Page 4
Table 2.1.1: Fiscal Table in million
2016 Original Budget
2016 Rectification Budget
Total Expenditure by Appropriation including
loans 1,562.2
1,952.9 Total Expenditure by Appropriation
excluding
loans 1,455.2
1,845.9 Recurrent
1,106.9 1,106.9
Salaries and Wages 181.9
181.9 Goods and Services incl. HCDF
449.0 449.0
Public Transfers 476.0
476.0
Capital 455.3
846.0
Minor Capital 18.8
18.8 Development Capital including
Infrastructure loans
436.5 827.2
Domestic Revenue 171.4
171.4 Non‐Oil Fiscal Balance
1,390.8 1,781.5
Financing 1,390.8
1,781.5
Estimated Sustainable Income ESI 544.8
544.8 Excess Withdrawals from PF
739.0 1,129.7
Cash Balance ‐
‐ BorrowingLoans
107.0 107.0
Source: National Directorate of Economic Policy, Ministry of Finance, 2016
2.2 E
2.2.1 I
2.2.1.1
In 2015
recover econom
commo recover
growth
develop is
perfo
Figure 2
Source: I
2.2.1.2
Change and
sta consum
IMF Cru
Figure 2
Oil price
had fall
Econom
Internatio
1 Trends in
5, global e
ring from th
mies decline
odity prices
ry in advan
rate will i
ping Asia is
orming parti
2.2.1.1.1 Re
MF, WEO Apr
2 Trends in
es in interna
andards of
med in Timo
ude Oil Inde
2.2.1.2.1. es
fell signif en
by almo
mic Ove
onal Econ
n Internati
economic g
he legacies o
ed for the
and the slo
ced econom
increase to
one of the
icularly wel
eal Econom
ril 2016
Internatio
ational com
living in T
or ‐Leste are
ex has help
ficantly in t
ost 60 from
erview
nomy
onal Grow
growth rem
of the finan
fifth cons owdown
in mies,
grow o
3.2 and world’s hig
l within this
mic Growth 2
onal Prices
mmodity pric
Timor ‐Leste
e imported.
reduced inf
he second
m its peak in
wth
mained sub
ncial crisis. G
secutive ye
the Chines
ing at 1.9
d 3.5 in 2
gh growth a
s group of e
2015–2017
s
ces can hav
e, as a sig
. The stead
flation and
half of 2014
n June 2014
bdued at
Growth in
e ear
at 4.0 se
economy .
The IMF 2016
and 2 areas
see F economies.
ve a large ef
gnificant pr
y fall in the
improve liv
4; by Januar
4. This bro
3.1 with
emerging m
, driven b
y, while the
F forecast t
2017 respe
Figure 2.2.1
ffect on bot
roportion o
e FAO Food
ving standar
ry 2015 the
ught an end
many cou
markets and
by lower in
ere has bee
that the an
ctively. Em
1.1.1. and T
th the rate
of food an
d Prices Ind
rds in Timo
e price of a
d to a four‐
Page 5
untries stil
developing nternationa
n a modest
nnual globa
merging and
Timor ‐Leste
of inflation
d products
dex and the
r ‐Leste see
barrel of oi
year period
5
l g
l t
l d
e
n s
e e
l d
of price
2015. T
global s
The ge
partner appreci
currenc of
impo Howeve
markets
Figure 2
Source:
2.2.2 D
2.2.2.1
In Timo
output. coupled
which d
measur monito
e stability o
These recen
supply and r
neral appr
rs, which b
iated by 9
cies in the 1
orts; this pu
er, this app
s, constrain
2.2.1.2.1 Fo
Oanda, FAO F
Domestic
1 Economi
