Preliminary data for the nine months of FY2023/24 (July – March) indicates that the overall deficit declined by $35.5M (14.2%) to $214.2M compared to the same period of FY2022/23. Over the period, total revenues increased by $112.4M or 5.4% to $2.19B, representing 66.0% of the budgeted revenues for FY2023/24. Tax revenues experienced growth of 7.5% or $136.9M, while non-tax revenues declined 8.9% or $23.1M to $235.4M. Meanwhile, economic output amongst the world’s developed economies remained stable in the second quarter, but signs of a slowdown are showing as GDP growth slows. The International Monetary Fund kept its global growth forecast for 2024 of 3.2%.
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