F.1. Let me now summarise our overall budget position. For FY2016, we expect a budget surplus of $5.2 billion, or 1.3% of GDP. This is higher than the surplus of $3.4 billion, or 0.8% of GDP, budgeted a year ago.
F.2. Nevertheless, when we exclude Government’s top-ups to funds and Net Investment Returns Contribution from past reserves, we expect a basic deficit of $5.6 billion, or 1.4% of GDP. FY2016 was hence an expansionary budget.
F.3. In FY2017, the Government’s budget remains expansionary. Ministries’ expenditures are expected to be $3.7 billion, or 5.2%, higher than in FY2016.
F.4. Overall, a smaller budget surplus of $1.9 billion, or 0.4% of GDP, is expected in FY2017. As we expect expenditures to continue rising in the long term, this budget position is prudent, while supporting firms and households in the midst of continued economic restructuring. (Refer to Annex D).
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