The accumulated fiscal deficit fell -6.3% in the last 12 months and went from 8.8% of GDP in January 2021 to 2.5% of GDP in January 2022, reported the Central Reserve Bank of Peru (BCRP). ).
“The decrease in the annualized deficit compared to the first month of 2021 responded, to a greater extent, to the increase in the current income of the General Government; and to a lesser extent, to lower non-financial expenses as a percentage of the product and to the surplus primary result of state-owned companies,” the BCRP said.
In that sense, the monetary authority detailed the current income of the general government went from 17.7% in January of last year to 21.2% in the first month of this year. The increase of more than three percentage points was driven by the improvement in export prices and the recovery of economic activity, as well as extraordinary income from tax debts and control.
The BCRP also specified that the non-financial expenditure ratio of the general government to GDP decreased 2.5%, going from 24.7% in January 2021 to 22.2% in January 2022.
BCRP: annual fiscal deficit
Non-financial public sector surplus grew by more than S/700 million in January 2022
The non-financial public sector registered a seasonal surplus of S/ 4,777 million in January 2022. The figure means a growth of S/ 718 million compared to what was registered in the same month of last year, according to the BCRP.
General government current revenues increased by 14.0% compared to January 2021, in particular due to higher tax revenues of 17.2%, due to higher revenues from income tax and VAT.
Meanwhile, non-tax revenues increased by 2.1%, “highlighting the higher revenues from royalties and oil and gas canon, due to the increase in oil and gas prices, as well as other revenues, mainly due to the interest received on the deposits of the Public Treasury”.
Finally, the BCRP indicates that the non-financial expenses of the general government, taking into account the three levels of government, increased by 4.4% between January 2021 and January 2022.
“In the month, the increase in current spending stood out by 6.9 percent, mainly in the category of goods and services to face the health emergency and, to a lesser extent, in gross capital formation (2.2 percent), he mentions.
BCRP: annual fiscal deficit
Source: Larepublica
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