Fiscal Strategy

Medium Term Macro Fiscal Framework from 2021 to 2025

Medium Term Macro Fiscal-Framework  from 2021 to 2025                                    

                                                                                                                        As a percentage of GDP                        

IndicatorProvisionalEst.Est.Projections  
 202020212022202320242025
Total Revenue and Grants9.29.112.413.614.415.5
Total Revenue9.19.112.313.514.415.5
Tax Revenue8.18.011.212.213.013.9
Income Taxes1.81.82.92.72.93.3
Taxes on Goods and Services3.93.95.76.26.67.1
Taxes on External Trade2.42.32.63.33.53.6
Non-Tax Revenue1.01.01.11.31.41.6
Grants0.040.030.050.050.040.04
Total Expenditure20.320.221.220.920.520.4
Recurrent Expenditure17.016.716.215.414.513.7
Salaries and Wages5.35.15.35.14.84.5
Goods and Services1.21.11.01.00.90.8
Interest6.56.46.16.15.85.5
Subsidies & Transfers4.84.13.73.33.02.8
Capital Expenditure and Net Lending3.33.55.05.66.06.7
Public Investments5.43.55.15.66.16.7
Current Account Balance-7.9-7.7-3.9-1.8-0.11.8
Primary Balance-4.6-4.7-2.7-1.3-0.30.7
Budget Deficit-11.1-11.1-8.8-7.3-6.1-4.8
Deficit Financing-11.1-11.1-8.8-7.3-6.1-4.8
Foreign Financing (Net)-0.6-0.3-1.00.40.0-0.3
Domestic Financing (Net)11.711.49.86.96.15.2
Central Government Debt (% of GDP)101.0102.8101.798.794.489.2

Sources: Department of Fiscal Policy and Department of National Budget * projections are based on information as of the end of October 2021