February 1, 2021

Government Operations Results for December 2020

For the period of April to December 2020, the GOJ reported Total Revenues & Grants of $398.26 billion, $378.2 million more than the Government’s projection. This represented a decrease of approximately 15.1% relative to the $469.16 billion recorded for the corresponding period in 2019. ‘Non-tax Revenue’ and ‘Grants’ outperformed projections during the review period. ‘Non-tax Revenue’ amounted to $47.77 billion, $594.7 million more than budgeted. ‘Grants’ amounted to $3.97 billion during the review period and outperformed the budget by $528.1 million. ‘Tax Revenue’ of $346.49 billion was reported, $744.6 million less than budgeted. Notably, no budgeted amount was booked for ‘Bauxite Levy’. ‘Capital Revenue’ closed the period with a provisional amount of $22.10 million, corresponding with the budgeted amount.

Expenditures

Total Expenditure for the period April to December 2020 amounted to $468.51 billion, $3.61 billion less than the budgeted amount of $472.12 billion. Recurrent expenditure which totalled $432.08 billion, accounted for 92.22% of overall expenditures. Of the recurrent expenditure categories for the review period, the only category above the budgeted amount was ‘Interest’. ‘Interest’ totalled $87.79 billion, 1.7% above the budgeted amount of $86.32 billion. Relative to projections, ‘Wages and Salaries’ amounted to $155.74 billion and was $63.4 million less than budgeted while ‘Programmes’ totalled $177.49 billion, 1.4% less than budgeted. Additionally, ‘Employee Contribution’ totalled $11.07 billion, 3.0% less than the budgeted amount of $11.41 billion.

The ‘Fiscal Deficit’ was $70.25 billion, relative to a ‘Projected Deficit’ of $74.24 billion. Additionally, the ‘Primary Surplus Balance’ for the period amounted to $17.53 billion, relative to the budgeted primary surplus of $12.08 million.

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