Durrant Pate/Contributor

Government of Jamaica (GOJ) revenues, which have been trending above budget has now dipped below projection up to November 2024.

The latest figures from the Ministry of Finance show that up to November 2024, revenues amounted to J$657.64 billion, which is $7.29 billion less than projected. However, this represented an increase of approximately 17.0 per cent relative to the $562.26 billion recorded for the corresponding period in 2023.

‘Capital Revenue’ recorded nil in accordance with the budgeted amount. ‘Bauxite Levy’ recorded nil relative to the budgeted amount of $149.0 million. Conversely, ‘Grants’ closed the period at $4.13 billion, which is $205.20 million less than the budgeted amount.

‘Tax Revenue’ closed the period at $535.33 billion, which is $5.34 billion less than the budgeted amount. ‘Non-Tax Revenue’ of $118.18 billion was reported, which is 1.3 per cent less than the budgeted amount. 

Expenditures continue to trail 

Total expenditure for the period April to November 2024 amounted to $677.26 billion, which is $11.71 billion less than the budgeted amount of $688.97 billion. Recurrent expenditure, which totalled $644.52 billion, accounted for 95 per cent of overall expenditures. 

Under the recurrent expenditure categories for the review period, all categories were below the budgeted amount: ‘Programmes,’ which amounted to $231.76 billion is $5.26 billion less than budget. ‘Wages & Salaries,’ which totalled $278.02 billion is below budget by some $930.20 billion. 

‘Employee Contribution’ totalled $14.83 billion, which is 13.2 per cent lower than the budgeted amount. ‘Compensation of Employees’ totalled $292.85 billion and is now running at $3.19 billion below the budgeted amount. ‘Interest,’ which amounted to $119.90 billion is 0.4 per cent below the budgeted amount. 

The ‘Fiscal Deficit’ is now $19.62 billion, relative to a ‘Projected Deficit’ of $24.04 billion. Additionally, the ‘Primary Surplus Balance’ for the period amounted to $100.28 billion, relative to the ‘Budgeted Primary Surplus Balance’ of $96.36 billion.