Jamaica’s Fiscal Surplus exceeds budget for 10-Month period up to January 2019

    JN Fund Managers
    JN Fund Managers

    Jamaica’s Fiscal Surplus exceeded the budgeted amount for the first 10 months out of Fiscal Year 2018/2019 which ends in March 2019. This outturn is representative of a healthier fiscal position for Jamaica and indicative of continued fiscal discipline, evidenced by expenditures being -1.3% or J$6.49B below budget. The Fiscal Surplus rose by J$10.28B or 255.9% over the budgeted J$4.02B. This increase was driven jointly by a decline in expenditure on programmes and interest payments and an increase in tax reve-nues. Notably, 1.2% or J$5.31B increase in Tax Revenues was driven by above budgeted PAYE inflows, Tax on interest, local GCT collections and Customs Duties.

    Jamaica’s fiscal condition over the last 5 years has improved significantly and has increased the availability of funds for spending on infrastructure, education and social projects. This contrasts with the approximately two decades of Jamaica’s public funds being tied up primarily in debt payments. However, going forward the Government will have in-creased fiscal space (more flexibility to spread funding across more areas which are vital). The development of infrastructure and an improvement in the quality and availability of education and healthcare services create better conditions for economic development and the improvement of the quality of life of Jamaicans on a whole.

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