American Expatriate Costa Rica

Authorities managed to slow fiscal deficit

Through administrative measures and low inflation, authorities from the Ministry of Finance managed to slow the growth of the fiscal deficit.

In November 2016, the difference between expenditure and government revenue reached 1.35 trillion colones, a lower figure when compared to last year, when it amounted to 1.44 billion colones.

During 11 months, the Treasury has managed to bring more resources and external and internal elements have allowed it to slow down spending.

In the current figure, the deficit represents 4.4% of GDP, of which the equivalent to 2% represents the primary deficit and 2.4% represents the debt interest.

Helio Fallas, vice president of the Republic and minister of Finance, stressed that despite the slowdown in spending, it is necessary to bring more resources into the State’s coffers through the modernization of taxes.

To this end, he requested the Legislative Assembly to study with the tax reform projects submitted by the Executive.

crhoy.com