T&T achieves fiscal surplus of $1.08B

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T&T achieves fiscal surplus of $1.08B

Trinidad and Tobago has achieved a fiscal surplus for the first time since 2007/2008.

In a release, Finance Minister Colm Imbert said the total revenue in fiscal year 2022 was $54.21 billion, or $10.88 billion more than originally estimated. The total expenditure was $53.12 billion, or $690 million more than originally estimated.

He noted, though, that the Budget Division advised that there may be another $100 million in expenditure in 2022 that is still to be brought to account.

“Taking into account the additional $100 million in expenditure that may be brought to account in due course, the provisional out turn for fiscal 2022, instead of a deficit, is therefore a fiscal surplus [sic] of $1.08 billion, or +0.6 per cent of GDP,” the release stated.

Imbert noted, “This improved outturn for fiscal 2022 has given the Government the additional fiscal space to implement the $150 million programme of disaster relief and infrastructure work announced by the Office of the Prime Minister on Thursday.