According to the Ministry of Finance, Lebanon’s fiscal deficit broadened by 27.13% to reach $2.53B by August 2016, versus a deficit of $1.99B in the same period in 2015.
The 4.13% year-on-year (y-o-y) growth in total revenues to $6.88B was outpaced by a growth of 9.45% in total expenditures to $9.40B by August 2016.
By August 2016, tax revenues grew by 1.40% y-o-y to $4.98B with customs’ revenues rising by 2.71% y-o-y to $922.34M and VAT Revenues rising by 1.96% y-o-y to $1.48B.
Non-tax revenues witnessed an upturn of 4.67% y-o-y to $1.44B mostly on account of a 5.49% y-o-y uptick in telecom revenues to $797.50M.
In terms of expenditures, transfers to the state-owned electricity company EDL fell from $787.34M by August 2015 to $521.20M by August 2016 due to the decline in oil prices.
As for Lebanon’s debt service it increased from $2.78B by August 2015 to $2.93B by August 2016.
The primary surplus, which excludes Lebanon’s debt service, stood at $405.11M by August 2016 down from $793.86M by August 2015.
Yearly Fiscal Deficit by August (In $B)
Source: Ministry of Finance