Fiscal Deficit Up 70% in Costa Rica

In the first eight months of 2010 the deficit totaled $997 million, 70% more than the same period of 2009, as a result of stagnant revenue and increased spending.

Tuesday, September 21, 2010

State revenues are still below 2008 levels, and spending has increased considerably, mainly in salaries, social programs and pensions.

Between January and August 2010, revenues summed $3.35 billion while expenses $4.3 billion, mostly in salaries, social programs, pensions, scholarships, the special fund for tertiary education, road repairs and municipalities.

More on this topic

The Nail on the Head: Public Sector Salaries

September 2014

It has been pointed out that the solution to the financial debacle of the State of Costa Rica unavoidably involves rethinking the system of incentives and salaries of public officials.

Crhoy.com reports that "... economists and former ministers have said it's good that a containment of public expenditure be made, but if the current government and MPs really want to solve the budget deficit they must not stick only to the administrative unti but must also delve into the issue of public sector salaries."

Costa Rica: Fiscal Deficit Less than 2% of GDP

June 2013

While up to May Finance revenue grew by 10% interannually, Central Government expenditure increased by 13.1%.

"Finance revenue grew by 10% interannually up to May, driven especially by the collection of income tax, tributes which recorded a growth of 11.7% in May," noted an article in Elfinancierocr.com.

Costa Rica’s Fiscal Deficit Stops Rising

November 2012

The 10% increase in revenues will offset the 9.5% increase in central government spending, leaving the fiscal deficit at 3.5% of GDP, slightly below the October 2012 cumulative.

A statement from the Ministry of Finance reads:

Government deficit to October is slightly lower than in the same period last year

Panama: Government Spending 10% More on Wages

September 2011

Between January and July 2011, the state’s payroll totaled $1,098 million.

Government spending on salaries has shown a significant increase compared to the previous year, according to a report by the Controler from July, which reveals that the of the total expenses, 40% relates to the Ministry of Education.

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