Country Report Panama March 1998 Main report

Economic policy: Current budget remained in surplus in 1997

The government has reported a smaller surplus on the current balance of the 1997 fiscal accounts, of $142m, compared with $190m in 1996. While tax revenue increased owing to a higher rate of filing of tax returns and modernisation of the process, the rise in expenditure on government personnel and interest more than offset the improvement.

Current budget performance (B m) 1996 1997 % change Current revenue 1,516.7 1,575.2 3.9 of which: taxes 983.8 1,083.7 10.2 direct 447.4 510.3 14.1 indirect 536.4 573.4 6.9 non-tax receipts 508.1 445.2 -12.4 Current expenditure 1,324.2 1,433.6 8.3 Personnel 568.5 592.3 4.2 Non-personnel & others 121.4 161.3 32.9 Transfers 305.7 320.9 5.0 Interest 328.6 359.1 9.3 Balance 192.5 141.6 -26.4 Source: Ministerio de Planificacion y Politica Economica (MIPPE).

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