The revised deficit is also lower than the P3.8 billion estimated by Finance Minister, Kenneth Matambo in this year's budget speech. The 68 percent drop between the forecast and final deficit figure portends a healthier state of public coffers for the 2012/13 financial year in which Matambo, expects a modest P1.15 billion surplus in the current year.Last year, the 2010/11 forecast deficit of P10.2 billion came in at P6.5 billion or 46 percent lower than was first projected by the finance ministry, powered again by stronger than expected mineral earnings.
For 2011/12, the final figures, still due for further revision, indicate revenues at P38 billion against spending of P40.2 billion, giving rise to the P2.2 billion deficit.For the 2011/12 financial year, the BoB said the revised deficit was the result of several related factors."Revenues grew by 19.1 percent compared to 2010/2011, driven in particular by buoyant mineral receipts, payment from the Southern African Customs Union and VAT," the central bank says in its monthly data set. "In contrast, total expenditure grew by only 4.6 percent compared to the projected 8.5 percent, due mainly to continued underspending of the development budget."
