Budget 2014 Simplified

For ease, I've compiled the 2014 Budget. All the essentials you need to know on the 2014 Budget:

My analysis will follow in the press.

2013 Facts

Real GDP Growth 5.2%

Balance of Payments Deficit US $119.5M

Inflation Rate 0.9%

Commercial banks average lending rate 11.16%

Small savings rate 1.33%

Treasury Bills rate 1.45%

Foreign exchange transactions US$6.4B

Export earnings US$1.4B

Import earnings US$1.8 B

Balance of Trade deficit US$0.4 B

Net current transfers US$353.2 M

Remittances US$328.2 M

Capital Account US$314.8 M

Foreign Direct Investments US$214M

International Reserves US$776.9

Net domestic credit $129 B

Expansion of credit to private sector 14.5%

Non-financial public sector deficit $28.7 B

Total current revenues $135.7 B

Non-interest current expenditure $115.9 B

Tax revenues $126.5 B

Internal revenues $51.7 B

Corporation tax $21.6 B

Personal income tax  $955.8 M

Customs & trade tax $13.2 B

Value Added Tax $34.4 B

Exercise tax $27.3 B

Capital expenditure $50.1 B

Public enterprises deficit $1.6 B

External debt US$1.2 B

Total debt service US$45.9 M

Total domestic debt $98.8 B

2014 Targets

Budget Size G$220B

Real GDP Growth 5.6%

Inflation Rate 5%

Balance of Payments Deficit US$21.9M

Total Current Revenue $149.6 B

Total Expenditure $215.9 B

Fiscal Deficit $32.4B

Internal Revenues $55.8B

Value Added Tax & Excise US $65.8B

Non-Tax Revenues G $14.4B

Growth in private sector credit (Chart):

Manufacturing 22%

Construction 18.8%

Engineering 17.4%

Personal and Real Estate 16.9%

Mining & Quarry 13.9%

Agriculture 13.7%

Rice Milling 9.9%

Budgetary Measures

Subsidy to Guyana Sugar Corporation-- $6B

Subsidy to Rice Industry $500M

Other Agriculture Subsidies $200 M

Guyana Power & Light subsidy $6.9B

Rural Enterprise Development $1B

Establishment of Hospitality Institute US$4M

Preparatory work to dredge Port Georgetown $100M

Linden to Lethem Roads upgrade $1B

“Clean Up My Country” initiative $1B

Education grants for families $2B