Panama: Fiscal Numbers in 2016

The non-financial public sector deficit fell from 3.2% of GDP in 2015 to 1.9% in 2016.

Thursday, June 22, 2017

From a statement issued by the Ministry of Economy and Finance: 

The non-financial public sector deficit (SPNF), which represented 3.2% of the Gross Domestic Product (GDP) in 2015, decreased to 1.9% in 2016, according to the Fiscal Balance Report corresponding to the official closing of 2016. 

The deficit before the adjustment included in the Fiscal Social Responsibility Law (LRSF), went from B /. 1,208 million in 2015 to B /. 1,065 million in 2016, which, with the adjustment reflects a total deficit of 1.5% of GDP, a figure that is within the limit authorized by the regulation. 

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Panama: Tax Figures as of March 2017

May 2017

In the first quarter total expenditures in the non-financial public sector decreased by 12% compared to the same period in 2016.

From a statement issued by the Ministry of Economy and Finance:  

The non-financial public sector (SPNF) recorded revenues of 2,828 million balboas and expenses of 2,623 million Balboas, a positive balance of 204 million balboas in the first quarter of 2017, according to the Fiscal Balance presented today by the Ministry of Economy and Finance.

El Salvador: Debt Rating Gets Worse

December 2016

Two months after reducing the rating from B + to B, Standard & Poor's has now reduced the note to B-, with a negative outlook.

From a press release by Standard & Poor's:

El Salvador's liquidity has deteriorated significantly because of protracted negotiations between the government and opposition parties on a comprehensive set of fiscal reforms that has weakened debt management.

Future of Panama's Risk Rating

October 2014

Fitch Ratings highlighted as a recurrent weakness of the Panamanian fiscal policy the inability to limit the growth of debt as a percentage of GDP.

From the statement by Fitch Ratings:

Fitch Ratings-London-03 October 2014: The Panamanian government's request to raise the 2014 non-financial public sector deficit ceiling highlights the persistent use of waivers of the country's Social and Fiscal Responsibility Law (LRSF), Fitch Ratings says. This is a recurring weakness in the country's fiscal framework as fiscal consolidation becomes more important in maintaining favourable debt dynamics. However, Panama's ratings continue to be supported by the country's relatively healthy growth rates and macroeconomic stability, its growing economic diversification and the decline in government indebtedness over recent years.

Costa Rica's Fiscal Deficit Ended 2012 at 4.4% of GDP

January 2013

The annual imbalance between government expenditures and revenues grew by 0.3%. Expenses grew by 10.6% in 2012, 1.7% more than the increase in 2011.

A statement from the Ministry of Finance reads:

The financial deficit of the Central Government at the end of 2012 was 4.4% of GDP, equivalent to ¢1,003,098 million. This deficit is lower than that projected earlier this year (4.8%).