Estonia is in a strong fiscal position compared to
Ahli bank weekly capital markets newsletter 14th 18th of april 2019ahli bank
1) The document provides a weekly market summary and analysis of the Amman Stock Exchange for the period of April 14-18, 2019. It includes performance of market indexes and sectors, most traded companies, and company share prices and trading volumes.
2) Regional news highlights include China's economy holding steady in Q1 2019 and Jordan's tourism revenue increasing 5.2% in Q1 2019 year-over-year.
3) Global news includes the Federal Reserve Bank of Boston president being open to adopting an inflation target range and Germany's public debt expected to fall below the EU ceiling of 60% of GDP in 2019.
OTP Bank_Flash report 20170707_hu_deficitOTP Bank Ltd.
Az első negyedévben rekord többletet mutatott a költségvetés ESA egyenlege. A második negyedévi pénzforgalmi hiányt az EU-s források megelőlegezése okozta, a költségvetés alapfolyamatai továbbra is kedvezőek.
This document is a legal guide for doing business in Colombia that was last updated in March 2019. It provides an overview of Colombia's main legal aspects for foreign investors, including chapters on corporate regulations, foreign trade, labor laws, taxation, intellectual property, real estate, and accounting standards. The guide notes that Colombia has experienced strong economic growth and stability in recent decades, making it an attractive investment destination in Latin America.
Macroeconomic forecast and monetary policy updateRuslan Sivoplyas
The document provides a macroeconomic forecast and update on monetary policy for Ukraine. It summarizes key indicators for 2018-2021, including real GDP growth of 2.5% in 2019 slowing from 3.3% in 2018 before picking up in future years. Inflation is forecast to remain around the 5% target. Fiscal policy will continue to be restrained with the budget deficit around 1.5% of GDP. The current account deficit is projected to remain in the 3-4% range despite counterbalancing domestic and external factors. Monetary policy has been tight but began easing in 2019 to ensure hitting inflation targets while monetary conditions ease over the forecast horizon.
Is There Hope for Mining After the Aquino Administration?Fernando Penarroyo
Modest economic growth for the Philippines will continue in 2015 with low oil prices supported by increased government and election spending. Capital outflows in mining indicate the presence of a poor investment environment in the Philippine mining sector relative to the other ASEAN countries. Given the current volatility in metal prices and the onset of a new government following the presidential elections in 2016, it is difficult to predict if the worst is over for the industry. While the long-term fundamentals for metals remain strong, the industry is still in a limbo as it waits for the outcome of the 2016 elections. No amount of company restructuring or cautious optimism can reverse the tide of the industry’s demise if an anti-mining or a status quo president is elected.
The document provides an overview and summary of Michigan's state tax revenue for FY 2017-2018, including explanations of key terms, descriptions of major state taxes, recently enacted tax changes, and revenue projections. It discusses the individual income tax, sales tax, use tax, tobacco taxes, business taxes, and state property taxes. Recently enacted changes include exempting more commercial and industrial personal property from taxes and establishing the Local Community Stabilization Authority to levy use taxes to reimburse local governments for lost property tax revenue.
This document provides a weekly media update from Balmer Lawrie mentioning several news articles from various Indian publications covering topics like the potential economic impact of the coronavirus outbreak on the Indian economy, cuts to GDP growth forecasts, a narrowing of India's current account deficit, a rise in exports for the first time in seven months, and the government establishing Covid-19 facilities with support from seven ministries.
Poland's economy expanded by 1.6% in 2013, making it the 23rd largest economy globally. The recovery is expected to gain traction in 2014, with forecast GDP growth of 2.9% driven by private and public consumption and net exports. Business optimism and expectations for revenue and profit growth have increased significantly. However, bureaucracy remains the top constraint reported by businesses. Support for joining the euro has fallen in Poland following issues in other eurozone countries, and most businesses do not expect Poland to adopt the euro before 2017.
North West Brexit Monitor September 2016sampopperVSNW
The document provides an economic monitoring report for the North West region of the UK after the Brexit referendum. Key points include:
- Recent economic data shows a rebound in the UK economy, but growth prospects remain uncertain due to Brexit.
- The North West saw the largest increase in business activity and consumer confidence bounced back across the UK in August.
- Manufacturing output fell in July but the sector rebounded in August. Services output and new business also increased.
- Terms of trade and regulations remain unclear as negotiations have not begun. EU funding is guaranteed for approved projects.
- Housing prices have not been significantly impacted yet but uncertainty may slow investment in commercial property.
- Unemployment rose slightly in the
The document provides an economic insight into the UAE for 2013. It summarizes that real GDP growth was the strongest since 2006 at 4.4% in 2012, driven by expansion in the oil and gas sector and a recovery in the non-oil sector. Private consumption and investment growth were particularly strong. The fiscal surplus is estimated to have increased to 5.9% of GDP in 2012 due to expenditure consolidation. GDP growth is projected to slow slightly to 4.0% in 2013 and 3.8% in 2014 as oil production growth declines but the non-oil sector continues expanding.
Ukraine Monthly Economic Review, June 2017 DIXI Group
Highlights
The government drafted a pension reform and introduced the bills to the Parliament. In its updated memorandum, the IMF is also demanding a land reform and additional measures against corruption. We think the next IMF tranche may be released after the summer break, likely in autumn 2017.
