December 29, 2012 00:00 By THE NATION 5,055 Viewed
The government deficit stood at Bt264.56 billion for fiscal 2012, reflecting the administration's injection of funds into the economy via a range of stimulus measures, the Finance Ministry said.
In the fiscal year’s fourth quarter (July-September), the government ran a deficit of Bt46.48 billion, Fiscal Policy Office director-general and ministry spokesman Somchai Sujjapongse said.
This was up from Bt44.02 billion in the same period of the previous year.
Revenue totalled Bt781.1 billion in the quarter, up Bt73.61 billion or 10.4 per cent from a year earlier. The rise was attributed to increases in value-added tax and excise tax, particularly on automobiles, and to higher contributions from state enterprises. Local administrative organisations also recorded higher tax revenue.
Government spending totalled Bt827.58 billion in the fourth quarter, up Bt164.11 billion or 24.7 per cent from the same period of the previous fiscal year. The rise was attributed to higher disbursements by the government and local administrative organisations, as well as off-budget accounts.
The full-year deficit of Bt264.56 billion, equivalent to 2.2 per cent of gross domestic product, was up Bt8.91 billion from the previous fiscal year. The figure excludes revenue and expenses from interest and debt payments, which would put the deficit at Bt102.44 billion, or about 1.6 per cent of GDP. By that measure, the increase was Bt38.98 billion from the previous fiscal.
Somchai said the 2012 deficit reflected the administration’s overall fiscal policy direction, which stresses injection of money into the economy to drive growth.
The national debt as of the end of October stood at Bt4.827 trillion, equivalent to 43.27 per cent of GDP, versus Bt4.937 trillion or 44.51 per cent of GDP at the end of September, the ministry said.