Government Operations Results for May 2020

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.


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.


Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer(s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view(s) expressed by that research analyst in this research report.

Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.