Medium Term Macro Fiscal-Framework from 2021 to 2025

As a percentage of GDP

Indicator	Provisional	Est.	Est.	Projections
	2020	2021	2022	2023	2024	2025
Total Revenue and Grants	9.2	9.1	12.4	13.6	14.4	15.5
Total Revenue	9.1	9.1	12.3	13.5	14.4	15.5
Tax Revenue	8.1	8.0	11.2	12.2	13.0	13.9
Income Taxes	1.8	1.8	2.9	2.7	2.9	3.3
Taxes on Goods and Services	3.9	3.9	5.7	6.2	6.6	7.1
Taxes on External Trade	2.4	2.3	2.6	3.3	3.5	3.6
Non-Tax Revenue	1.0	1.0	1.1	1.3	1.4	1.6
Grants	0.04	0.03	0.05	0.05	0.04	0.04
Total Expenditure	20.3	20.2	21.2	20.9	20.5	20.4
Recurrent Expenditure	17.0	16.7	16.2	15.4	14.5	13.7
Salaries and Wages	5.3	5.1	5.3	5.1	4.8	4.5
Goods and Services	1.2	1.1	1.0	1.0	0.9	0.8
Interest	6.5	6.4	6.1	6.1	5.8	5.5
Subsidies & Transfers	4.8	4.1	3.7	3.3	3.0	2.8
Capital Expenditure and Net Lending	3.3	3.5	5.0	5.6	6.0	6.7
Public Investments	5.4	3.5	5.1	5.6	6.1	6.7
Current Account Balance	-7.9	-7.7	-3.9	-1.8	-0.1	1.8
Primary Balance	-4.6	-4.7	-2.7	-1.3	-0.3	0.7
Budget Deficit	-11.1	-11.1	-8.8	-7.3	-6.1	-4.8
Deficit Financing	-11.1	-11.1	-8.8	-7.3	-6.1	-4.8
Foreign Financing (Net)	-0.6	-0.3	-1.0	0.4	0.0	-0.3
Domestic Financing (Net)	11.7	11.4	9.8	6.9	6.1	5.2
Central Government Debt (% of GDP)	101.0	102.8	101.7	98.7	94.4	89.2

Sources: Department of Fiscal Policy and Department of National Budget * projections are based on information as of the end of October 2021

Fiscal Strategy