Last update: 04-Dec-2013 12:33 pm
Wednesday, December 04, 2013
Trinidad & Tobago Guardian Online
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Small fiscal surplus for October to June
Government managed to eke out a small surplus on its fiscal operations for the first three quarters of the 2013 fiscal year, according to the Ministry of Finance’s third quarter report, which was released yesterday. The estimated actual surplus of $375 million for the October 2012 to June 2013 period compares with a budgeted deficit of $7.48 billion for the period, according to the report. Actual revenue for the October to June period came in at $40 billion, which was $3.5 billion more than the budgeted estimate.
According to the report: “Preliminary revenue figures have once again exceeded budget estimates by approximately 9.4 percent. “This was primarily due to higher than expected receipts from, among others, taxes on income and profits, goods and services and international trade. “Preliminary estimates of Government’s revenue derived from Taxes on Goods and Services shows a five per cent increase over the last quarter indicating an increase in economic activity by households.”
On the expenditure side, the ministry’s preliminary figures indicate that spending was 9.9 per cent less than budgeted for the October to June period. This was mainly due to reductions in Government’s expenditure on other goods and services, interest payments and subsidies by 31.4 per cent, 35.4 per cent and 17.4 per cent respectively.
Government’s personnel expenditure for the period was 9.8 per cent higher than budget projections due to payment of arrears of revised Salaries and COLA and Wages and COLA in the various ministries and departments. The review also indicated that the T&T economy is projected to have experienced growth of 1.7 per cent in the January to March 2013 quarter up from 1.1 per cent in the fourth quarter of 2012.
According to the review: “This growth has, thus far, been propelled by the performance of the non-energy sector as the energy sector continues to be hindered by maintenance operations. Notably, the non-energy sector has been outperforming the energy sector since the 1st quarter of 2012. “The sector expanded by 2.5 percent in the 1st quarter of 2013, an improvement over the 1.4 percent experienced during the corresponding period in 2012.”
The Ministry of Finance document stated that the 2014 budget will introduce more initiatives aimed at expending economic output within the non-energy sector as a means of achieving sustainable economic development.
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