The finance ministry produced final budget outturn figures for 2009 in its report on the 2011 budget. The report also included fiscal projections for the five-year plan, envisaging budget deficits averaging almost 6% a year as investment spending is ramped up. The actual deficit last year was 2.8% of GDP, compared with a target of 9% of GDP. The lower outturn resulted from higher than expected revenue and from underspending on investment. The report stated that current revenue was 20% above target (S£398bn, or US$8.7bn, compared with S£331bn) and that investment revenue was 6% higher than expected (£S135bn, compared with S£127bn). The third item of revenue listed in the report-foreign loans-was on target at S£12.3bn.

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The report did not provide a breakdown of expenditure. Nor did it include a figure for actual expenditure. However, the report stated that the actual deficit was S£70.45bn, which implies that total expenditure was S£615bn, 10.2% lower than the target of S£685bn. The government has persistently struggled to meet its capital expenditure targets, which raises questions about whether it will be able to meet the ambitious spending objectives in the new five-year plan.

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