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Today’s Top Headlines

Costa Rica Bridging Its Fiscal Gap

by Mike Godfrey,, Washington

30 December 2015

Costa Rica said that government revenues grew at a faster rate than expenditure for the first time in four years in November.

Revenues were up nine percent year-on-year, while expenditure had increased by 8.4 percent, the Finance Ministry said.

The Ministry also said that by the end of November 2015, the primary deficit stood at 2.7 percent of gross domestic product (GDP), down from 2.9 percent of GDP in November 2014.

The figures indicate that the Government's actions to improve tax collection and restrain spending have been effective, the Finance Ministry said. However, it acknowledged that further reforms are needed to tackle tax evasion and streamline public spending.

TAGS: Finance | tax | economics | fiscal policy | gross domestic product (GDP) | budget | Costa Rica | tax reform

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