From a statement issued by the Ministry of Finance:

Interest continues to rise and has become the main item that is putting pressure on the fiscal deficit. As of November 2016, the accumulated balance of interest amounted to 2.4% of GDP, while in the same month of this year, the sum reached 2.8% of GDP. This directly affects the financial deficit, which went from 4.7% in November 2016 to 5% in November 2017. A smaller increase was observed in the primary deficit, which excludes interest, which went from 2.0% to 2.2% in the same period.

A positive aspect seen in the figures up to November, is the continued dynamism observed in capital expenditure for roads and educational infrastructure, mainly. Up to November of this year, this item registered a variation of 22% and its relation to GDP went from 1.1% in November 2016 to 1.3% in the same period in 2017.

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Interest Payments Stifling Public Finances

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