The annualized fiscal deficit represents 3.20% of GDP

Asunción, Agencia IP.- At the end of October, the fiscal deficit reached 3,20% of the Gross Domestic Product (GDP), which represents a slight improvement concerning past months, according to the Financial Situation of the Central Administration (SITUFIN, by its acronym in Spanish) report.

The report was presented yesterday by the Director of Gobierno Abierto, Felipe González Soley, and the Macro Fiscal Politics Director, Rolando Sapriza.

Regarding fiscal income, the report details that until October 2023, total income presents an accumulated variation of 4.6%, totaling about G. 34.5 billion, higher than the G. 33 billion registered during the same period in 2022. In annualized terms, it represents 13.3% of GDP.

On the other hand, until October, the dynamics in the collection of internal taxes are maintained, accompanied by an improvement in the collection of external taxes. In this sense, until October, tax revenue collection registered a growth of 5.2%, reported the Ministry of Economy and Finance (MEF).

The total spending shows an increase of 14.2% compared to the same period of the previous year, partly explained by the rise in salaries allocated to the education, health, and national security sectors.

On the economic situation side, the recent monetary policy report of the Central Bank of Paraguay (BCP) showed the update of the growth projection for the year 2023, which in the aggregate highlights that the growth projection of 4.5% of GDP, with some recompositions by economic sectors.

Finally, the dispersion level of the Central Administration until October is USD 672,5 million (1.55% GDP), with a negative operating result of USD 290 million (0.67% GDP) and a global fiscal deficit of USD 962.5 million (2.22% GDP).

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