Recent economic indicators point to better economic conditions: Q1 GDP has been slightly revised upwards to 2.5% yoy, and the May figures for industrial production (1.2% yoy) and retail sales (10.7% yoy) have been better than expected. Nevertheless, with cumulative industrial output down in the first five months of 2017, we lowered our GDP growth estimate for 2017 from 2% to 1.5% yoy.
The inflation rate accelerated to 13.5 % yoy in May, due to higher food prices. Nevertheless, the National Bank may cut the key interest rate further by 50bp to 12% in order to support economic growth at its next meeting on Thursday, 6 July.
FX reserves reached USD 17.6 bn in end-May, given a favourable situation on the FX market allowing for FX purchases. The exchange rate traded rather stable around USD/UAH 26.
The NBU tweaked FX market regulation, simplifying investment abroad and FX forward transactions as well as introducing electronic FX transfer licenses for individuals.
BoxJoin Corporation has developed an innovative "Sliding Open Top" container design. The design features roof bows fitted with rollers that run along an interior track, allowing the entire roof assembly to be slid open for easier loading/unloading without risk of losing parts. Trials show quicker cargo handling and reduced maintenance costs compared to standard open top designs. The sliding design costs $200 more initially but saves $200 annually in repairs. BoxJoin is marketing the containers internationally and offering trials.
El documento proporciona instrucciones en 9 pasos para crear un blog con una cuenta de Google, incluyendo ingresar a blogger.com, iniciar sesión, hacer clic en "nuevo blog", agregar un título, plantilla y dirección URL, y luego crear una entrada nueva agregando texto y publicándola. También describe un proceso de 5 pasos para insertar imágenes en el blog seleccionando "editar", haciendo clic donde se desea agregar la imagen, seleccionando la imagen de archivos y actualizando la entrada.
Ukraine Monthly Economic Review, December 2016DIXI Group
The document summarizes Ukraine's economic situation and 2017 budget. Key points:
- Ukraine adopted a state budget for 2017 consistent with IMF parameters, but significantly raised minimum wages posing risks to stability.
- Possible policy changes under the new US administration create uncertainty for Ukraine.
- GDP growth is estimated at 1-1.5% in 2016 and projected to be 2% in 2017. Inflation ended 2016 at 12.4% and is projected to decrease to high single digits in 2017.
- The budget projects a deficit of 3% of GDP, in line with IMF targets, and will rely heavily on borrowing to finance expenditures.
News brief - Spring Budget 2017 highlightsGary Chambers
The document summarizes key points from the UK's 2017 Spring Budget. It notes that the economy has grown robustly since Brexit and the Chancellor emphasized economic stability and preparing for Britain's EU exit. Key measures included raising insurance premium tax, increasing national insurance contributions for self-employed workers, and £435 million in business rates support. Corporation tax will fall to 17% by 2020 and new consumer protection rules were introduced.
The quarterly macroeconomic report for Romania provides the following key points:
1) Third quarter GDP growth was 8.8% year-over-year, driven mainly by agriculture, industry, and trade. However, growth is expected to slow to 4% in 2018.
2) Inflation reached 3.3% in December and is expected to peak in the first quarter of 2018 before averaging 4% for the year. The central bank has begun tightening monetary policy in response.
3) The 2018 budget deficit is planned at 3% of GDP, which could continue weighing on investments in the short-term. However, public debt remains sustainable.
The Ukrainian economy recovered modestly by 2.3% in 2016, with a bumper agriculture harvest leading to stronger growth of 4.8 percent in the fourth quarter. Decisive reforms in the face of unprecedented shocks in 2014 and 2015 helped to stabilize confidence.
As a result, real GDP grew modestly by 2.3 percent in 2016 after contracting by a cumulative 16 percent in the previous two years. Signs of stronger growth of 4.8 percent (y-o-y) emerged in the fourth quarter of 2016. The recovery was supported by a bumper harvest, with agriculture growing by 6 percent in 2016 overall and 18.4 percent (y-o-y) in the fourth quarter.
Macroeconomic Developments Report. June 2019Latvijas Banka
This publication assesses developments of the external sector and exports, financial market, domestic demand and supply, prices and costs, and balance of payments, and provides forecasts for the economic development and inflation.
Brazil Economic Outlook (1st Quarter 2015) / Brief PresentationAlpkan Paker
Brazil Economic Outlook (1st Quarter 2015) / https://twitter.com/alpkanpaker
brazil economic outlook 1st quarter 2015 first brazil brasil brazilian economy balance of payments ease of doing business soveregin debt sovereign rating
This document provides Italy's draft budgetary plan for 2019. It summarizes recent economic trends in Italy, including slowing GDP growth and employment gains. It then outlines the government's macroeconomic and fiscal targets over 2019-2021, including a planned reduction in the budget deficit from 2.4% of GDP in 2019 to 1.8% by 2021. The plan expects GDP growth to accelerate to 1.5% in 2019 and above 1.6% in 2020-2021, driven by stronger domestic demand, exports, and employment growth. Public investment is forecasted to rise to support the economic expansion.
Macroeconomic Developments Report. July 2013Latvijas Banka
In the first quarter of 2013, Latvia's exports of goods continued to grow faster than imports in both nominal and real terms, driven by Latvian exporters' competitiveness. However, as external demand contracted and the base effect took over, the annual growth rate of Latvian exports decelerated. Most of Latvia's major trade partners saw downward revisions to economic growth forecasts for 2013. While growth is still expected in countries like Estonia, Lithuania, and Russia, the pace is expected to slow. Contraction in the euro area and weak growth in the UK and other European countries poses risks to Latvia's export growth in the coming quarters.
