Costa Rica’s Fiscal Deficit Stops Rising

The 10% increase in revenues will offset the 9.5% increase in central government spending, leaving the fiscal deficit at 3.5% of GDP, slightly below the October 2012 cumulative.

Friday, November 9, 2012

A statement from the Ministry of Finance reads:

Government deficit to October is slightly lower than in the same period last year

• Net domestic financing of the government (including recourse to external debt amortization) was 4.2% of GDP, down from 4.3% in the same period of 2011

The accumulated financial deficit in October 2012 reached 3.5% of GDP per year, equivalent to ¢795,903.7 million. This deficit is slightly lower than in the same period of 2011.

Efforts to increase revenue and contain current expenditure are factors that have contributed to reducing the deficit, the level of which is consistent with the 4.7% of GDP for the year.

Tax revenues for October 2012 show a slight acceleration over its growth rate. Cumulative figures for October 2012 increased by 10% (yoy), while in the same period of 2011, the growth rate was 8.8%.

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From a statement issued by the Ministry of Finance:

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Costa Rica: Tax Panorama - February 2016

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The 8% growth in total government revenue was not enough to reduce the financial deficit, which at the same period reached 1% of GDP.

From a statement issued by the Ministry of Finance in Costa Rica:

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Costa Rica: Fiscal Deficit is Unstoppable

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The increase in government spending in the first eight months of 2012 is even higher than the increase observed in the same period last year.

A statement from the Ministry of Finance reads:

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Fiscal Deficit in Costa Rica Not Lowered

August 2012

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A statement from the Ministry of Finance of Costa Rica reads:

• The fiscal deficit persists despite efforts to increase revenue and reduce expenses.