October 21, 2016 / 8:31 AM / 3 years ago

HIGHLIGHTS-Malaysia's 2017 budget

KUALA LUMPUR, Oct 21 (Reuters) - Prime Minister Najib Razak announced Malaysia’s 2017 budget on Friday, highlighting how the government plans to accelerate growth, narrow its budget deficit and address rising cost of living. The government also released an economic report.

Following are highlights of Najib’s ongoing speech to parliament

BUDGET

- Budget stands at 260.8 billion ringgit ($62.3 billion), a rise of 3.4 pct from 2016

- 2017 revenue collection to expand around 3 pct to 219.7 bln rgt

- Budget deficit expected at 40.3 bln rgt or 3 pct of GDP for 2017

TAXES

- 2017 tax revenue seen up 8.1 pct on corporate tax; oil revenue to remain weak

- Almost 30 bln rgt has been collected through GST as of Oct. 19

- PM Najib: goods and services tax will not be raised

EXPENDITURE

- 214.8 bln ringgit for management, 46 bln rgt for development, 2 bln rgt for savings

SUBSIDIES

- Govt will provide nearly 10 bln rgt for subsidy allocation in 2017

- Govt cash aid programme BR1M to be allocated 6.8 bln rgt in 2017

HOUSING AND HOSPITALS

- Govt to enhance affordability for first-time home buyers by providing more land

- PR1MA to build more than 30,000 houses with selling prices from 150k-RM300k rgt

- Home financing will be made easier and more accessible to buyers

- To upgrade hospital facilities nationwide with an allocation of 536 mln rgt

- 4.5 bln rgt for the operations of clinics in city and rural areas

- 4 bln rgt for supply of drugs, vaccines etc to all govt hospitals and health facilities

MACRO ECONOMY

- 2017 GDP forecast at 4.0-5.0 pct vs 4.0-4.5 pct estimate for 2016

- 2017 inflation forecast at 2.0-3.0 pct vs 2.0-2.5 pct for 2016

- Export growth estimated at 2.7 pct in 2017 vs 1.1 pct gain in 2016

- Expansion expected in services, manufacturing, agriculture, mining and construction

- C/A account surplus to narrow to 14.8 bln rgt in 2017 from 16.4 bln rgt in 2016

$1 = 4.1845 ringgit Reporting by Kuala Lumpur Bureau; Editing by Jacqueline Wong

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