- Estonia weathered the recent economic crisis well due to fiscal adjustments introduced during the recession that allowed it to avoid a fiscal collapse. This included running budget surpluses in previous years that provided reserves.
- The economic recovery has been faster than expected, leading to higher than planned budget revenues in 2010. This means the budget deficit will be lower than targeted at 1.3% of GDP rather than 2.8%.
- For 2011, budget revenues are expected to increase 2% while expenditures rise 5%. This would result in a budget deficit of 1.6% of GDP, still below the 2% limit set in Estonia's budget strategy. Estonia is in a strong fiscal position compared to
Ahli bank weekly capital markets newsletter 14th 18th of april 2019ahli bank
1) The document provides a weekly market summary and analysis of the Amman Stock Exchange for the period of April 14-18, 2019. It includes performance of market indexes and sectors, most traded companies, and company share prices and trading volumes.
2) Regional news highlights include China's economy holding steady in Q1 2019 and Jordan's tourism revenue increasing 5.2% in Q1 2019 year-over-year.
3) Global news includes the Federal Reserve Bank of Boston president being open to adopting an inflation target range and Germany's public debt expected to fall below the EU ceiling of 60% of GDP in 2019.
OTP Bank_Flash report 20170707_hu_deficitOTP Bank Ltd.
Az első negyedévben rekord többletet mutatott a költségvetés ESA egyenlege. A második negyedévi pénzforgalmi hiányt az EU-s források megelőlegezése okozta, a költségvetés alapfolyamatai továbbra is kedvezőek.
This document is a legal guide for doing business in Colombia that was last updated in March 2019. It provides an overview of Colombia's main legal aspects for foreign investors, including chapters on corporate regulations, foreign trade, labor laws, taxation, intellectual property, real estate, and accounting standards. The guide notes that Colombia has experienced strong economic growth and stability in recent decades, making it an attractive investment destination in Latin America.
Macroeconomic forecast and monetary policy updateRuslan Sivoplyas
The document provides a macroeconomic forecast and update on monetary policy for Ukraine. It summarizes key indicators for 2018-2021, including real GDP growth of 2.5% in 2019 slowing from 3.3% in 2018 before picking up in future years. Inflation is forecast to remain around the 5% target. Fiscal policy will continue to be restrained with the budget deficit around 1.5% of GDP. The current account deficit is projected to remain in the 3-4% range despite counterbalancing domestic and external factors. Monetary policy has been tight but began easing in 2019 to ensure hitting inflation targets while monetary conditions ease over the forecast horizon.
Is There Hope for Mining After the Aquino Administration?Fernando Penarroyo
Modest economic growth for the Philippines will continue in 2015 with low oil prices supported by increased government and election spending. Capital outflows in mining indicate the presence of a poor investment environment in the Philippine mining sector relative to the other ASEAN countries. Given the current volatility in metal prices and the onset of a new government following the presidential elections in 2016, it is difficult to predict if the worst is over for the industry. While the long-term fundamentals for metals remain strong, the industry is still in a limbo as it waits for the outcome of the 2016 elections. No amount of company restructuring or cautious optimism can reverse the tide of the industry’s demise if an anti-mining or a status quo president is elected.
The document provides an overview and summary of Michigan's state tax revenue for FY 2017-2018, including explanations of key terms, descriptions of major state taxes, recently enacted tax changes, and revenue projections. It discusses the individual income tax, sales tax, use tax, tobacco taxes, business taxes, and state property taxes. Recently enacted changes include exempting more commercial and industrial personal property from taxes and establishing the Local Community Stabilization Authority to levy use taxes to reimburse local governments for lost property tax revenue.
This document provides a weekly media update from Balmer Lawrie mentioning several news articles from various Indian publications covering topics like the potential economic impact of the coronavirus outbreak on the Indian economy, cuts to GDP growth forecasts, a narrowing of India's current account deficit, a rise in exports for the first time in seven months, and the government establishing Covid-19 facilities with support from seven ministries.
Poland's economy expanded by 1.6% in 2013, making it the 23rd largest economy globally. The recovery is expected to gain traction in 2014, with forecast GDP growth of 2.9% driven by private and public consumption and net exports. Business optimism and expectations for revenue and profit growth have increased significantly. However, bureaucracy remains the top constraint reported by businesses. Support for joining the euro has fallen in Poland following issues in other eurozone countries, and most businesses do not expect Poland to adopt the euro before 2017.
North West Brexit Monitor September 2016sampopperVSNW
The document provides an economic monitoring report for the North West region of the UK after the Brexit referendum. Key points include:
- Recent economic data shows a rebound in the UK economy, but growth prospects remain uncertain due to Brexit.
- The North West saw the largest increase in business activity and consumer confidence bounced back across the UK in August.
- Manufacturing output fell in July but the sector rebounded in August. Services output and new business also increased.
- Terms of trade and regulations remain unclear as negotiations have not begun. EU funding is guaranteed for approved projects.
- Housing prices have not been significantly impacted yet but uncertainty may slow investment in commercial property.
