Public Finance Data and Analysis
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During the first half of 2024, government revenue and grants increased significantly to Rs. 1.86 trillion, up from Rs. 1.31 trillion in the same period of 2023, with tax revenue reaching Rs. 1.7 trillion compared to Rs. 1.2 trillion a year earlier. Despite this increase in revenue, total expenditure and net lending decreased slightly to Rs. 2.46 trillion from Rs. 2.56 trillion in the corresponding period of 2023, with recurrent expenditure marginally down to Rs. 2.21 trillion. This resulted in a positive primary balance of Rs. 173 billion, a notable improvement from the negative Rs. 895 billion recorded in the first half of 2023. Additionally, the overall budget deficit narrowed to Rs. 598.7 billion, compared to Rs. 1.24 trillion in the previous year.
Looking at the full year of 2023, revenue and grants surpassed Rs. 3 trillion, with tax revenue growing to Rs. 2.7 trillion from Rs. 1.7 trillion in 2022. However, expenditures also rose, with total expenditure and net lending reaching Rs. 5.3 trillion and recurrent expenditure increasing to Rs. 4.7 trillion. Despite the rise in spending, the primary balance remained positive at Rs. 173 billion, a significant turnaround from the negative balance of Rs. 895 billion in 2022. Net domestic financing decreased to Rs. 1.78 trillion, while net foreign financing increased to Rs. 494.6 billion, contributing to a reduced overall budget deficit of Rs. 2.28 trillion, down from Rs. 2.46 trillion in 2022.
