REVIEW OF THE ECONOMY 2013
35
SUSTAINING GROWTH, SECURING PROSPERITY
CENTRAL GOVERNMENT OPERATIONS
resulting in a surplus of $2,811.8 million
compared to a deficit of $791.9 as had been
originally programmed.
The revised budget for the second half of
2013, based on an adjusted oil price of $85 per
barrel of crude oil while the gas price remained
unchanged, envisaged a 5.4 percent increase
in total expenditure together with a 3.1 percent
revenue increase resulting in an adjusted deficit
of 5.5 percent of GDP.
Based on performance to date, the overall
implementation outcome for fiscal 2013
envisages Total Revenue and Grants of
$52,984.8 and Total Expenditure amounting
$59,470.2million resulting in an expected deficit
of $6,485.4 million or 4.0 percent of GDP
1
.
The Heritage and Stabilisation Fund (HSF) Net
AssetValue stood at US$4.7billion at September
30th 2012. During fiscal 2013, US$42.5 million
was transferred to the Fund bringing the Net
Asset Value of the Fund as at July 30th 2013 to
approximately US$ 5.0 billion.
1
Fiscal GDP for 2013 is estimated at $162,288.5 Million
OVERVIEW
Thebudget for fiscal 2013was initiallypredicated
on an oil price of US$80.00 per barrel of crude
and a natural gas price of US$2.75 per metric
cubic feet (mcf). On this basis, Total Revenue
and Grants was estimated at $50,736.2 million,
representing 30.4 percent of GDP, of which
tax revenues was expected to contribute 88.0
percent. With Total Expenditure estimated at
$58,405.5 million or 35.0 percent of GDP, the
anticipated deficit amounted to $7,669.3 million
or 4.6 percent of GDP.
The budget execution plan envisaged a deficit
of $7,043.1 million at the end of the first six
(6) months. However, with actual revenue
being $801.3 million higher than anticipated
and actual expenditure being $4,483.1 million
less than expected, the actual deficit realised
amounted to $1,758.7 million. This represented
a 75.0 percent performance variation on the
fiscal balance.
In comparison, budget execution in the first half
of 2012 was predominantly coloured by a 23
percent underperformance of total expenditure
Overview
Revenue
Expenditure
Financing
Public Debt and Debt Service
Trinidad and Tobago Credit Ratings
CENTRAL GOVERNMENT OPERATIONS
