AMMAN — Domestic revenues expanded by 5 per cent or JOD109 million in the first four months of 2018 to a total of JOD2.39 billion compared with JOD2.28 billion in the same period of 2017, according to official data.
The ministry of finance said in a statement issued Monday that tax revenues surged by JOD31 million while non-tax revenues increased by JOD78 million. On the other hand, foreign grants amounted to JOD74.1 million by the end of April down by JOD10.9 million or 12.8 per cent of the JOD85 million secured in the same period last year.
Public expenditure shot up by a staggering JOD330 million totalling JOD2.84 billion against JOD2.512 billion in the same period of 2017, the figures indicated.
The ministry said the sharp rise in public spending was mainly driven by the lump-sum payment of JOD155 million to citizens under the social safety net.
As a result, the ministry indicated, the budget deficit rose to JOD379 million (after adding foreign grants) compared with JOD146.7 million in the same period last year.
However, the ministry assured that the budget deficit will remain within “target levels” by yearend.
By the end of April, the Kingdom’s public debt reached JOD27.7 billion or 95.9 per cent of Gross Domestic Product (GDP) against JOD27.26 billion or 95.3 per cent of GDP in the same period last year, the figures revealed.
The ministry said it expects debt to reach JOD28.4 billion by the end of 2018.