September 2, 2020
Government Operations Results for July 2020
For the period of April to July 2020, the GOJ reported Total Revenues & Grants of $161.75 billion, $9.61 billion more than the Government’s projection. Furthermore, year over year, this represents an increase of approximately 5.1% relative to the $153.85 billion recorded for the corresponding period in 2019. ‘Tax Revenue’, ‘Non-Tax Revenue’ outperformed projections during the review period, while ‘Grants’ underperformed projections during the period. ‘Tax Revenue’ amounted to $143.92 billion, $10.04 billion more than budgeted while ‘Non-tax Revenue’ of $17 billion was reported, $394 million more than budgeted. ‘Grants’ underperformed the budget by $834.40 million, amounting to $806.90 million during the review period. Notably, no budgeted amount was booked for ‘Capital Revenue’; however, the provisional amount closed the period at $10.60 million. Additionally, no provisional amount was booked for ‘Bauxite Levy’ for the review period.
Total Expenditure for the period April to July 2020 amounted to $212.65 billion, 923.30 million or 0.4% more than the budgeted amount of $211.73 billion. Recurrent expenditure which totalled $197.13 billion, accounted for 92.7% of overall expenditures. Relative to projections, recurrent expenditure was $742.60 million (0.4%) less than budgeted. Of the recurrent expenditure categories for the review period, the categories above the budgeted amount were ‘Programmes’ and ‘Wages and Salaries’. ‘Programmes’ amounted to $83.32 billion and was $917.10 million or 1.1% more than budgeted while ‘Wages and Salaries’ totalled $69.01 billion, 0.1% above the budgeted amount of $68.91 billion. ‘Compensation of Employees’ amounted to $73.68 billion which was $78.90 million or 0.1% less than budgeted. Additionally, ‘Employee Contribution’ totalled $4.67 billion, 3.7% less than the budgeted amount of $4.85 billion.
As a result of the increase in Expenditures for the period April to July 2020, the ‘Fiscal Deficit’ was $50.91 billion, relative to a ‘Projected Deficit’ of $59.59 billion. Additionally, the primary deficit balance for the period amounted to $10.77 billion, 39.7% less than budgeted.
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