During his 2024-2025 mid year budget communication in the House of Assembly on Wednesday Prime Minister and Minister of Finance, the Hon. Philip Davis touted the success of revenue collection for the first six months of this fiscal year. The amount is estimated at $1.4 billion which is 40.7% of revenue projections. It is an increase of $138.9 million compared to the same period a year ago.

Mr. Davis told Parliamentarians, “when compared to the financial year 2018-2019 the last, what you call normal year before the twin disasters, total revenue for the first half of the year has grown by 42.4% or $429.3 million. This was achieved without any appreciable increase in taxes since we came into office.”

Expenditure for the first six months of the 2024-2025 fiscal year totaled $1.8 billion, an increase of $278.3 million over the same period a year ago. Recurrent expenditure was $1.6 billion, an increase of $192.3 million. Mr. Davis said, “a key spending components during the period comprised the following: an increase in compensation for employees, public servants, by $16.9 million to $434.6 million representing a 49.6% of the budget target. Increased spending in this component is explained by higher employment costs due to promotions and other staff and salary adjustments during the period.”

Capital expenditure was $220.1 million, an increase of $86 million over the previous year.