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

(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.