- Unemployment rose slightly in the
The document provides an economic insight into the UAE for 2013. It summarizes that real GDP growth was the strongest since 2006 at 4.4% in 2012, driven by expansion in the oil and gas sector and a recovery in the non-oil sector. Private consumption and investment growth were particularly strong. The fiscal surplus is estimated to have increased to 5.9% of GDP in 2012 due to expenditure consolidation. GDP growth is projected to slow slightly to 4.0% in 2013 and 3.8% in 2014 as oil production growth declines but the non-oil sector continues expanding.
Ukraine Monthly Economic Review, June 2017 DIXI Group
Highlights
The government drafted a pension reform and introduced the bills to the Parliament. In its updated memorandum, the IMF is also demanding a land reform and additional measures against corruption. We think the next IMF tranche may be released after the summer break, likely in autumn 2017.
Recent economic indicators point to better economic conditions: Q1 GDP has been slightly revised upwards to 2.5% yoy, and the May figures for industrial production (1.2% yoy) and retail sales (10.7% yoy) have been better than expected. Nevertheless, with cumulative industrial output down in the first five months of 2017, we lowered our GDP growth estimate for 2017 from 2% to 1.5% yoy.
The inflation rate accelerated to 13.5 % yoy in May, due to higher food prices. Nevertheless, the National Bank may cut the key interest rate further by 50bp to 12% in order to support economic growth at its next meeting on Thursday, 6 July.
FX reserves reached USD 17.6 bn in end-May, given a favourable situation on the FX market allowing for FX purchases. The exchange rate traded rather stable around USD/UAH 26.
The NBU tweaked FX market regulation, simplifying investment abroad and FX forward transactions as well as introducing electronic FX transfer licenses for individuals.
BoxJoin Corporation has developed an innovative "Sliding Open Top" container design. The design features roof bows fitted with rollers that run along an interior track, allowing the entire roof assembly to be slid open for easier loading/unloading without risk of losing parts. Trials show quicker cargo handling and reduced maintenance costs compared to standard open top designs. The sliding design costs $200 more initially but saves $200 annually in repairs. BoxJoin is marketing the containers internationally and offering trials.
El documento proporciona instrucciones en 9 pasos para crear un blog con una cuenta de Google, incluyendo ingresar a blogger.com, iniciar sesión, hacer clic en "nuevo blog", agregar un título, plantilla y dirección URL, y luego crear una entrada nueva agregando texto y publicándola. También describe un proceso de 5 pasos para insertar imágenes en el blog seleccionando "editar", haciendo clic donde se desea agregar la imagen, seleccionando la imagen de archivos y actualizando la entrada.
Presentació realitzada per Giovanni Bertolini (Regione Emilia-Romagna) a la jornada sobre monitorització del terreny com a eina de gestió del risc i presentació del Projecte Europeu Wi-GIM (27/01/2017)
Os ingredientes que compõem a formulação do refrigerante são: água, açúcar, concentrados, acidulante, antioxidante, conservante, edulcorante e dióxido de carbono. O processo de fabricação inclui a elaboração do xarope simples e composto sob rigoroso controle de qualidade, e o envasamento das garrafas após pré-lavagem e esterilização.
Tècniques per a la detecció i seguiment de moviments del terrenyICGCat
Presentació realitzada per Josep A. Gili (Universitat Politècnica de Catalunya) a la jornada sobre monitorització del terreny com a eina de gestió del risc i presentació del Projecte Europeu Wi-GIM (27/01/2017)
Presentació realitzada per Giovanni Gigli i Emanuele Intrieri (Università Degli Studi Firenze) a la jornada sobre monitorització del terreny com a eina de gestió del risc i presentació del Projecte Europeu Wi-GIM (27/01/2017)
This curriculum vitae summarizes the personal and professional details of M. RaviKumar. It includes his contact information, education history, skills, and work experience. RaviKumar has a MSc in Computer Science from 2006 and BSc in Computer Science from 2004. He has over 10 years of work experience in roles like Assistant System Manager, Hardware Engineer, and Financial Processor. His skills include Windows, Linux, networking, and troubleshooting. He is currently looking for opportunities in a hi-tech environment.
This document discusses key Supreme Court cases that have shaped bioethics and the Constitution from 1842 to 1997. It begins with Prigg v. Pennsylvania which addressed slavery and the Fugitive Slave Act. It then discusses Dred Scott v. Sanford which ruled that slaves were property, not citizens. Later cases addressed the 14th Amendment, compulsory vaccination laws, forced sterilization, procreation rights, abortion rights, and physician-assisted suicide. The document examines how the Constitution has impacted bioethical issues over time through important Supreme Court decisions.
La Unión Europea ha acordado un paquete de sanciones contra Rusia por su invasión de Ucrania. Las sanciones incluyen restricciones a las transacciones con bancos rusos clave y la prohibición de la venta de aviones y equipos a Rusia. Los líderes de la UE esperan que las sanciones aumenten la presión económica sobre Rusia y la disuadan de continuar su agresión contra Ucrania.
The Reserve Bank of India (RBI) is the central bank of India and was established in 1935. It regulates the entire banking system and monetary policy in India with the objectives of maintaining price stability and adequate credit. RBI acts as a banker, debt manager, and financial advisor to the government, regulates foreign exchange and payment systems, and works to promote the development of the Indian economy through various institutions and policies.
