Government Operations Results for May 2022

June 2, 2022

Government Operations Results for May 2022

For the period of April to May 2022, the GOJ reported Total Revenues & Grants of $107.76 billion, $6.30 billion more than the Government’s projection. This represented a decline of approximately 9.1% relative to the $118.58 billion recorded for the corresponding period in 2021. ‘Grants’, ‘Bauxite Levy’ and ‘Capital Revenue’ underperformed projections during the review period. Grants closed the period at $407.60 million, $319 million less than the budgeted amount.   ‘Bauxite Levy’ amounted to $103.10 million during the review period, $98.20 million less than the budgeted amount. ‘Capital Revenue’ recorded nil relative to the budgeted amount of $68.60 million. Conversely, ‘Tax Revenue’ closed the period at $101.87 billion, $6.44 billion more than the budgeted amount. ‘Non-Tax Revenue’ of $5.38 billion was reported which was 6.9% higher than the budgeted amount.


Total Expenditure for the period April to May 2022 amounted to $117.61 billion, $957.40 million less than the budgeted amount of $118.56 billion. Recurrent expenditure which totalled $108.72 billion, accounted for 92% of overall expenditures. Under the recurrent expenditure categories for the review period, the categories above the budgeted amount were ‘Wages and Salaries’ and ‘Compensation of Employees’. ‘Wages and Salaries’ totalled $43.27 billion, 3.7% above the budgeted amount of $41.71 billion. While ‘Compensation of Employees’ totalled $46.35 billion, $1.26 billion above the budgeted amount.

The categories below the budgeted amount included ‘Programmes’ which amounted to $42.01 billion which was $2.30 billion or 5.2% less than budgeted. Similarly, ‘Employee Contribution’ totalled $3.08 billion, which was $296.90 million below the budgeted amount of $3.38 billion. ‘Interest’ totalled $20.36 billion, 0.9% less than budgeted.

The ‘Fiscal Deficit’ was $9.85 billion, relative to a ‘Projected Deficit’ of $17.11 billion. Additionally, the ‘Primary Surplus Balance’ for the period amounted to $10.52 billion, relative to the ‘Budgeted Primary Surplus Balance’ of $3.44 billion.


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.