Sri Lanka budget deficit down 31%, taxes up 36% in October

Sri Lanka
By Editor_1

COLOMBO – Sri Lanka’s budget deficit contracted absolutely by 31% to 1,060.8 billion rupees in the 10 months to October 2024 from 1,547 billion rupees a year ago, while tax revenues went up 34% to 3,000 billion rupees, government statistics showed.

Non-tax revenues went up 20% to 255.5 billion rupees.

There was a revenue gain of 1.6% to 10.4% of projected gross domestic in the 10 months to October from 8.8 % last year.

Recurrent spending including interest went up 7% to 3,796 billion rupees.

The current account deficit of the budget fell to 540.3 billion rupees from 1,107.4 billion rupees.

Capital spending went up 18% to 531.7 billion rupees.

The overall deficit fell 31% to 1,060 billion rupees from 1,547 billion rupees.

The primary balance (before interest costs) was a surplus of 830 billion rupees, up from 225.4 billion rupees last year.

Foreign borrowings rose to 274.5 billion rupees from 69.5 billion rupees.

Domestic borrowings fell to 786.3 billion rupees, down from 1,477.8 billion rupees. Domestic borrowings are the key determinant of interest rates.

 -economynext.com

Editor_1
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