Costa Rica: Fiscal Figures up to September 2017

The government's financial deficit rose from 3.4% of GDP in September 2016 to 4% in the same month this year, explained by an increase in the financial cost of debt and an increase in capital expenditure.

Tuesday, October 24, 2017

From a statement issued by the Ministry of Finance:

At the end of September, the central government's revenue and expenditure figures reflect the need for comprehensive fiscal reform (via income and expenditure), which will make it possible to sustain the state's finances, as well as stability and continuity of social achievements which the country achieved throughout its history.

The financial deficit up to September 2017 is 4.0% of GDP, while the primary deficit is 1.6%. At the same time last year, these indicators stood at 3.4% and 1.3%, respectively.  The increase in the deficit is explained by an increase in the financial cost of debt (interest from 2.1% to 2.4% of GDP from September 2016 to September 2017), the increase in capital expenditure from 0.8% to 1.0% of GDP) and transfers that must be met by legal mandates (increasing from 5.4% to 5.5% of GDP).

Wages, on the other hand, decelerated from 5% of GDP in September 2016 to 4.9% in 2017. Expenditure on goods and services remains at 0.4% of GDP. 

Read full release (in Spanish).

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