The Central Reserve Bank of Peru (BCRP) reported that in recent months it accumulated a fiscal deficit that continued to decrease throughout the year, going from 8.9 of GDP in December 2020 to 3.3% of GDP in November 2021, the lowest rate since March of the year last.
This result influenced the growth of national government tax revenues, mainly. In addition, it contributed to the increase in non-tax income at this level of Government and the increase in the primary result of state-owned companies.
On the other hand, last November, the non-financial public sector registered a deficit of S / 544 million, S / 5 million lower than that registered in the same month of 2020 (S / 5 million 947,000), mainly due to the increase in current income and the decrease in non-financial expenses of the General Government.
Also, current income increased by 45.8% and 32.6% in November 2021 compared to a similar month in 2020 and 2019, respectively, due to higher tax revenues (49.7% compared to November 2020 and 36.9% compared to the same month in 2019), due to to the higher collection for income tax, IGV and Special Mining Tax (IEM), as well as for royalties and oil and gas canon, mining royalties and contributions to social security.
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In addition, the record of extraordinary income, the inspection actions of the National Superintendence of Customs and Tax Administration (Sunat) and the effect of the depreciation of the sun.
On the other hand, Non-financial expenses decreased by 8% in November 2021 compared to the same month last year (they increased 15.9% compared to November 2019), in the three levels of Government and in the items current expenditure (current transfers) and gross capital formation.
In accumulated terms, between January and November 2021 there was a fiscal deficit of S / 8 million 780,000This amount is significantly lower than the result of the same period in 2020 (S / 43 million 601,000), although higher than the deficit registered between January and November 2019 (-S / 2,027 million).
In addition, the 45.9% increase in current income of the General Government in the first 11 months of 2021 compared to the same period in 2020 (19.2% compared to 2019) reflected the higher tax revenue by 50,4% (24.1% compared to the same period in 2019), due to the favorable situation in the prices of export minerals and the recovery of economic activity, to which was added the payment of tax debts and the effect of the actions inspection. In this period, non-tax income grew by 31.8% compared to the period from January to November 2020 (4.5% compared to the same period in 2019).
On the other hand, non-financial expenses of the general government increased by 12,6% versus the period from January to November 2020 (24.1% compared to the same period of 2019). This result responded, mainly, to higher spending on gross capital formation in 56.2% year-on-year (21.2% compared to the same period in 2019) in the three levels of Government, and to a lesser extent to higher current spending in 5, 9% year-on-year (24.3% compared to the same time in 2019), particularly in goods and services.
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