Part I of Q1-2021 compared the actual nominal amounts of revenue, spending, arrears and deficit with the targets that MOF was expecting to achieve for the period.
The simplest way is to divide the annual amount in equal quarterly amounts but a feature of first quarters is their sluggish revenue generation effort compared to a relatively higher and inflexible expenditures.
Part II replaces the nominal amounts with percent of GDP ratios for 2021 budget or fiscal indicators. The COVID-19 pandemic affected the GDP or national output for 2020 and could continue at a slower pace in 2021—when, globally, all economies expect to continue with the recovery that started in the last quarter of 2020.
The article adds the nominal numbers discussed in Part I to the tables to facilitate a recall.
Nonetheless, the 2021 estimates and actual fiscal indicators—such as revenues, spending, arrears, deficit and financing—reflect the slow-to-fast pace of overall economic performance.
Secondly, fiscal experts regard the percent of GDP indicators as a better guide for assessing the economy, as it goes through periodical swings of good and bad performance.
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