CONSOLIDATED FISCAL BALANCE NON-FINANCIAL PUBLIC SECTOR
August 2024
PRELIMINARY CONSOLIDATED FISCAL BALANCE
NON-FINANCIAL PUBLIC SECTOR
(In millions of Balboas)
Non-Financial Public Sector Deficit
August 2024
August 2023
Total balance expressed in millions of Balboas
-5,613.0
-3,454.5
% of GDP
-6.43%
-4.14%
Detail
August
2024
Preliminary
1
August
2023
Preliminary
2
Difference
Absolute
3= (1-2)
Percentage
4=3/2
Total revenue
7,390.2
8,065.8
-675.5
-8.4%
General Government Current Income
7,079.4
7,827.4
-748.0
-9.6%
Central Government
4,329.4
5,044.7
-715.3
-14.2%
CSS
2,602.5
2,581.6
20.9
0.8%
Consolidated Agencies
142.3
183.7
-41.3
-22.5%
Operational Balance of Public Companies
79.7
71.4
8.3
11.6%
Non-consolidated Agencies and Others
244.6
166.4
78.2
47.0%
Capital revenues
5.2
17.4
-12.3
-70.4%
Concesión Neta de Préstamos 1/
-13.5
0.5
-14.0
-2814.0%
Donations
0.0
0.0
0.0
…
Total expenditure
13,003.2
11,520.3
1,482.9
12.9%
Current expenses
9,960.2
8,823.6
1,136.6
12.9%
Current Expenses (excludes interest payments)
8,164.2
7,386.4
777.8
10.5%
Central Government
5,203.6
4,517.2
686.4
15.2%
CSS
2,723.1
2,645.0
78.0
3.0%
Consolidated Agencies
237.6
224.2
13.4
6.0%
Interests
1,796.0
1,437.2
358.8
25.0%
External Interests
1,610.6
1,281.2
329.5
25.7%
Internal interests
185.3
156.0
29.3
18.8%
Capital expenditure
3,043.0
2,696.7
346.3
12.8%
% of GDP
3.48%
3.23%
0.25%
General Government Current Savings
-2,880.8
-996.2
-1,884.6
189.2%
% of GDP
-3.30%
-1.19%
2.10%
SPNF Current Savings
-2,556.4
-758.3
-1,798.1
237.1%
% of GDP
-2.93%
-0.91%
-2.02%
Total Savings (Total Income minus Current Expenses)
-2,570.0
-757.8
-1,812.1
239.1%
% of GDP
-2.94%
-0.91%
-2.03%
Primary Balance
-3,817.0
-2,017.4
-1,799.7
89.2%
% of GDP
-4.37%
-2.42%
-1.95%
Total Balance 2/
-5,613.0
-3,454.5
-2,158.5
62.5%
% of GDP
-6.43%
-4.14%
-2.28%
Estimated Nominal GDP
87,347
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/ Reconciled for financial registers
Financing of the Non-Financial Public Sector
Preliminary
January - August
(In millions of Balboas)
2024
2023
TOTAL
5,613.0
3,454.5
% of GDP
6.43%
4.14%
External debt
3,276.1
1,628.4
Net disbursement
3,290.6
1,656.6
Disbursement
4,027.5
2,373.0
Amortization
736.9
716.3
Financial investment
-14.5
-28.2
Internal Debt
1,694.2
653.1
Net disbursement
1,694.2
653.1
Disbursement
3,147.3
1,426.2
Amortization
1,453.1
773.1
Banking Resources 1/
697.7
979.1
Banco Nacional de Panamá
654.7
524.1
Banco Caja de Ahorro
-143.0
355.0
Private Banks
186.0
100.0
Checks in circulation
197.1
-368.1
Others 2/
-252.1
562.0
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
August 2024
August 2023
Total balance expressed in millions of Balboas
-6,151.1
-4,120.3
% of GDP
-7.04%
-4.94%
Detail
August
2024
Preliminary
1
August
2023
Preliminary
2
Difference
Absolute
3= (1-2)
Percentage
4=3/2
Total revenue
4,418.7
5,117.7
-699.0
-13.7%
Current revenue
4,418.7
5,117.7
-699.0
-13.7%
1. Tax Revenue
3,524.0
3,647.3
-123.3
-3.4%
Direct Tax
1,859.7
2,023.3
-163.6
-8.1%
Indirect tax
1,664.3
1,624.1
40.2
2.5%
2. Non-Tax revenue 1/
894.6
1,457.3
-562.8
-38.6%
Capital revenues
0.2
13.1
-12.9
-98.7%
Donations
0.0
0.0
0.0
…
Total expenditure
10,569.8
9,238.0
1,331.8
14.4%
Current expenses
7,973.6
7,213.5
760.0
10.5%
Personal services (wages and salaries) 2/
2,890.5
2,699.8
190.6
7.1%
Goods and services
466.1
475.9
-9.8
-2.1%
Interests
1,796.0
1,437.2
358.8
25.0%
Others 3/
202.2
50.7
151.6
299.2%
Current savings
-3,554.8
-2,095.8
-1,459.0
-69.6%
% of GDP
-4.07%
-2.51%
-1.56%
Total Savings (Total Income minus Current Expenses)
-3,554.8
-2,095.8
-1,459.0
-69.6%
% of GDP
-4.07%
-2.51%
-1.56%
% of GDP
2.97%
2.43%
0.54%
Primary Balance
-4,355.1
-2,683.1
-1,672.0
-62.3%
% of GDP
-4.99%
-3.22%
-1.17%
Total Balance 4/
-6,151.1
-4,120.3
-2,030.8
-49.3%
% of GDP
-7.04%
-4.94%
-2.10%
Estimated Nominal GDP
87,347
83,382
Source: CGR, Superintendencia de Bancos de Panamá, BNP, CA, Decentralized Entities, MEF.
1/ The decrease in 2024 compared to 2023 is explained by the sale of land to the Panama Canal Authority for a total of USD 501.1 million in August
2023.
2/ The increase year over year is due to a Supreme Court ruling declaring unconstitutional the way the XIIIth salary month benefit is paid to public
employees earning more than USD 550 per month (measure applied starting in the first portion of 2024). The increase caused was not in the original
2024 budget.
3/ The increase year over year in Other Current Expenses is explained by the swap payments executed for the amount of USD 150.2 million by
August 2024.
4/ Reconciled for financial registers.
Central Government Financing
Preliminary
August
(In millions of Balboas)
2024
2023
TOTAL
6,151.1
4,120.3
% of GDP
7.04%
4.94%
External debt
3,276.1
1,628.4
Net disbursement
3,290.6
1,656.6
Disbursement
4,027.5
2,373.0
Amortization
736.9
716.3
Financial investment
-14.5
-28.2
Internal Debt
1,694.2
653.06
Net disbursement
1,694.2
653.1
Disbursement
3,147.3
1,426.2
Amortization
1,453.1
773.1
Banking Resources 1/
1,022.4
1,033.4
Banco Nacional de Panamá
978.4
578.3
Banco Caja de Ahorro
-142.0
355.1
Private Banks
186.0
100.0
Checks in circulation
47.5
61.7
Others 2/
110.8
743.7
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.