Guatemala: 2013 Public Finance Figures

The tax burden was placed at 10.9%, as a result of a tax proceeds of $5.912 million, 8.1% higher than in 2012.  

Thursday, January 16, 2014

Guatemala's fiscal deficit ended the year at 2.2%, below the Government's initial estimate of 2.5 %.

From a press release by the Ministry of Finance:

The Ministry of Finance reports that at the close of the fiscal accounts for 2013 has been completed and given results that demonstrate the efficient and sound management of fiscal policy. The deficit stood at 2.2% of GDP, a level that fosters macroeconomic stability and economic development. The delay in approving budget support loans and behavior of tax revenues represented adversities which were properly dealt with.

The tax burden in 2013 stood at 10.9%, a result of a tax collection Q46.306.1 million, representing a growth of 8.1%, higher than in 2012 (6.3%) , despite series of legal actions against the Tax Update Law. This growth is mainly associated with the ISR , which grew by 20.6 % compared to the amount collected in 2012. Meanwhile , public spending grew by 5.3% year on year, reaching 13.7% of GDP, lower than that observed in 2012 (14.1%).



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.

Guatemala's Financial Present and Future

July 2014

A review of the fiscal outlook in Guatemala, the difficulties encountered and possible solutions for addressing these challenges.

From the Introduction of the study by the Foundation for the Development of Guatemala (FUNDESA):

In any country, taxation is critical to ensuring the proper functioning of the state.

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: Public Spending Up 18%, Revenue 5%

June 2010

In the first five months of 2010, the fiscal deficit was $670 million, 86% more than the same period of 2009.

An article in Nacion.com notes that “the deficit accounted for 1.93% of the country’s production. The Treasury expects the deficit to represent 4.8% of the GDP by the end of the year”.

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