299 billion colones: Costa Rica’s 2013 fiscal deficit so far

March 13^th, 2013 (InsideCostaRica.com) Costa Rica’s accumulated deficit as of February this year amounts to 1.19% of GDP, a slight improvement over the 1.20% recorded in the same month of 2012.

 

The information was released yesterday afternoon during a press conference by the Minister of Finance, Edgar Ayales.

 

Ayales said that the deficit is approximately 299.5 billion colones (about $599 million USD), an increase of 88 billion colones compared to the figure recorded in January of this year.

 

Tax revenues were up 17% year on year, while expenses grew by 14.3% driven by a 30% increase in the payment of debt interest.

 

“It will be six months from now when we see these amounts fall dramatically by reducing the impact of interest rates,” Ayales said.

 

 

New! Liked this story? Keep the conversation going on our new discussion forums!

Come join the Inside Costa Rica community on our brand new discussion forums! Meet new friends, discuss the news of the day, and much more.

Click here to go to our community forums now!