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.
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.
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.
While up to May Finance revenue grew by 10% interannually, Central Government expenditure increased by 13.1%.
Greece had a 13% fiscal deficit and made the world tremble. Costa Rica’s deficit could reach 10% by the end of 2011.
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