Government Operations Results for May 2020
For the period of April to May 2020, the GOJ reported Total Revenues & Grants of $74.62 billion, $3.66 billion more than the Government’s projection. Furthermore, year over year, this represents a decrease of approximately 22.3% relative to the $91.29 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 $63.66 billion, $1.70 billion more than budgeted while ‘Non-tax Revenue’ of $10.43 billion was reported, $2.02 billion more than budgeted. ‘Grants’ underperformed the budget by $47.9 million, amounting to $529.9 million during the review period. Notably, no provisional amount was booked for ‘Bauxite Levy’ and ‘Capital Revenue’ for the review period.
Expenditures
Total Expenditure for the period April to May 2020 amounted to $97.11 billion, $605.9 million or 0.6% less than the budgeted amount of $97.72 billion. Recurrent expenditure which totalled $90.86 billion, accounted for 94.66% of overall expenditures. Relative to projections, recurrent expenditure was $436.8 million (0.5%) less than budgeted. Of the recurrent expenditure categories for the review period, all categories were below the budgeted amount except ‘Programmes’. ‘Compensation of Employees’ amounted to $36.21 billion which was $1.31 billion or 3.5% less than budgeted. Similarly, ‘Wages and Salaries’ totalled $33.91 billion, 3.4% below the budgeted amount of $35.09 billion. Additionally, ‘Employee Contribution’ totalled $2.30 billion, 5.1% less than the budgeted amount of $2.43 billion. However, ‘Programmes’ amounted to $37.84 billion and was $895.4 million or 2.4% more than budgeted.
As a result of the decrease in Expenditures for the period April to May 2020, the ‘Fiscal Deficit’ was $22.49 billion, relative to a ‘Projected Deficit’ of $26.76 billion. Additionally, the primary deficit balance for the period amounted to $5.68 billion, 42.8% less than budgeted.
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