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Positive indications for future garment orders from EU, US
11 Apr '11
4 min read
A less expansionary fiscal stance saw the overall budget deficit trimmed to an estimated 6.0% of GDP, from 6.4% in 2009. Domestic revenue bounced back to the equivalent of 12.7% of GDP, higher than the 3.23.1 GDP growth budget plan of 12.3% and the 2009 outturn of 11.9%. Given that revenue collection is still relatively low, the government aims to raise it by 0.5 percentage points of GDP a year over the medium term.
Government expenditure amounted to an estimated 18.6% of GDP, somewhat above the 17.6% budget target but lower than the 2009 peak of 20.5%. The higher than target spending was due principally to externally financed capital works. The deficit was largely financed by grants and concessional loans, with the drawdown of government bank deposits estimated at 0.5% of GDP, much lower than the 2009 outturn of 2%. Consistent with a modest recovery in domestic demand, inflation in 2010 averaged 4.0%, a turnaround from 2009 when the consumer price index fell slightly.
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Government expenditure amounted to an estimated 18.6% of GDP, somewhat above the 17.6% budget target but lower than the 2009 peak of 20.5%. The higher than target spending was due principally to externally financed capital works. The deficit was largely financed by grants and concessional loans, with the drawdown of government bank deposits estimated at 0.5% of GDP, much lower than the 2009 outturn of 2%. Consistent with a modest recovery in domestic demand, inflation in 2010 averaged 4.0%, a turnaround from 2009 when the consumer price index fell slightly.
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