Fiscal Deficit Increases in Costa Rica

The finances of the Central Government of Costa Rica continued to show a marked deterioration. Up to and including April, the financial deficit stood at $222 million.

Monday, May 18, 2009

In the first quarter of this year, the results of the accounts of the Central Government showed a decline of 8.5% in revenue over the same period in 2008. Revenue from income taxes showed an inter-annual decrease of 9.8% and customs showed a contraction of 21.4%.

The area of "other tax revenue" showed an increase of 9%, while revenue from sales taxes and consumption showed an increase of 2.1% and 5.7% respectively.

For their part, total expenditures increased by 19.9% in inter-annual terms, mainly due to a 34.2% increase in remuneration as a result of salary adjustments. Moreover, pension payments and resources for the Higher Education Financing Fund (FEES) showed an increase of 19.5% and 42.8% respectively.

More on this topic

Costa Rica: Tax Figures up to March 2017

April 2017

Tax revenues went from a rate of change of 7% in March 2016, to a rate of 8.5% in the same month of this year.

From a statement issued by the Ministry of Finance:

Authorities at the Treasury announced the performance of the central government's fiscal figures at the end of the first quarter of the year, which indicate how tax revenues continue to show good results, going from a rate of change of 7% in March 2016 to 8.5% in the same period this year.

Costa Rica's Fiscal Deficit: Official Projection Falls Short

March 2013

Costa Rica could have a greater fiscal deficit than the 4.8% estimated by the Central Bank for this year, reaching 5.1% of GDP.

According to the Fiscal Studies Program by the School of Economics at the National University of Costa Rica, this projection was based on total tax revenues increasing by 8.7%, taking into account a lower tax income and Customs taxes (due to a fall in imports) and also an increase in total expenditure of 11.5%.

Costa Rica’s Fiscal Deficit Stops Rising

November 2012

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.

A statement from the Ministry of Finance reads:

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

The Deterioration in Costa Rica's Finances

June 2009

The fiscal deficit is pushing interest rates up, and the Treasury Minister announced a resolution to create a new tax that will generate additional income.

The Pulso Bursátil de Aldesa newsletter analyzes the situation of the deficit in the government’s coffers, which has been seriously affected by the decrease in tax collections and, on the other hand, by the increase in expenditures.

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