March 13th, 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.