Este documento identifica y describe varios factores de riesgo laborales. Define factores de riesgo como condiciones que pueden dañar la salud o seguridad de los trabajadores. Luego describe 8 categorías generales de factores de riesgo, incluyendo riesgos mecánicos, biológicos, químicos, físicos y otros. También incluye una tabla que identifica posibles agentes de riesgo específicos para diferentes procesos industriales como agricultura, automóviles, petróleo, textiles y más.
This document provides an overview of the Reserve Bank of India (RBI). It discusses the RBI's history, governance structure, key roles as the central bank and monetary authority of India including regulating the financial system, managing foreign exchange and currency, and its developmental functions. The document also outlines the RBI's objectives in being established, its subsidiaries, and instruments used for credit control.
This document summarizes key income tax proposals in the Union Budget 2017 relating to timely filing of returns, cash restrictions, tax rates and advance tax/refunds. Some key points include:
- Exemptions will be denied if returns are not filed by the due date for certain entities like charitable trusts and political parties.
- Cash transaction limits have been lowered to Rs. 10,000 per person per day for various deductions and exemptions.
- Surcharge of 10-15% will apply for individuals with income above Rs. 50 lakhs-1 crore. Rebate under section 87A has been reduced.
- Tax rate for small companies with turnover under Rs. 50 crores has been
El documento trata sobre la apendicitis. Describe que la apendicitis es la primera causa de abdomen agudo no traumático y proporciona detalles sobre su historia, epidemiología, anatomía, etiología, síntomas, exámenes de diagnóstico e imágenes, clasificaciones, tratamiento quirúrgico y técnicas quirúrgicas.
The budget document outlines key details of the 2017-18 Indian union budget. Some highlights include a fiscal deficit target of 3.2% of GDP, total borrowing estimated at Rs. 546332 crore, a reduction of the corporate tax rate for MSMEs to 25%, and a reduction of the tax rate on income up to Rs. 5 lakh to 5%. It also notes a 25.4% increase in capital expenditure from the previous year.
The budget deficit in Mongolia sharply rose in the first seven months of 2016 to over 8% of annual GDP, far exceeding targets, due to spending increases and revenue shortfalls. Growth dropped to 1.4% in the first half as private consumption declined sharply while investment increased, and unemployment rose to 11%. Corrective fiscal and monetary measures were taken, including terminating new spending programs, raising interest rates, and announcing a revised budget, but further significant policy adjustment is still urgently needed to address the high deficit and rising government debt.
This document provides a summary of key fiscal performance indicators in Sri Lanka from 2010-2014 and details recent changes to income tax law. It notes that government revenue has grown faster than expenditure, lowering the budget deficit as a percentage of GDP. Corporate tax rates have been extended at reduced rates for export profits and some services. Tax rates have also been increased for small businesses but reduced for listed companies and professionals.
The 2017 Omani budget aims to reduce budget deficit and rationalize spending amid low oil prices. It estimates revenues of RO8.7 billion, lower than 2016 estimates, but reduces expenditures to RO11.7 billion. This would result in a deficit of RO3 billion, lower than 2016's projected deficit. The budget focuses on economic diversification, private sector growth, and increasing non-oil revenues through measures like tax reforms and public-private partnerships. Analysts believe the budget reflects fiscal prudence but that reduced government spending could impact growth. Privatization initiatives are key to achieving budget targets.
Critical analysis of Bangladesh Budget Rifat Ahsan
The document provides an overview of key aspects of Bangladesh's national budget for FY2016-17, including:
- The budget sets GDP growth at 7.2%, inflation at 6%, and the budget deficit at Tk. 97,853 crore.
- Major allocations include Tk. 26,847 crore for education, Tk. 17,487 crore for health, and Tk. 3,759 crore for water resources.
- The total Annual Development Programme size is Tk. 1107 billion, a 21.6% increase over FY2016.
- The budget deficit financing for FY2017 will be 37% from external sources and 63% from domestic sources.
The Kelkar Committee on Fiscal Consolidation recommends several measures to address India's growing fiscal deficit, including raising prices of fuel, LPG, and fertilizers to reduce subsidies; increasing disinvestment proceeds; rationalizing plan expenditures; and tax reforms. Implementing these steps could help reduce the fiscal deficit from 5.8% to 5.2% of GDP, contain subsidy expenditures, boost tax revenues, and improve the overall fiscal health of the government.
Lanka Bangla ltd.-Bangladesh Budget Analysis Fiscal Year 18Pranab Ghosh
- The Bangladeshi government proposed its largest ever national budget of BDT 4,002.66 billion for FY18, 26.2% higher than FY17. The budget targets GDP growth of 7.4% and inflation of 5.5%.
- Revenue target was set at BDT 2,879.91 billion, 31.8% higher than FY17, while expenditure includes BDT 2,071.38 billion for non-development and BDT 1,590.13 billion for development.
- The budget deficit was projected at BDT 1,122.75 billion, to be financed 53.8% through domestic sources including bank borrowing of BDT 282.03 billion, and 46
This document discusses Bangladesh's GDP growth and national budget in several areas:
- Bangladesh's GDP per capita increased by $158 from the previous fiscal year to $1,909 in the current year, with an average of $281.272 over years.
- The government projected GDP growth of 8.2% for the 2019-20 fiscal year with 5.5% inflation. The goal is to reach double digit growth by 2023-24.
- While GDP growth has exceeded targets, concerns were raised about inconsistencies between GDP estimates and indicators. Private investment as a percentage of GDP also remains below targets.
