Monday, 21 October 2024 10:28

Govt. spending, revenue on the rise in 2024 Featured

Government spending has increased by 5.4% to Rs. 3,476.9 billion in the first eight months of 2024 compared to Rs. 3,297.3 billion during the same period last year, according to a pre-election budget report.

This amount represents nearly half of the projected annual expenditure of Rs. 6,977.8 billion.Recurrent expenses, which include salaries, interest payments, goods, and subsidies, saw a 3.4% rise, reaching Rs. 3,041.6 billion.

Salaries and wages climbed by 6.7%, while spending on goods and services grew by 8.2%. Capital expenditure and lending surged by 22.4% to Rs. 435.3 billion, with a significant boost in public investment driven by increased spending on fixed assets and loans to Government institutions.

On the revenue side, total Government income, including grants, jumped by 40.5% to Rs. 2,565.9 billion. This increase was fuelled primarily by a 41.4% rise in tax revenue, which reached Rs. 2,348.5 billion.

 

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