Honduras Government Debt Reaches 50% of GDP

The Central American Institute for Fiscal Studies has carried out an assessment of the public finances 2010-2013, and prospects for 2014.

Thursday, July 10, 2014

From a statement issued by the Central Institute for Fiscal Studies (Icefi):

The Icefi showed that sluggish revenues and a strong increase in public spending accelerated the growth of the fiscal deficit, from 4.6% of GDP in 2010 to 7.9% of GDP in 2013. This accelerated growth of the fiscal deficit has been covered with an increase, also fast, in the public debt. In 2013 the stock of public debt reached 43% of GDP (U.S. $8.006 million), almost double the 22% of GDP (U.S. $2.981 billion) in 2008, it is expected that in 2014 the stock of public debt to will reach 50% of GDP.

The rapid increase in public debt is a heavy burden: in 2014 public debt servicing absorbed 27% of total budgeted expenditure, exceeding other spending items, and double the budget for public health services. The institute warned that failure to change this fiscal outlook will mean that Honduras in the medium term may not reduce the balance of its public debt and will certainly be fiscally unsustainable.

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