Budget Speech 2011 - Government of Grenada

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• The CPI is now comparable across the OECS countries • It adopts a new methodology that allows for introducing new items into the CPI basket and for adjusting for quality changes in the price of an item. Gross Domestic Product The Gross Domestic Product is a measure of the value of goods and services produced by a country in a given year. It is used as an indicator of the size of the economy. The Central Statistical Office with assistance from ECCB and CARTAC recently concluded a revision of the methodology and coverage of computing Grenada’s Gross Domestic Product (GDP). This revision yielded the following results: • New GDP series is now rebased from 1990 to 2006 to allow comparison across the OECS countries • Nominal GDP is estimated at EC$2.1 billion, an increase of 28.8% due to increased coverage. • Grenada is now the third largest economy in the OECS, after Antigua and St. Lucia. Going forward, these rebased numbers will be used for all reporting purposes. 3.2 Fiscal performance in 2010 Mr. Speaker, 2010 was another very challenging year. Recurrent revenue was $423.6 million, a shortfall of $24.5 million or 5.5% per cent of budgeted revenues. This shortfall was primarily due to further VAT concessions granted during the year. However, compared to the previous year, revenues grew by $18.3 million or 4.5 per cent. 2011 Budget Statement Page 15
It is useful to understand how Government spends every dollar. Bearing in mind that Government spends more than it earns by supplementing its revenues with overdraft, treasury bills, loans and grants, this is how every Government dollar was spent in 2010: o o o o o Personal emoluments – 40 cents Goods and Services – 12 cents Transfers – 13 cents Debt repayments and servicing – 24 cents Development projects – 11 cents Figure I – How Government Dollar is Spent How Gov’t Dollar is Spent Percentage Dollar Distribution Development Projects 11% Debt repayment and Servicing 24% Personal Emoluments 40% Transfers 13% Goods and Services 12% Personal emoluments refer to wages, salaries and allowances for Government workers. Goods and Services refer to electricity, telecommunications, water, fuel and stationary. Transfers refer to pensions, gratuities, public assistance, subventions and contributions to international organizations. Debt repayments and servicing refer to both interest and principal repayments (amortization). Recurrent expenditure was $420.6 million, 2.3 percent less than budgeted. Compared to the previous year, current expenditure grew by 1.4 per cent. Page 16 2011 Budget Statement
Page 1 and 2: GOVERNMENT OF GRENADA 2011 Budget S
Page 3 and 4: 5.8 Strengthening Economic Manageme
Page 5 and 6: Page 4 2011 Budget Statement
Page 7 and 8: At home, many of us lost loved ones
Page 9 and 10: not accompanied by significant job
Page 11 and 12: Mr. Speaker, the data show that the
Page 13 and 14: 3.0 LOCAL DEVELOPMENTS 3.1 Performa
Page 15: In an effort to provide additional
Page 19 and 20: Based on the revised GDP, Grenada
Page 21 and 22: This year, our VAT Unit will intens
Page 23 and 24: Improving the Business Climate •
Page 25 and 26: o o 6 acres of avocados 10.6 acres
Page 27 and 28: • Provided every primary and seco
Page 29 and 30: Violence Act - landmark legislation
Page 31 and 32: We pointed out that there are sever
Page 33 and 34: We commenced the process of tax ref
Page 35 and 36: In preparing this strategy we have
Page 37 and 38: will depend on two additional criti
Page 39 and 40: The individual freedoms we enjoy in
Page 41 and 42: Public Debt - $188.3 million (or 24
Page 43 and 44: 4. Improved marketability of fish p
Page 45 and 46: Support for Airlift It should be no
Page 47 and 48: in securing vacations and is workin
Page 49 and 50: We are working closely with the Off
Page 51 and 52: to explore the technical and commer
Page 53 and 54: the three (3) sites, thus negating
Page 55 and 56: In a real sense, C@ribNET is a cata
Page 57 and 58: And Grenada is not alone. Having re
Page 59 and 60: Project Grenville Market Developmen
Page 61 and 62: The report showed that of the perso
Page 63 and 64: To our dismay, the design works wer
Page 65 and 66: Its development goal is to contribu
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Programme. This initiative will tar
Page 69 and 70:
VI. Support for Existing Businesses
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and we will continue to offer that.
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persons whose employment was involu
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This year, Government will continue
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9. Creating training and educationa
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The Grenada Home Improvement Scheme
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4. To commence work on the Top Hill
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The Sustainable Development Council
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The updated Public Service Rules an
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These achievements included: • Su
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all sectors of our society. NaDMA w
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The Organisation of Eastern Caribbe
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Mr. Speaker, we have articulated a
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Page 94 2011 Budget Statement
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Budget Speech 2011 - Government of Grenada

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