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Revenue projected at over $3.9b

June 29, 2017 8:10 am

The total expenditure for the 2017/2018 National Budget stands at $4.357b with a total projected revenue of $3.85b.

The net deficit of $499.5m is equivalent to 4.5 percent of GDP.

Minister for Economy, Aiyaz Sayed-Khaiyum, says the revised GDP for this fiscal year (2016/2017) is estimated at two percent of GDP substantially lower than the 4.7 percent projected initially.

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“This is due to prudent management of our finances, savings and operational expenditures, and unforeseen delays in the implementation of some of the capital projects as a result of bad weather, shortage of materials and the non-availability of construction companies. So these capital projects have been rolled over to 2017/2018 fiscal year and this is why we have a four point five percent deficit for this new budget year.”

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