St. Kitts and Nevis expects Overall Surplus of EC$241 million in 2013

Photo shows ardent Labour supporter Elsie Mills shakes the hands of St. Kitts and Nevis' Prime Minister of Finance, the Right Hon. Dr. Denzil L. Douglas as representatives of the St. Kitts and Nevis Chamber of Industry and Commerce and the Manufacturing Division look on.
Photo shows ardent Labour supporter Elsie Mills shakes the hands of St. Kitts and Nevis’ Prime Minister of Finance, the Right Hon. Dr. Denzil L. Douglas as representatives of the St. Kitts and Nevis Chamber of Industry and Commerce and the Manufacturing Division look on.

(CUOPM) –St. Kitts and Nevis expects to report an overall surplus of over EC$240 million in 2013.

Based on information, St. Kitts and Nevis anticipates that Revenue and Grants will be $731.7 million; 38.2% higher than the target.

“Recurrent Revenue will be in the region of $663.6 million or 42.9% above the estimate and will comprise of $334.9 million in Tax Revenue and $328.7 million in Non-Tax Revenue. We also expect that Recurrent Expenditure will be approximately $427.0 million; 4.3% in excess of the budget,” Prime Minister and Minister of Finance, the Right Hon. Dr. Denzil L. Douglas.

He noted that with Recurrent Revenue being higher than Recurrent Expenditure, a Recurrent Account Surplus of $236.6 million is being projected.

“Capital and Budgetary Grants are expected to amount to $68.1 million, surpassing the estimate by 4.5%. However, Capital Expenditure and Net Lending which is projected to amount to $63.1 million will most likely be less than the budget by 11.6%,” Dr. Douglas pointed.

He noted that with projected Total Revenue and Grants exceeding the projection for Total Expenditure of $490.1 million, it is anticipated that an Overall Surplus of $241.6 million and a Primary Surplus of $309.1 million will be realised for 2013.

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