Panama deficit up 11% to $1.35 billion

Dulcidio dela Guardia,, right, tught
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PANAMA’S deficit rose 11 percent  to  $1.35 billion in 2016, reports  Finance Minister Dulcidio De La Guardia.

The figure is 2.5 percent of the country’s gross domestic product (GDP). The Law on Fiscal Social Responsibility allows the

country to have a maximum deficit of 3.5 percent of GDP.

Total non­financial public sector revenues totaled $11.5 billion, an 8 percent increase from 2015, while total expenses closed the year at $12.9 million, an 8.4 percent jump.

De La Guardia said one positive sign was that tax revenues increased 9.2 percent.

Investment expenditure was $3.9 billion, $309 million more than the previous year.

Of the total investments, 36 percent was financed with debt and the remaining 64 percent with current savings, De La Guardia said.

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