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| 2003-04 Outturn |
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| 58.
For 2003-04, total government spending is estimated to be $252.9 billion and revenue $203.9 billion. The fiscal deficit will be $49 billion (or 4 per cent of GDP), lower than the $78 billion that I envisaged in October 2003. This is mainly due to the higher-than-expected investment income from the fiscal reserves and revenue from profits tax and stamp duty, and to the lower-than-expected expenditure this year as a result of
departments' continued efforts to streamline their structures and re-engineer procedures. By 31 March this year, our fiscal reserves will have dropped to $266.4 billion, the equivalent of 13 months of government expenditure. |
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