Govt incurs narrower budget deficit in March, misses YTD goal on underspending
Credit to Author: The Manila Times| Date: Sun, 21 Apr 2019 08:44:15 +0000
THE government incurred a narrower budget deficit in March and missed its year-to-date goal as underspending continues.
The month’s P58.409-billion shortfall was narrower than the P76.373-billion posted in February, Treasury bureau data released over the weekend showed. It was also lower than the P110.69-billion deficit recorded a year earlier.
Last month’s budget gap also fell short of the P119.423 billion deficit ceiling for the month.
Government revenues rose by 13.1 percent to P228.918 billion, from P202.360 billion last year, while expenditures fell by 8.2 percent to P287.327 billion from P313.053 billion. A month earlier, revenues rose by 13 percent while expenditures fell by 21 percent.
The latest deficit resulted in a first-quarter shortfall of P90.245 billion, 40.6 percent lower compared to the P152.171 billion posted in the same period in 2018.
It was, however, 52 percent or P98.108 billion lower than what had been programmed.
The government is targeting a budget deficit of P624 billion or 3.2 percent of gross domestic product (GDP) for 2019.
Last year, the government’s budget deficit of P558.26 billion was equivalent to 3.2 percent of GDP. MAYVELIN U. CARABALLO
The post Govt incurs narrower budget deficit in March, misses YTD goal on underspending appeared first on The Manila Times Online.