Fiscal Strategy

Medium Term Macro Fiscal Framework from 2021 to 2025

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 Invetments 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 end October, 2021