Government Operations Results for November 2017

For the period of April 2017 to November 2017, the GOJ reported Total Revenues & Grants of $336.59 billion, $13.04 billion more than the government’s projection. Furthermore, year over year, this represents an increase of approximately 10.7% relative to the $304.10 billion recorded for the corresponding period in 2016. ‘Tax Revenue,’ ’Capital Revenue’ and ‘Grants’ outperformed projections while ‘Bauxite Levy’ and ‘Non-Tax Revenue’ under-performed projections during the review period. ‘Tax Revenues’ amounted to $308.62 billion, $13.02 billion more than budgeted, ‘Non-Tax Revenue’ of $23.72 billion was reported; $949.4 million less than budgeted. ‘Grants’ totalled $3.01 billion, $194 million or 6.9% more than budgeted.  In addition, “Bauxite Levy” closed at $127.5 million, relative to the budgeted figure of $131.0 million, while ‘Capital Revenues’ outperformed projections by $778.7 million to total $1.12 billion.

Expenditures

Total Expenditure for the period April to November 2017 amounted to $353.24 billion, $6.58 billion or 1.8% less than the budgeted $359.82 billion. Recurrent expenditure which totalled $326.69 billion, accounted for 92.5% of overall expenditures. Relative to projections, recurrent expenditure was $4.75 billion (1.4%) less than budgeted. Of the recurrent expenditure categories over the review period, ‘Compensation of Employees’ came in below budget by $5.13 billion, totalling $125.20 billion relative to a budget of $130.33 billion. ‘Employee Contribution’ which amounted to $9.73 billion, was $732.5 million more than projected, while ‘Wages and Salaries’ was below the projection by $5.86 billion to total $115.47 billion. ‘Interest’ closed the period under budget by 3.3%, amounting to $87.03 billion, while ‘Programmes’ was over budget by 3.0% totalling $114.46 billion (2016: $99.49 billion). ‘Capital Expenditure’ amounted to $26.55 billion for the period and was under budget by 6.4% relative to the budgeted $28.38 billion.

As a result of the decrease in expenditures for the period April to November 2017, the ‘Fiscal Deficit’ was $16.65 billion, relative to a projected deficit of $36.27 billion. Additionally, the primary balance for the period amounted to $70.38 billion, 30.9% 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 $132.3 billion by the end of the 2017/2018 fiscal year.  For the December quarter, a primary balance of $59.0 billion is estimated. As at November 2017, this amounted to $70.38 billion.  Tax Revenue was expected to total an estimated $328.0 billion by the end of the December quarter, as at November 2017, tax revenue was booked at $308.62 billion.

 

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2018-01-08T18:00:14-05:00