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Total budget deficit up to August reaches 24.47 percent Spending on electricity rise by LL176 billion from 200.

The Finance Ministry said today that the budget deficit for first eight months of 2009 reached 24.47 percent of spending or LL2.777 trillion compared to 27.35 percent in the same period of 2008 or LL2.550 trillion.

The ministry said the allocations for Electricite du Liban in the same reporting period rose by LL176 billion.

The primary surplus, excluding the cost of debt servicing, for the first eight months of this year recorded a surplus of LL975 billion ( or 59.8 percent of total spending), an increase of LL127 billion compared to the same period of 2008.

The primary surplus in the first eight months of 2008 was LL848 billion.

Total government spending Government spending or government expenditure consists of government purchases, which can be financed by seigniorage, taxes, or government borrowing. It is considered to be one of the major components of gross domestic product.  up to August 2009 reached LL11.347 trillion while spending outside the cost of debt servicing reached LL7.595 trillion. Total government tax and not tax revenues in the same period reached LL8.570 trillion.

According to the ministry, government revenues jumped by LL1.793 trillion ( or 26.47 percent) to LL8.570 trillion.

Revenues from tariffs in the same reporting rose by LL865 billion while the proceeds from the value added tax value added tax n (BRIT) → impuesto sobre el valor aƱadido or agregado (LAM)

value added tax n (Brit
 rose by LL258 billion.

But total government expenditures in the first eight months of this year rose by LL2.020 trillion ( or 21.66 percent) to reach LL11.347 trillion.

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Publication:National News Agency Lebanon (NNA)
Date:Oct 6, 2009
Words:230
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