- The budget prioritizes infrastructure but does not sufficiently address inequality created by disproportionate spending and regress
Griffon quarterly report - Iran's Macro Economics dashboard - March 2017Griffon Capital
This document provides a quarterly macroeconomic dashboard report from Griffon Asset Management covering Iran. Some key points:
- GDP growth for the first nine months of the Iranian fiscal year was 7.2%, driven primarily by an 85.4% growth in the oil sector. Other sectors like services, agriculture and industry also saw growth.
- Inflation declined from a peak of around 45% in 2013 to 8.6% recently due to better fiscal and monetary management. Producer price inflation has bottomed out in the short-term around 4.5%.
- Unemployment remains high at 12.5%, particularly among youth at 28.1%, though labor participation rates have increased, showing more
Federal Budget FY21: A Barrier Eclipsing ReliefSCPL Capital
FY21 : Key Budgetary Targets
GDP is expected to grow 2.2% vs. -0.4% in FY20e
Inflation to clock in at 6.5% as compared to 10.9% in FY20e
PSDP allocation of 1.3trn (up 13% YoY)
Tax revenue targeted at PKR4.7trn (up ~1trn YoY)
Fiscal Deficit to stand at 7% vs. 9.1% in FY21
Budget FY17 - Reforms set to persist_ recovery in agri to lift 06-06-2016Aijaz Siddique
The budget aims to boost economic growth while maintaining fiscal consolidation. Key points:
1) Agricultural support measures and higher development spending are expected to lift growth to 5.7% in FY17, though energy constraints and lower spending pose risks to the target.
2) Incentives for exporters address external account concerns after the IMF program by providing tax relief and financing support. Near-term exports may remain weak due to global headwinds.
3) Fiscal deficit is targeted to decline further to 3.8% through tax revenue growth and contained expenditure. However, risks remain from potential current spending overruns and non-tax revenue shortfalls.
4) Efforts to increase tax documentation
2023-14-06_Financial Statement for the Govt of Canada - 2018-2019.pdfpaul young cpa, cga
The document provides a summary of the Government of Canada's condensed consolidated financial statements for the fiscal year ended March 31, 2019. It highlights that the government posted a budgetary deficit of $14 billion for 2018-19, lower than the estimated $14.9 billion deficit. Revenues increased by $21 billion or 6.7% from 2017-18, while expenses rose $16 billion or 4.8%. The federal debt amounted to $685.5 billion at the end of March 2019, with the debt-to-GDP ratio at 30.9%, down from 31.3% the previous year. For the 21st consecutive year, the government received an unmodified audit opinion on its consolidated financial statements.
This 3 sentence summary provides the high level information from the document:
The document discusses India's Budget for 2016-17, noting that it maintains the government's commitment to fiscal consolidation while implementing important reforms like reducing corporate tax rates. It also initiates reforms to improve public expenditure management and transition to a medium-term fiscal framework. However, the budget continues practices like increasing cesses and maintaining a high number of tax exemptions that impact revenue collection.
This document summarizes key aspects of the Indian government's budget for 2012-2013. It notes that GDP growth for 2011-2012 is estimated to be 6.9%, lower than the previous two years due to global economic issues. The fiscal deficit for 2012-2013 is projected to be 5.1% of GDP, an improvement from 5.9% the previous year. Taxes were revised with a higher threshold for individual taxes and exemptions for senior citizens, health insurance, and capital gains from property sale for small businesses. Disinvestment targets were set at 30,000 crore rupees.
Union Budget Preview - Reinforcement of Fiscal Stimulusemkayglobal
The Union Budget is round the corner and as it comes closer, speculation is getting rife. In this report we bring to you a preview into what you can expect from this year's budget and its impact in the ensuing period
The document discusses India's fiscal deficit target for the upcoming year and whether it is sensible, audacious, or foolhardy. It analyzes the government's claims about meeting past deficit targets and expenditures exceeding budgets. It argues the deficit target will be difficult to achieve due to risks of higher oil prices and food subsidies. Meeting the target would require strong revenue generation and expenditure control, which the government has not consistently demonstrated in the past.
This document summarizes key aspects of the Indian government's budget for 2012-2013. It notes that GDP growth for 2011-2012 is estimated to be 6.9%, lower than the previous two years due to global economic issues. The fiscal deficit for 2012-2013 is projected to be 5.1% of GDP, an improvement from 5.9% the previous year. Taxes are adjusted with new income tax slabs and exemptions for senior citizens, health insurance, and capital gains from property sale. Disinvestment targets are set at 30,000 crore rupees. Efforts to reform taxation include a direct tax code and goods and services tax.
This Memorandum summarizes an overview of economy for the year 2015-2016 and the important changes proposed through the Finance Bill 2016. It contains comments on the budget and on the Finance Bill 2016, including highlights of the changes brought through the Income Tax Ordinance, 2001, the Sales Tax Act, 1990, the Federal Excise Act, 2005, the Customs Act, 1969, the Islamabad Capital Territory (Tax on Services) Ordinance, 2001 and Fiscal Responsibility and Debt Limitation Act, 2005. The amendments proposed through the Income Tax Ordinance, 2001 and through other laws are intended to be effective once the parliament has accorded its assent and thereafter, would be effective from July 01, 2016 i.e. tax year 2017 unless otherwise indicated.
