(Bloomberg) -- Malaysian Prime Minister Najib Razak gave an upbeat assessment of the economy in an economic report accompanying his budget speech in Kuala Lumpur on Friday. Stronger economic growth and a rebound in oil prices is helping to boost revenue in the Southeast Asian nation, allowing the government to spend more but still bring down the fiscal deficit.
Here's a snapshot of the budget in four charts:
Growth Spurt
After a couple of years of deceleration, Malaysian growth is projected to have picked up this year and to hold fairly steady in 2018. Growth is projected at 5 percent to 5.5 percent next year.
Budget Deficit
The government has planned for a budget that makes up a smaller share of GDP, in a nod to those concerned about fiscal deficits. Higher expenditures should be largely offset by an increase in revenue, leaving a smaller negative balance than for this year.
Spending Plans
Government workers will share the bulk of the pie in the 2018 budget through their salaries and retirement benefits, while subsidies and social assistance will make up about 10 percent.
Revenue Outlook
Income tax is set to make up almost half of Malaysian government revenue amid solid economic growth.
To contact the reporters on this story: Myungshin Cho in Seoul at mcho38@bloomberg.net, Michelle Jamrisko in Singapore at mjamrisko@bloomberg.net.
To contact the editors responsible for this story: Nasreen Seria at nseria@bloomberg.net, Shamim Adam
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