Fiscal Deficit Decreases 37%

November 24, 2006

Costa Rica’s fiscal deficit decreased 37% from January to October this year compared to the same period last year, according to statistics released by the Finance Ministry.

During the first 10 months of the year, the fiscal deficit registered $159 million, down from the $251 million recorded during the same period last year.

This deficit reduction is a result of the government’s increased income from tax collection and containment of public spending, according to Finance Ministry authorities.

Between January and October, the government spent $1.8 billion, 9% more than during this period in 2005, but it collected $2.4 billion, a 12.4% increase over last year.

The government’s highest costs were salaries, pensions and higher education funds, while its greatest income came from Customs and sales taxes.

 

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