Financial Surplus Logged For Third Month in a Row

August 24, 2007

The Costa Rican economy remained on the up-and-up last month, producing a financial surplus of $92.3 million, Finance Minister Guillermo Zúñiga reported Aug. 16.

This marked the third consecutive month the country has generated a financial surplus. During the first seven months of the year, the Costa Rican government’s income totaled more than $2.1 billion, while its spending, including interest on debt, registered about $2 billion.

These results were achieved through improved tax collection; from January to July, 31.4% more taxes were collected than during the same period last year, Zúñiga said.

The government’s spending has increased 19% this year, and though most of its money still goes to salaries and pensions, investment in social works and infrastructure has increased significantly.

“We have a very significant primary surplus, not including debt … which has allowed us to cover payments on interest and achieve a financial surplus,” Zúñiga said.

 

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