CONSOLIDATED FISCAL BALANCE NON-FINANCIAL PUBLIC SECTOR
July 2024
PRELIMINARY CONSOLIDATED FISCAL BALANCE
NON-FINANCIAL PUBLIC SECTOR
(In millions of Balboas)
Non-Financial Public Sector Deficit
July 2024
July 2023
Total balance expressed in millions of Balboas
-4,738.9
-3,316.3
% of GDP
-5.45%
-3.98%
Detail
July
2024
Preliminary
1
July
2023
Preliminary
2
Difference
Absolute
3= (1-2)
Percentage
4=3/2
Total revenue
6,598.8
6,666.6
-67.8
-1.0%
General Government Current Income
6,336.3
6,353.6
-17.3
-0.3%
Central Government
3,908.1
3,909.3
-1.3
0.0%
CSS
2,311.1
2,287.1
24.1
1.1%
Consolidated Agencies
112.0
139.8
-27.8
-19.9%
Operational Balance of Public Companies
61.9
77.6
-15.8
-20.3%
Non-consolidated Agencies and Others
209.0
232.7
-23.7
-10.2%
Capital revenues
5.1
17.4
-12.4
-70.9%
Net Granting of Loans 1/
-8.4
2.6
-11.0
-424.5%
Donations
0.0
0.0
0.0
…
Total expenditure
11,337.7
9,982.9
1,354.8
13.6%
Current expenses
8,766.0
7,662.7
1,103.3
14.4%
Current Expenses (excludes interest payments)
7,232.0
6,362.1
869.9
13.7%
Central Government
4,700.8
3,898.1
802.7
20.6%
CSS
2,328.8
2,274.2
54.6
2.4%
Consolidated Agencies
202.4
189.8
12.6
6.6%
Interests
1,534.0
1,300.6
233.4
17.9%
External Interests
1,350.0
1,145.9
204.1
17.8%
Internal interests
184.1
154.7
29.3
18.9%
Capital expenditure
2,571.7
2,320.2
251.5
10.8%
% of GDP
2.96%
2.78%
0.18%
General Government Current Savings
-2,429.7
-1,309.0
-1,120.6
85.6%
% of GDP
-2.80%
-1.57%
-1.23%
SPNF Current Savings
-2,158.8
-998.7
-1,160.1
116.2%
% of GDP
-2.48%
-1.20%
-1.29%
Total Savings (Total Income minus Current Expenses)
-2,167.2
-996.1
-1,171.2
117.6%
% of GDP
-2.49%
-1.19%
-1.30%
Primary Balance
-3,204.9
-2,015.7
-1,189.2
59.0%
% of GDP
-3.69%
-2.42%
-1.27%
Total Balance 2/
-4,738.9
-3,316.3
-1,422.6
42.9%
% of GDP
-5.45%
-3.98%
-1.48%
Estimated Nominal GDP Growth 4.2% (2.5% real)
86,885
83,382
Source: CGR, Superintendencia de Bancos de Panamá, BNP, CA, Decentralized Entities, MEF.
1/ Includes granting of loans from institutions such as IFARHU, BHN and BDA.
2/ Has adjustment for financing.
Financing of the Non-Financial Public Sector
Preliminary
January - July
(In millions of Balboas)
2024
2023
TOTAL
4,738.9
3,316.3
% of GDP
5.45%
3.98%
External debt
3,416.7
1,801.9
Net disbursement
3,431.2
1,805.1
Disbursement
4,027.5
2,371.4
Amortization
596.2
566.4
Financial investment
-14.5
-3.2
Internal Debt
1,432.0
653.1
Net disbursement
1,432.0
653.1
Disbursement
2,855.1
1,396.2
Amortization
1,423.1
743.1
Banking Resources 1/
797.8
1,044.6
Banco Nacional de Panamá
691.4
590.6
Banco Caja de Ahorro
-139.6
354.0
Private Banks
246.0
100.0
Checks in circulation
191.8
-568.7
Others 2/
-1,099.4
385.5
Prepared by: Macro Fiscal. 1/ Corresponds to the use or accumulations of deposits in official and private banks; an accumulation of money carries a negative sign (-) and a use of money a positive sign (+). 2/ Includes deposits in transit, accrued, CUT Investments, adjustments for transfers, flows and amortization and disbursement operations.
PRELIMINARY FISCAL BALANCE
CENTRAL GOVERNMENT OPERATIONS
(In millions of Balboas)
Central Government Deficit
July 2024
July 2023
Total balance expressed in millions of Balboas
-4,857.6
-4,270.7
% of GDP
-5.59%
-5.12%
Detail
July
2024
Preliminary
1
July
2023
Preliminary
2
Difference
Absolute
3= (1-2)
Percentage
4=3/2
Total revenue
3,984.4
3,973.6
10.9
0.3%
Current revenue
3,984.4
3,973.6
10.9
0.3%
1. Tax Revenue
3,182.2
3,111.5
70.7
2.3%
Direct Tax
1,730.8
1,723.9
6.8
0.4%
Indirect tax
1,451.5
1,387.6
63.9
4.6%
2. Non-Tax revenue
802.0
849.0
-46.9
-5.5%
Capital revenues
0.1
13.1
-12.9
-98.9%
Donations
0.0
0.0
0.0
…
Total expenditure
8,842.0
8,244.3
597.7
7.2%
Current expenses
6,940.5
6,330.8
609.7
9.6%
Personal services (wages and salaries)
2,452.9
2,299.5
153.3
6.7%
Goods and services
408.6
403.9
4.7
1.2%
Interests
1,534.0
1,300.6
233.4
17.9%
Others
106.1
47.8
58.3
122.0%
Current savings
-2,956.1
-2,357.2
-598.9
-25.4%
% of GDP
-3.40%
-2.83%
-0.58%
% of GDP
2.19%
2.29%
-0.11%
Primary Balance
-3,323.5
-2,970.2
-353.4
-11.9%
% of GDP
-3.83%
-3.56%
-0.26%
Total Balance 1/
-4,857.6
-4,270.7
-586.8
-13.7%
% of GDP
-5.59%
-5.12%
-0.47%
Estimated Nominal GDP Growth 4.2% (2.5% real)
86,885
83,382
Source: CGR, Superintendencia de Bancos de Panamá, BNP, CA, Decentralized Entities, MEF.
1/ Has adjustment for financing.
Central Government Financing
Preliminary
July
(In millions of Balboas)
2024
2023
TOTAL
4,857.6
4,270.7
% of GDP
5.59%
5.12%
External debt
3,416.7
1,801.9
Net disbursement
3,431.2
1,805.1
Disbursement
4,027.5
2,371.4
Amortization
596.2
566.4
Financial investment
-14.5
-3.2
Internal Debt
1,432.0
653.06
Net disbursement
1,432.0
653.1
Disbursement
2,855.1
1,396.2
Amortization
1,423.1
743.1
Banking Resources 1/
1,100.0
1,011.1
Banco Nacional de Panamá
996.0
556.0
Banco Caja de Ahorro
-142.0
355.1
Private Banks
246.0
100.0
Checks in circulation
16.7
38.2
Others 2/
-1,107.9
766.5
Prepared by: Macro Fiscal. 1/ Corresponds to the use or accumulations of deposits in official and private banks; an accumulation of money carries a negative sign (-) and a use of money a positive sign (+). 2/ Includes deposits in transit, accrued, CUT Investments, adjustments for transfers, flows and amortization and disbursement operations.