Panama Increases the Limit of the Fiscal Deficit

The approved law increases the limit of the deficit budget up to 3% of GDP beginning this year.

Wednesday, June 24, 2009

The new legislation establishes a gradual reduction of the deficit over the next four years, which would go from 3% in the first year, 2% in the second year, 1.5% in the third year, and 1% in the fourth year.

La Estrella published comments from the Minister of Economy and Finance, Hector Alexander, about the modification of the law on their website: “…it gives the new administration the tools it needs to move the economy and fulfill its campaign promises.”

More on this topic

Costa Rica's Fiscal Deficit Will Be 6% of GDP in 2014

August 2013

The country ranks third in Latin America in terms of the difference between income and expenditure in relation to GDP.

In 2012, government revenues totaled 14.4% of GDP while expenditures were 18.8%.

Data from the Economic Commission for Latin America and the Caribbean (ECLAC), reveals that compared with 2007 figures the country shows a significant deterioration .

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

Growing Fiscal Deficit Worries Businesses

October 2011

The National Association of Private Enterprises in El Salvador said the government is not “going on a diet”, but instead is still increasing public spending.

ANEP President, Jorge Daboub, is accusing the International Monetary Fund of having changed their policies regarding austerity recommendations, now that the government of El Salvador is aware of the extension on the limits of subsidies, which passed initial targets of 3.3% and 3.2% for 2011 and 2012 respectively, up to 4.5% and 3.9% compared to the same period.

Panama's Fiscal Deficit Doubles

February 2011

The deficit of the nonfinancial public sector rose from $ 252.6 million in 2009 to $ 511.7 million at the end of 2010.

Even though revenues increased by 9.7%, to $ 6,873.9 million, expenditures rose by 13.3%, to $ 7,385.7 million.

"The deficit represents 1.9% of the projected gross domestic product (GDP) under the 2010 budget ($ 26,728,000), staying within the guidelines of the Fiscal Social Responsibility Law, which last year allowed for a deficit up to 2.5%," reports the article in Prensa.com.

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