Capacity constraints in carrying out infrastructure development
plans caused a significant portion of budgeted 2012 expenditures to
be postponed amid implementation delays. Nonetheless, the ratio
f government expenditures to non-oil GDP reached 192.7% in 2012,
surpassing the previous high set in 2011. The largest increase was in
capital expenditures, which grew by 78.4% over 2011. The vast majority
of this spending went to national electrification. The system is being
built to accommodate future electricity demand but currently has excess
generating capacity. Despite rising Petroleum Fund returns and overall
balance, the rise in spending has necessitated withdrawals from the fund
that exceed what the Ministry of Finance estimates can be sustained over
the long run. The government posted another large budget surplus of $1.8 billion,
which was about 1.4 times non-oil GDP in 2012. However, the surplus
was much smaller than in 2011 when it equaled 2.4 times non-oil GDP.
The government received $3.0 billion in income from its oil concessions
in 2012, down from $3.5 billion in 2011. As in recent years, these revenues
dwarfed the government’s domestic revenues of $146 million (Figure 3.35.3).
Public savings, defined as the Petroleum Fund plus foreign exchange
reserves, are $11.6 billion, which is more than 9 times annual non-oil GDP.
The value of goods and services imported into Timor-Leste in
2012 increased by 15%, but this was much lower than in the previous
year, when there were particularly large imports of heavy construction
equipment. Nonpetroleum exports, mostly coffee, increased by 10.9% but
still covered only 4.4% of the cost of imported goods. The surplus in the
income account from petroleum revenue continued to outweigh the wide
trade deficit in 2012, providing a current account surplus equivalent to
1.7 times non-oil GDP
-------------- Source : Timor-Leste 2013 State Budget - World Economic Outlook yearly economic data, real gdp, nominal gdp, unemployment, etc. IMF. http://www.econstats.com/ifs/NorGSc_Tim1_index.htm
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