Q1 budget overspending accounts for 2.6pct GDP: MoF reports

The country’s budget overspending in Jan-March accounted for nearly 2.6 percent GDP, equal to 9.5 percent of the planned 120 trillion dong set for 2011, Ministry of Finance reported.

This year the government targets to cut the budget deficit down to below 5 percent GDP.

In which, total budget revenues in Vietnam reached 155.530 trillion dong during the first quarter of 2011, equal to 26 percent of this year’s plan. The revenues from taxes and fees took up 144.530 trillion dong or 93 percent of total revenues. Also other revenues came from capital and non-refundable aid.

In the reporting quarter, total budget expenditure (excluding debt payment) was 166.995 trillion dong, of which 118.770 trillion dong or 77 percent was regular expenditure and remainder was used for investment and development.

The spending on principal debts in Q1 was estimated at 12.075 trillion dong, equivalent with 14 percent of estimated 86 trillion dong set for paying debts that fall due in the whole year.

 

Category: Economy