This Memorandum is intended to provide general guidance to the readers on the important changes brought through the Bill and should not be considered as a substitute for specific advice relating to a particular enactment. For considering the precise effect of a proposed change, reference should be made to the appropriate wordings in the relevant statutes and the notifications issued where relevant.
This document discusses India's twin deficits of fiscal deficit and current account deficit. It notes that India has struggled with double-deficit issues for a long period. The fiscal deficit arises from government expenditure exceeding revenue, while the current account deficit is caused by a gap between exports and imports. The document analyzes the components of government expenditure and imports, and how they have contributed to the deficits. It also examines the linkages between economic growth cycles, the components of GDP, and the trajectory of the deficits. The slowing exports and rebounding imports during economic downturns are seen as widening the current account deficit.
The budget document summarizes the key features of Bangladesh's national budget for fiscal year 2017-2018. The total budget proposed is TK 400266 crore with a revenue target of TK 287990 crore. The annual development program allocation is TK 153331 crore. The overall budget deficit is estimated at TK 112276 crore. Expenditures are primarily focused on sectors like education, public administration, and transportation. The personal income tax rates range from 0-30% while the corporate tax rate is 25-45%. The VAT rate remains uniform at 15%.
1. Oman’s 2017 budget:
An analysis
5 January 2017
Comparing the 2017 budget with the ninth five year plan (FYP9)
Oil revenue projection reduced by 19%
Oil revenue is projected to decline from the RO5.49b planned in FYP9,
which assumed a price of US$55 per barrel of oil (US$55/bbl) in 2017,
to RO4.45b. The decline in oil revenues also reflects a reduction in oil
production to match the OPEC-Russia production agreement.
Non-oil and gas revenue reduced by 2%
The government has projected non-oil and gas revenue to reduce from the
RO2.64b planned in FYP9 to RO2.59b in 2017. This is primarily due to a
significant reduction in projected corporate tax revenues, which should be
partly offset by significant increases in other tax and fee revenues,
including non-Omani labor license fees and customs duties.
Overall expenditure cut by 8%
Expenditure is set to decline by RO1b from the RO12.7b planned in FYP9
to RO11.7b in 2017.
KPMG comment:
The fact that within a year of FYP9 being issued, the government has revised its revenue and expenditure estimates downwards, basing its budget
on a lower oil price of US$45/bbl, suggests prudent fiscal management. GDP growth of 2% is achievable despite strong economic headwinds and
shrinking government expenditure if the government expeditiously implements its Tanfeedh and privatization programs (see page 4).
Revenue
Oil
Gas
Non-oil and gas
Total revenue
Expenditure
Defense and security
Oil and gas production
Civil ministries
Development
Others
Total expenditure
Deficit
Deficit (as % to total revenue)
Average price per barrel (US$)
2017 budget Ninth five year plan - 2017
Δ (%) from
FYP9
(19)
(1)
(2)
(11)
(7)
(17)
(6)
(14)
16
(8)
3
17
(18)
ROm
5,490
1,675
2,635
9,800
(3,600)
(2,190)
(4,670)
(1,550)
(690)
12,700
(2,900)
30%
55
% of
total
56
17
27
100
28
17
37
12
6
100
ROm
4,450
1,660
2,590
8,700
(3,340)
(1,820)
(4,400)
(1,340)
(800)
(11,700)
(3,000)
35%
45
% of
total
51
19
30
100
29
16
38
11
6
100
Budgeted deficit is 35% of revenue
The 2017 budget projects a deficit of RO3b (12 percent of GDP) compared
to the FYP9 deficit of RO2.9b. Although overall expenditure is eight
percent lower than envisaged in FYP9, revenues are expected to decline
by 11 percent, resulting in the deficit increasing by RO100m.
GDP projected to grow by 2%
In FYP9, the government targeted average GDP growth of three percent
per annum. The reduction in oil revenue will reduce this slightly, although
GDP is still projected to grow to RO25b in 2017.
2. Omans 2017 budget at a glance
Analysis of 2016 initial final accounts (IFA)
Revenue
Oil
Gas
Oil and gas revenue
Taxes and fees
Other non-tax current revenues
Capital revenues and repayments
Non-oil and gas revenue
Total revenue
Expenditure
Defense and security
Oil and gas production
Development
Current and capital expenditure for civil ministries
Education
Health
Social security and welfare
Housing
Public services
Others
Subsidies
Interest on loans
Others
Total expenditure
Deficit
Deficit (as % of total revenue)
2017 budget 2016 budget
Actual oil and gas revenues
declined in 2016 to RO5.04b
according to IFA, 18 percent lower
than budgeted. This is primarily
because the realized price of oil
during 2016 was around
US$39/bbl, rather than the
budgeted price of US$45/bbl.
Actual public spending for 2016
increased by RO0.75b to RO12.65b
against budgeted expenditure
of RO11.9b. While actual
expenditure was six percent
higher than budgeted expenditure,
it was eight percent lower than
2015 actual expenditure as the
government reduced spending on
subsidies, security and defense
and cut expenditure by ministries
and government units.
The 15 percent reduction in total revenue and six
percent increase in total expenditure resulted in
an actual deficit for 2016 of RO5.3b, which is a
61 percent increase on the budgeted deficit of
RO3.3b. The deficit was predominantly
(72 percent) financed from external borrowings
and the issuance of Islamic bonds, with the
remainder (28 percent) covered from reserves.
