Costa Rica: Fiscal Figures Deteriorate

At the end of the first quarter of this year, the financial deficit increased to 1.5% of GDP, up from the 1.3% reported in the same period in 2017, accompanied by a slowdown in tax revenues.

Tuesday, April 24, 2018

According to the Ministry of Finance " ...The fiscal results at the end of the first quarter of March show, once again, the need to have a structural reform that allows increasing revenues and slowing down of growth in public spending, an objective sought by the Public Finance Strengthening Project."

From a statement issued by the Ministry of Finance:

April 20, 2018. Interests continue to put pressure on growth of spending, there is an urgent need to reduce the financial cost of the debt.

The fiscal results at the end of the first quarter of March show, once again, the need to have a structural reform that allows for revenues to increase and growth of public spending to slow down, an objective sought by the Public Finance Strengthening Project. As of March, the financial deficit is 1.5% of GDP, which was 1.3% a year ago.  For its part, the primary deficit went from 0.5% in March 2017 to 0.6% of GDP in the same month in 2018.

This fiscal result is influenced by the deceleration of tax revenues, which show an increase of 1.4%, having been 8.5% as of March 2017. The main cause explaining this behavior is the fewer imports of vehicles, appliances and electronic components, which results in a fall in sales tax (0.3%) and in the selective consumption tax (9.6%).

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More on this topic

Costa Rica: Fiscal Deficit Closes 2016 at 5.2% of GDP

January 2017

In comparison to 2015 revenue grew by 9% and expenses by 6%, and total public debt as a proportion of GDP reached 45%.

From a statement issued by the Ministry of Finance:

The figures for income and expenditure of the central government indicate that by the end 2016, the shortfall of government revenue to cover expenses was 5.2% of GDP, less than the 6% calculated at the beginning of the year and less than the amount that was observed in 2015 (5.7%). This result represents a reduction of 2% (equivalent to ¢32 billion) from the deficit of 2015, which makes it the lowest deficit in the last four years.

Costa Rica: Fiscal Figures - September 2016

October 2016

Although the growth rate of government expenditure has slowed, it is above inflation, while rising incomes have allowed for a reduction of the fiscal deficit compared to last year.

From a statement issued by the Ministry of Finance:

A reduction of ¢168,742 million in the financial deficit (revenues minus expenses), and a difference of seven percentage points between increased income and expenses, are the fiscal figures for the Central Government recorded with just three months to go until the end of the year.

Costa Rica: Fiscal Situation up to April 2016

May 2016

At the end of the first quarter the financial deficit was 1.6% of GDP, below the 1.9% of GDP recorded in the same period in 2015.

From a statement issued by the Ministry of Finance:

At the end of the first quarter of the year, the fiscal figures showed a decline of close to ¢86,000 million in the primary deficit (revenue less noninterest expense) and close to ¢38,500 million in the financial deficit.

IMF urges fiscal reform in Guatemala

May 2010

The International Monetary Fund's recommendations focus on curbing the fiscal deficit and increase government income via taxation.

A staff team from the International Monetary Fund (IMF) visited Guatemala during April 27-May 6, 2010 to conduct the third review of the Stand-By Arrangement (SBA) approved in April 2009 (see Press Release No.

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