$16.3 million deficit recorded in September quarter

SHARE NOW

The Net Lending/Borrowing Balance for the Central Budgetary Government operations for the September 2022 quarter recorded a total deficit of $16.3 million. 

This is according to the Samoa Bureau of Statistics quarterly report. 

The quarterly outturn result was driven by two underlying factors. Firstly, a 38.6 percent increase in the central budgetary government’s running costs by $44.4 million compared to September 2021 as well as a significant increase in net acquisition of financial assets (NFAs) by $37.2 compared to September 2021. 

As a result, the banking system reported a drawdown of $44.3 million in the September 2022 quarter.

On the other hand, the Net Operating balance recorded a surplus of $25.5 million for the quarter. 

The total revenue for the September 2022 quarter was $184.8 million; total expenses for the reviewed period recorded $159.4 million in total. Despite the positive quarterly outcome, the Net Operating balance was $25.5 million (or 52.1%) lower compared to its corresponding September 2021 quarter. 

The computing result is exclusive of expenditure on the net acquisition of financial assets. Revenue Total Revenue collection for the quarter under review stood at $184.8 million with a recorded increase of $16.7 million (or 9.9 percent) in revenue when compared to the September 2021 quarter.

The tax revenue category continued to be dominant in its contribution accounting for $154.6 million and contributing positively at 83.7 percent to the total revenue amount. 

Taxes collected also increased by 25.5 percent when compared to the corresponding quarter of the previous year.

Another revenue with contributed $15.4 million to the period under review has increased by 32.1 percent compared to the September 2021 quarter. 

Its share of total revenue was recorded at 8.3 percent; its’ share has increased by 1.4 percent compared to its contribution in September 2021. 

Total grants received from foreign partners and donors amounted to $18.3 million; it went down by 55.4 percent compared to September 2021 and contributes 8.0 percent to total revenue.