Public Finance deficit fiscal deficit public spending fiscal deficit limits Government expenditure Gross Domestic Product (GDP) Treasury Secretary of Costa Rica government revenue State budget fiscal policy public debt public sector tax reform Édgar Ayales

$2 Billion Deficit in Costa Rica

In November, the balance between government revenues and expenditures showed a deficit equivalent to 4% of GDP.

Tuesday, December 11, 2012

In November the government deficit amounted to $ 1.82 billion, or 4% of the gross domestic product (GDP), the same level as in 2010. Nevertheless, in 2010 the shortfall was lower, at $ 1.52 billion. Of the $1.82 billion shortage the government needs to cover its running costs, $1.12 billion were financed with domestic debt and $700 million with external debt.

Salaries are the biggest expense for the Government, and these increased 8.4% so far this year.

Source: Crhoy.com

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Édgar Ayales Treasury Secretary of Costa Rica

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Costa Rica

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deficit fiscal deficit fiscal deficit limits Gross Domestic Product (GDP) Government expenditure public spending government revenue public sector utilities State budget Public Finance

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From a statement issued by the Central Institute for Fiscal Studies (Icefi):

The Icefi showed that sluggish revenues and a strong increase in public spending accelerated the growth of the fiscal deficit, from 4.6% of GDP in 2010 to 7.9% of GDP in 2013.

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

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The deficit of the nonfinancial public sector was 2.1% of GDP at the end of fiscal year 2012, compared with a deficit of 2.2% of GDP in 2011.

A statement from the Ministry of Economy and Finance reads:

The deficit of the nonfinancial public sector (NFPS), was 2.1% of GDP at the end of fiscal year 2012, compared with a deficit of 2.2% of GDP in 2011, total NFPS revenues increased by B /.

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During the first month of 2013 government spending was 16% higher than in January 2012, while income rose by 8.4%.

Crhoy.com reports that "In general, the central government deficit during the first month of the year stood at 0.84% as a proportion of gross domestic product (GDP). Meanwhile, interest expenses increased in the order of 36%, whereas a year earlier it increased in the order of 10.1%. "