[Press Release] In his contribution to the “Ides of March Estimates” the Hon Prime Minister attempted to hide the poor fiscal performance of the economy by comparing estimated budget figures with the actual figures that mirror the performance of the economy.
I will attempt once again to show the reality of the fiscal situation in Saint Lucia and the real state of the fiscal health of the island. Economies are measured by actual figures and I will demonstrate that in terms of actual figures the fiscal position of the government worsened this year.
– For year ended 2017 the Current Surplus difference between actual current revenue and expenditure was $93 Million.
– For the year ending March 2018 the Current Surplus was $62 Million
– The country did worse, the surplus was lower by an amount of $31 Million
– For year ended 2017 the Recurrent Surplus (Deficit) the difference between Recurrent revenue less Recurrent expenses these Recurrent Deficit was $32 Million
– For the year ending March 2018 the Recurrent Deficit was $61 Million
– The country did worse by $29 Million
– For the year ended 2017 the Primary Surplus or Deficit which is Total Revenue less
– Total Expenditure leaving out interest and sometimes called the fiscal effort of the government is another significant measure.
– For the year ended March 2017 the Primary Surplus was $85 Million
– For the year ending March 2018 the Primary Surplus is $45 Million
– The Primary Surplus was worse by $40 Million
– The Overall Surplus (Deficit) is the difference between Total Revenue and Total Expenditure.
– For the year ending March 2017 the Total Deficit was $73 Million
– For the year ending March 2018 the Total Deficit was $116 Million
– The Total Deficit was worse by $43 Million
These figures are substantiated by the social and Economic Review Page 9 which states “despite an improvement in revenue the government fiscal situation is expected to deteriorate in 2018 with smaller current and primary surpluses”.
I hope it is not left to the trained surrogates and consultants to respond.
For reference (Estimates of Revenue and Expenditure 2018).