Costa Rica Budget for 2013 is $12.9 billion

Congress has given final approval to the Costa Rica the government for the 2013 budget of $12.908 billion, 7.7% higher than in 2012 and a deficit of 45%, which will be financed with debt.

Friday, November 30, 2012

A statement from the Legislature reads:

The Legislative Assembly also passed with 27 votes from the 46 deputies present in the second debate the regular budget for next year, in archive number 18,554, which is around 6.4 billion colones of which 57% will be financed by fresh income and 43% with debt .

Of the 6.4 billion colones making up the budget, one third is for debt services representing over two billion while social spending is around 4 billion.

The resources allocated to social spending, representing 47%, are for education, social protection, health, housing, among other things, which is the category to which the most amount of money is allocated.

The 2013 budget increased by 7.7% compared with 2012, which according to the Ministry of Finance is lower than in the two previous budgets which were 13.7% and 9.1% in 2011 and 2012, respectively.

Current revenue reached 3.6 billion colones, an increase of 11.7% compared to the increase registered by the Controller General of the Republic in 2012, higher than the growth in spending and depreciation.

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