The fiscal deficit reached 0.9 percent of the gross domestic product (GDP) of Panama at the end of the first quarter of this year, equivalent to 569 million dollars, the Central American government reported.
The Deputy Minister of Finance, Eyda Varela de Chinchilla, explained in a press conference that the income of the Non-Financial Public Sector (SPNF) decreased by 0.6 percent, compared to the result of the first quarter of 2017, up to 2,746 million Dollars.
The total expenses of the SPNF, including the entire State (except the Panama Canal), public banks and three state-owned companies, increased by 30.1 percent compared to the same period last year and reached 3,315 million dollars, said the vice minister.
"On the other hand, the current saving was positive in 395 million dollars and financed 41% of the investments of the non-financial public sector," said Varela de Chinchilla.
Total revenues of the Central Government increased by 1.7 percent compared to the same period of the previous year, to 1,705 million dollars, while total expenses increased to 2,661 million dollars, which it is 36.7 percent more, she added.