Tuesday, May 9, 2017
The difficulties of economic policy-making.
The first-quarter primary deficit reached 0.4% of GDP, below the quarterly goal of 0.6%. The rise in revenues, mainly due to the tax amnesty that ended in March, helped offset higher spending in areas such as social security payments and capital investment, driven by the pre-election revival of public works. However, in the absence of extraordinary revenues during the rest of the year, it will be harder to meet fiscal targets.