Estimates of Revenue and Expenditure for the year 2014, and projections for 2015 and 2016 were presented in Parliament yesterday by Prime Minister and Minister of Finance, Dr. Ralph Gonsalves.
In presenting the figures, the Prime Minister noted that they were formulated against the backdrop of a world economy which has shown slow, uneven and tentative recovery, while regional economies, are in a condition of low growth and high debt.
The Estimates of Revenue and Expenditure for the year 2014 amount to 911-million, 571-thousand and 46-dollars, representing a 14.1-percent increase, over the approved budget for 2013.
The Prime Minister said the increase in the 2014 budget is due to a substantial increase on the capital side, amounting to 45.5-percent, largely as a result of expenditure on the International Airport project, and a 5.2-percent increase in recurrent spending
The 2014 Budget comprises Recurrent Expenditure of 654-million, 441-thousand, 101-dollars and capital expenditure of 257-million, 129-thousand, 945-dollars.
The Budget is financed by Current Revenue of 520-million,502-thousand, 8-hundred dollars, and capital receipts totaling 391-million, 68-thousasand, 246–dollars
The Prime Minister said there are 102 new staff positions included in the 2014 Estimates, noting that these positions are absolutely necessary.
The Prime Minister also disclosed that all items of expenditure in the 2014 Recurrent Budget have increased, including wages and salaries.