March 30, 2012
PM – 2012 Fiscal outturn better than 2011 despite being in deficit

Despite a strong showing in the first month of 2012, a deficit has been recorded in the fiscal outturn at the end of February.{{more}}

Prime Minister and Minister of Finance Dr Ralph Gonsalves, who was responding to a question put to him by Opposition Leader Arnhim Eustace to indicate the fiscal performance of the country during Monday’s session of Parliament, said although there was a deficit recorded at the end of the first two months of this year, when compared to the figure of 2011, there is an improvement.

The Recurrent Revenue up to the end of February 2012 was $66.7 million compared to $58.59 million in 2011; Capital Revenue and Grants for 2012 – $3.67 million with $0.39 million in 2011.

Total Revenue and Grants for 2012 – $70.39 million compared to $58.99 million in 2011; total expenditure in 2012 was $73.17 and in 2011, $82.18 million and Recurrent Expenditure in 2012 was $72.8 million and $81.06 million in 2011.

According to the prime minister, areas where there was significant improvement included an increase in Goods and Services with a 27 per cent increase and Personal Emoluments, which increased by about 2.4 percent over the 2011 figures for the period ending February 2012.

The deficit on the Current Balance in 2012 was $6.1 million compared to $22.4 million in 2011 and the Overall balance, after grants stood at $2.78 million in 2012 compared to $23.17 million.

“So we see an improvement compared to last year, but then there is always caution and given the volatility which exists, but we are trying to mix prudence and enterprise,” Gonsalves said. (DD)