The annual accumulated fiscal deficit rose to 2.8% of GDP for September 2023. Thus, it presented an advance of 0.2% compared to the previous month and an increase of 1.1% since December 2022. reported the Central Reserve Bank of Peru (BCRP).
In addition, A sum of S/2,417 million was recorded, higher by S/318 million than what was achieved in the same period last year. This figure responds to a decrease in current income, partially offset by the reduction in non-financial expenditure of the general government.
“In the first nine months of the year, the non-financial public sector recorded a deficit of S/ 6,254 million, a result that contrasts with the surplus recorded in the same period of 2022 (S/ 5,820 million),” indicated the BCRP.
The entity specified that a lower collection of the General sales tax (IGV) due to the rreduction on imports and third category income tax (See graph). In addition, the current income of the general government fell 13.3% year-on-year, after obtaining a decrease of 14.3% in taxes.
For its part, non-financial spending of the general government fell by 1.1%. In detail, there was a drop in both Current Transfers (-20.2%) and Goods and Services (-2.3%), which were offset by higher spending on salaries (16.1%) and gross capital formation (5 .9%).
Source: Larepublica
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