1945

The fiscal result for 2002/2003 was a deficit bigger than the one recorded in the previous fiscal year (12.0% of GDP, as opposed to 11.0% in 2001/2002; excluding amortization and net enterprises, the percentages were 5.6% and 3.8%). This resulted from an increase in expenditure (from 42% to 44% of GDP between the two periods), since the tax/GDP ratio remained constant at 32%. In an effort to avoid increasing in its external debt stock (19% of GDP at the end of 2002), the government financed its deficit from domestic sources, particularly through the ways and means accounts and by drawing on government deposits held at the Central Bank.

Related Subject(s): Economic and Social Development
Countries: Barbados
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