As a result, public debt more than doubled to
RO7.4b (29 percent of GDP) at the end of 2016,
compared to RO3.4b in 2015.
The government kept
inflation down to 1.8
percent in 2016,
beating its FYP9
target of less than
three percent.
Revenue Expenditure Deficit Inflation
2016 actual
ROm
4,450
1,660
6,110
1,423
1,127
40
2,590
8,700
(3,340)
(1,820)
(1,340)
(1,585)
(612)
(487)
(504)
(525)
(687)
(4,400)
(395)
(265)
(140)
(11,700)
(3,000)
35%
% of
total
51
19
70
16
13
1
30
100
29
16
11
14
5
4
4
5
6
38
3
2
1
100
Δ (%)
2016
actual
21
12
18
(8)
(43)
(51)
Δ (%)
2016
budget
(2)
4
(1)
7
5
(20)
6
1
(5)
2
(1)
(4)
(3)
(5)
(4)
(3)
(10)
(5)
(1)
194
69
(2)
(9)
(8)
ROm
4,560
1,590
6,150
1,329
1,071
50
2,450
8,600
(3,500)
(1,790)
(1,350)
(1,645)
(633)
(511)
(527)
(543)
(761)
(4,620)
(400)
(90)
(150)
(11,900)
(3,300)
38%
% of
total
53
19
72
15
12
1
28
100
29
15
11
14
5
4
4
5
6
39
3
1
2
100
ROm
5,038
2,312
7,350
(12,650)
(5,300)
72%
Δ (%)
2016
budget
(18)
(6)
(15)
6
61
89
3. Highlights of the 2017 budget
A realistic budget in challenging conditions
The 2017 budget comes against a backdrop of
continued subdued oil prices and focuses on revitalizing
non-oil revenues and rationalizing public spending. The
budget has maintained development spending levels
while limiting public spending in other areas including
recruitment in the public sector and postponing the
purchase and replacement of government vehicles and
equipment. The government has announced plans to
sell government assets through a privatization scheme
which will be formalized by enacting a public-private
partnership (PPP) law.
Revenue
Oil and gas revenues represent 70% of total government revenues
Oil and gas revenues are fairly consistent, budgeted at RO6.11b in 2017
compared to RO6.15b in the 2016 budget, although up by 21 percent on
actual 2016 revenues. The 2016 budget was based on an oil price of
USD$45/bbl when the oil price had in fact fallen to below US$30/bbl. The
2017 budget is again based on the same oil price of US$45/bbl, at a time
when the price of oil has rallied to over US$50/bbl. Revenue estimates
also reflect reduced production pledged by the government in line with the
OPEC-Russia agreement and production from the Khazzan-Makarem gas
field, scheduled to start by the fourth quarter of 2017.
Non-oil and gas revenues represent 30% of total government
revenues
Non-oil and gas revenues are also fairly consistent with the 2016 budget,
estimated at RO2.59b compared to RO2.45b in the 2016 budget and up by
12 percent on actual 2016 revenues. Revenue from taxes and fees are
projected to increase by seven percent. Further analysis suggests a
significant decline in budgeted corporate tax revenues for 2017 to
RO400m (from the RO520m budgeted in 2016), almost equal to 2016
actual collections. This significant drop was primarily due to companies
reporting lower profits and tax rates remaining unchanged at 12 percent.
While amendments to corporate income tax laws are expected in 2017,
including increasing the corporate tax rate to 15 percent, revenues are
unlikely to increase until 2018 when companies start paying taxes for the
2017 tax year. Other tax and fees revenues are expected to increase
significantly, including non-Omani labor license fees (up by 22 percent)
and customs duties (up by 18 percent). The government is likely to benefit
from introducing an excise tax on specific commodities in 2017 in
conjunction with the other five GCC countries. Commodities like tobacco
and alcohol are likely to be taxed at 100 percent and soft drinks at 50
percent.
Revenue other than tax revenues
Non-tax revenues are budgeted at RO1.13b in 2017, compared to RO1.07b
in 2016. A significant component of this is income from government
investments which is budgeted to decline to RO200m from the RO500m
budgeted in 2016. This decline is alleviated by a significant increase in
miscellaneous revenue (RO298m in 2017 compared to RO37m in 2016),
revenue from airports (RO65m in 2017 compared to RO38m in 2016) and
miscellaneous administrative fees and charges (RO 56m in 2017
compared to RO 39m in 2016).
Expenditure
The government has estimated total expenditure at RO11.7b, a decrease
of RO200m or two percent from the 2016 budget and eight percent lower
than actual projected spending in 2016. The government is hoping to cut
spending by between three percent and five percent on defense and
security, education, healthcare, social security and welfare, housing
and public services. Nevertheless, overall spending allocated for the
education, health and social welfare sectors remains unchanged at
23 percent of total expenditure.
Expenditure on development projects, including by government-related
entities, is estimated at RO1.34b, unchanged from the 2016 budget.
Interest on loans is budgeted at RO265m, an increase of 194 percent on
the budgeted amount for 2016. This reflects higher interest rates and
increased borrowings.
Budget deficit
Budget deficit is 35% of revenues and 12% of GDP
The 2017 budget deficit is projected to be RO3b compared to an actual
2016 deficit of RO5.30b. The 2017 deficit is expected to be financed from
borrowings (84 percent) and reserves (16 percent).