REVIEW OF THE ECONOMY 2013
38
SUSTAINING GROWTH, SECURING PROSPERITY
Assistance for Tuition Expenses (GATE) Fund
amounting to $757.9 million is $7.6 million more
than the expenditure in fiscal 2012. Expenditure
on Other Transfers is expected to decline to
$10,807.7 million in 2013 from $11,464.1 million
in 2012 mainly as result of lower transfers to
the Heritage and Stabilisation Fund (HSF) and
the Infrastructure Development Fund (IDF). It is
envisaged that Transfers to the HSF will fall from
its current level of $1,332.1 million. Transfers to
the GATE Fund and to the CARICOM Petroleum
Fund are expected to remain unchanged at
$650.0 million and $100.0 million respectively.
Transfers to State Enterprises are estimated to
fall from $4,017.8 million in 2012 to $2,384.0
million in 2013. Transfers to Educational
Institutions and Transfers Abroad are expected
to fall from $1,876.3 million to $1,744.0 million
and from $1,053.9 million to $510.9 million
respectively.
In contrast, transfers to Non-Profit Institutions
and the Green Fund are expected to increase
from $275.3 million and $11.9 million in fiscal
2012 to $292.1 million and $50.0 million
respectively. Transfers to Loans and Grants and
to Loans to Other Governments are estimated at
$193.5 million and $97.5 million respectively.
Capital Expenditure is expected to total
$9,003.1 million, of which Net Lending is
estimated at $23.0 million. Expenditure under
the Development Fund (Consolidated Fund)
is expected to increase from its $3,335.8
million in 2012 to $3,582.9 million in 2013
while expenditure under the Infrastructure
Development Fund (IDF) is expected to increase
to $4,685.3million from$3,683.9million in fiscal
2012. This increased expenditure is on account
of higher infrastructural activity.
to 9,003.1 or 15.1 percent of Total Expenditure
and Net Lending. Recurrent Expenditure driven
by an increase of 7.3 percent in Subsidies
and Transfers whereas Capital Expenditure
increased by 16.3 percent.
Expenditure on Wages and Salaries is expected
to increase by 32.1 percent from$7,282.3million
in 2012 to $9,618.8 million in 2013 as a result of
payments made pursuant to the settlement of a
number of collective agreements.
Expenditure on Other Goods and Services is
estimated at $7,969.3 million for fiscal 2013,
representing an increase of $907.7 million or
12.9 percent over the expenditure incurred on
this item in 2012. Contributing to this increase
are Goods and Services, Minor Equipment
Purchases
and
Management
Expenses/
Expense of Issue/Discounts and Other Financial
Instruments. These sub-items grew by $7,018.9
million, $331.2 million and $619.3 million
respectively.
In 2013, expenditure on Interest Paymentswhich
is estimated at $3,063.7 million representing 5.1
percent of Total Expenditure and Net Lending
is marginally higher than the $2,937.1 million
for fiscal 2012. Domestic Interest Payments
estimated at $2,512.1 million in 2013 is $35.8
million higher than that for fiscal 2012 while
External Interest Payments estimated at $551.6
million in 2013 is $162.4 million higher than that
for 2012.
Transfers and Subsides estimated at $29,815.3
million in 2012 is $2,027.4 million higher than
the prior fiscal year. Transfers to Households
are estimated at $11,835.9 million in 2013 and
representsthelargestshareofexpenditureunder
this category. Expenditure on the Government
CENTRAL GOVERNMENT OPERATIONS
