A press release by ALDESA reads:
“The July figures for revenues and expenditures by the Central Government are not very encouraging and continue to show the existence of harmful primary deficit.
In July there was a shortfall of $86 million between total income and expenses. This shortfall, which does not cover the interest expense for debt service amounts to $523 million for the year, meaning that the deficit is 17.7% higher than that recorded in July last year.
The financial deficit is $1.060 million, also 17.3% higher than that accumulated between January and July last year.
According to the BCCR, up until June, cumulative interest expenses increased by 16.5% compared to the same period last year. It is likely that this expense will accelerate due to the fact that month on month the government will incur more debt in order to meet expenses.
Source: Pulsobursatil.com
More on this topic
February 2011
Costa Rica forecasts a 10% deficit in 2016 - more than $ 4.000 million – if the current trend continues without a reform.
As noted by Aldesa, the central government deficit amounted to almost $ 1.970 million. The shortfall means 5.3% of the national GDP and a growth of 73% over the total deficit of 2009, according to preliminary data from the Ministry of Finance.
May 2011
The fiscal deficit increased by 26.5% in the first 4 months of the year and has reached $733.3 million.
The amount is equivalent to 1.8% of Gross Domestic Product (GDP). In the same period in 2010, the amount was $579.8 million.
"We are seeing a larger financial deficit than the previous year in terms of GDP, which is consistent with the current projection that the deficit in 2011 would exceed 5% of GDP, " said the Finance Minister in office, Randall Garcia in an article publishes by ADN.es, "He reiterated the need for the country to adopt a tax reform ..."
June 2010
In the first five months of 2010, the fiscal deficit was $670 million, 86% more than the same period of 2009.
An article in Nacion.com notes that “the deficit accounted for 1.93% of the country’s production. The Treasury expects the deficit to represent 4.8% of the GDP by the end of the year”.
November 2011
While legally the fiscal deficit may reach as high as 3% during 2011, the government had announced that it would not exceed 2%, which now looks impossible to achieve.
Tax revenues are not meeting the levels predicted at the beginning of the budget year, which seems likely to mean that Panama's fiscal deficit will go above the target of 2% of GDP set for the year
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