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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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: Tax Panorama - February 2016

March 2016

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:

By February 2016, the increase in expense figures was lower than those shown in the growth of tax revenues.

Costa Rica: Fiscal Deficit is Unstoppable

September 2012

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:

• Deficit continues to grow despite efforts to control spending and reduce evasion

Fiscal Deficit in Costa Rica Not Lowered

August 2012

In the first 7 months of 2012 revenue increased by 11.3%, but government spending continues to increase at a rate of 9.6% growth, just below the 10.4% recorded in the same period in 2011.

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

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

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