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Bahamas: Fiscal deficit increases “threefold” as govt. reports $337 mil. revenue drop

NASSAU, BAHAMAS — Total government revenue decreased year-over-year by just over $337 million with preliminary data for the fiscal year 2019/20 showing an estimated “threefold” increase in the country’s fiscal deficit.

The Ministry of Finance released its fourth quarter fiscal snapshot and report on budgetary performance for fiscal year 2019/20 yesterday.

Preliminary data for the fiscal year, which ended June 30, indicates an estimated threefold increase in the fiscal deficit to $788.1 million from $219.3 million, in fiscal year 2018/19.

The Ministry of Finance routinely publishes budget performance reports at the end of each fiscal quarter.

“Total revenue decreased, year over year, by $337.1 million (13.9 percent) to $2,089.1 million, which represented 87.2 percent of the revised budget,” the report stated.

“This outcome reflects the combined impact of slower economic activity in the hurricane-affected islands—Abaco and Grand Bahama—and the reduction in business activity amid  the series of national lockdowns throughout the last quarter of the fiscal year.

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