The
fiscal deficit accumulated over the past 12 months in Peru reached 2% of GDP in February 2020, compared to 1.7% in January, the Central Reserve Bank of Peru (BCR) has reported.
This was due to the fact that current revenues of the general government decreased to 19.7% of GDP from 19.8%, and to the increase in the interest payment on the public debt.
Meanwhile, non-financial expenses stood at 20.2% of
GDP.
BCR noted that the non-financial public sector recorded a deficit of S/2.457 billion (about US$700 million) in February, up by S/1.921 billion (about US$547.2 million) compared to the same month in 2019.
This result was explained by a rise in non-financial expenditures (9.1%) and an increase in the interest payment on the public debt, partially offset by higher current revenues (3.8%).
Between January and November this year, the accumulated fiscal deficit was S/1.503 billion (around US$428.2 million), down by S/3.010 billion (about US$857.5 million) compared to the same period last year.
On the other hand, the
Central Reserve Bank stated that the increase in current revenues was a result of the growth in non-tax revenues (13.6%), which was explained by the transfer of profits from the National Fund for the Financing of State Entrepreneurial Activities (Fonafe) to the Treasury.
(END) RGP/RMB/MVB
Published: 3/13/2020