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The
Chilean Finance Ministry
(Ministerio de Hacienda) reports:
Balance for the third quarter of the year was positive in CLP$ 53,024
million (approx. US$76 million).
This amount is equivalent to 0.1% of annual
estimated GDP, while for the January-September period accumulated central
government balance reaches a fiscal deficit of 0.5% of GDP.
Main facts that help explain this result are the reversion in the
decreasing trend of current income as well as the slow in central
government expenditure growth.
A fiscal surplus equivalent to 0.1% of the annual GDP was observed during
the third quarter of this year. This corresponds to a positive balance of
CLP$ 53,024 million (approx. US$ 76 million).
In terms of revenues for the third quarter, Total Central Government
Revenues reached CLP$ 2,584,608 million (approx. US$ 3,692 million),
equivalent to 24.4% of the total revenues estimated for the year. The
behavior of central government income during the third quarter of the year
was positively impacted by growth on income coming from road concessions,
by the higher Value Added Tax collection, by higher collection of some
taxes on specific products, and by the acceleration in the collection of
mandatory pension contributions. On the other hand, copper revenues and
taxes on foreign trade negatively impacted fiscal revenues.
Central Government Expenditures totaled CLP$ 2,531,584 million (approx.
US$ 3,617 million), with an increase of expenditure with macroeconomic
effect of 3.8% compared to the third quarter of 2001 (this expenditure
does not consider purchase of securities and titles, interest payments and
pension recognition bonds). These expenditures represent a significant
decrease compared to what was observed in the first two quarters when
expenditures with macroeconomic effect increased in 8.1% and 7.3%
respectively. Until the third quarter of the year, expenditures show an
accumulated advance of 71.4% of the expenditures approved in the budget
law originally approved in Congress.
During the third quarter, current expenditures increased by 4.6% yoy,
while expenditures in goods and services for consumption and production
increased by 6.8% yoy. In terms of capital expenditures, investment
increased in only 1.4%, reflecting mainly that during 2002 most of
projected investment was done during the first half of the year. For the
first nine months of the year investment has shown an increase of 13.2%
compared to the January-September period of 2001.
In terms of financing, the budget execution numbers include information on
the sources of financing of the Central Government balance. Numbers show
that after the issuance of bonds in the second quarter, there has been
debt prepayments and amortization, which have redounded in a negative
indebtedness of CLP$ 184,883 million (approx. US$ 264 million).
The following table summarizes some of the relevant information (for the
third quarter of 2002). For more information please go to the
Budget Office, (search in the
link “Novedades” and go to “Informe de la Ejecución Presupuestaria del
Gobierno Central al Tercer Trimestre”).
More detailed information
available at the Chilean
Finance Ministry
(Ministerio de Hacienda).
Forecasts: This indicator is covered in the
LatinFocus Consensus Forecast. For 5-year projections, including quarterly forecasts for
the next two years, please click here
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