Date: September 4, 2019
Government Operations Results for July 2019
For the period of April to July 2019, the GOJ reported Total Revenues & Grants of $202.06 billion, $3.95 billion more than the Government’s projection. Furthermore, year over year, this represents an increase of approximately 10.5% relative to the $182.87 billion recorded for the corresponding period in 2018. ‘Tax Revenue’ and ‘Non-Tax Revenue’ outperformed projections while ‘Capital Revenues’ and ‘Grants’ underperformed projections during the review period. ‘Tax Revenue’ amounted to $179.81 billion, $3.75 billion more than budgeted while ‘Non-Tax Revenue’ of $19.43 billion was reported; $589 million more than budgeted. ‘Grants’ underperformed budget by $157.6 million, amounting to $2.01 billion during the review period. Whereas, ‘Capital Revenues totalled $813.3 million, $233.60 million or 22.3% less than budgeted. Notably, no provisional amount was booked for ‘Bauxite Levy’ for the review period.
Total Expenditure for the period April to July 2019 amounted to $194.75 billion, $5.07 billion or 2.5% less than the budgeted $199.83 billion. Recurrent expenditure which totalled $179.15 billion, accounted for 91.99% of overall expenditures. Relative to projections, recurrent expenditure was $822.5 million (0.5%) less than budgeted. Of the recurrent expenditure categories for the review period, all categories with the exception of ‘Employee Contribution’ were above the budgeted amount. ‘Programmes’ which amounted to $65.21 billion, was $2.25 billion or 3.6% more than projected. ‘Compensation of Employees’ which amounted to $71.93 billion was $326.2 million or 0.5% more than projected. In addition, ‘Wages & Salaries’ amounted to $66.16 billion and was $839.1 million or 1.3% more than projected. Whereas, ‘Employee Contribution’ totalled $5.77 billion, 8.2% less than the budgeted amount of $6.28 billion.
As a result of the decrease in Expenditures for the period April to July 2019, the ‘Fiscal Surplus’ was $7.31 billion, relative to a projected deficit of $1.71 billion. Additionally, the primary balance for the period amounted to $49.32 billion, 12.9% more than budgeted.
As part of the Memorandum of Economic and Financial Policies (MEFP), the GOJ estimates that the primary balance, as a performance criterion, should amount to $150.93 billion by the end of the 2019/2020 fiscal year. Up to the September quarter, a primary balance of $35.7 billion is estimated. As at the end of July 2019, this amounted to $49.32 billion. Tax Revenue is expected to total an estimated $242 billion by the end of the September quarter. The reported tax revenue for the end of July 2019 was $179.81 billion.
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