Costa Rica records US$173 million fiscal surplus through April
Thursday, May 15, 2008
Costa Rica recorded a fiscal surplus of US$173 million in the first four months of the year, providing the government with more funds to invest in security and agriculture, Finance Minister Guillermo Zúñiga said.
Thanks to the surplus, Costa Rican will face no problems in achieving its state spending objectives for this year, Zúñiga said. Besides agriculture and security, more funds would also be available to fight poverty.
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Fiscal Deficit Increases in Costa Rica
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The finances of the Central Government of Costa Rica continued to show a marked deterioration. Up to and including April, the financial deficit stood at $222 million.
In the first quarter of this year, the results of the accounts of the Central Government showed a decline of 8.5% in revenue over the same period in 2008. Revenue from income taxes showed an inter-annual decrease of 9.8% and customs showed a contraction of 21.4%.
Costa Rica had a 2007 surplus
January 2008
For the first time in more than five decades, Costa Rica ended 2007 with a fiscal surplus of $173.5 million, equivalent to 0.65 percent of gross domestic product,the Ministry of Finance reported today.
Guillermo Zuniga, minister of this portfolio, explained in a press conference that this surplus is due to a strong increase in the collection of taxes, which this year totaled 4,105 million dollars, 28.5 percent more than in 2006.
Key entities
Guillermo Zúñiga Treasury Secretary of Costa Rica
Costa Rica
Taxes Government Public Finance
Treasury Secretary of Costa Rica
Guillermo Zúñiga
Public Finance
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