Budget in Q1 surplus but FY deficit still looms

Wednesday, December 13, 2023 | 440 Views |

Major crossing: SACU receipts were one of the major contributors to the Q1 deficit PIC: MBONGENI MGUNI

The national budget recorded a P5.2 billion surplus in the first quarter of the financial year, a performance expected to unravel later as the Finance Ministry still expects an overall P5.7bn deficit in the fiscal year.

Figures from the Ministry show that the surplus in the first quarter of the 2023-24 financial year, a period which covers the months between April and June, was powered largely by Southern African Customs Union (SACU) receipts and mineral revenues.

The P5.2 billion surplus compares with a surplus of just P645.3 million for the first quarter of 2022-23 and a deficit of P1.4 billion for the same period in 2021-22.

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Budget in Q1 surplus but FY deficit still looms

The national budget recorded a P5.2 billion surplus in the first quarter of the financial year, a performance expected to unravel later as the Finance Ministry still expects an overall P5.7bn deficit in the fiscal year.