Press Release

Preliminary data on the fiscal outcome for first quarter of FY2024/25 featured an improved revenue performance, aided by enhanced administrative and enforcement measures.

Total revenue collections were estimated at $682.2 million—a year-over-year boost of $18.7 million (2.8 percent), with the bulk of this gain emanating from tax receipts which stood at $616.2 million. Key improvements in the latter were registered for departure taxes ($26.4 million), business licenses ($7.5 million), stamp taxes on financial and realty ($6.7 million) and property taxes ($4.0 million), with some offset attributed to excise and gaming taxes. Non-tax revenue increased by $6.2 million (10.4 percent) to $66.0 million, and was associated with the incidence of higher intakes under immigration fees ($4.4 million), interest and dividend payments ($2.8 million) and customs fees ($1.3 million).

Aggregate expenditure expanded by $142.6 million (19.7 percent) to $867.7 million, with the recurrent and capital components at $743.9 million and $123.8 million, respectively. The $83.5 million (12.6 percent) gain in recurrent outlays was allocated among transfers ($25.2 million), and payments for the acquisition of services ($21.7 million), subsidies ($10.5 million) and rent ($8.8 million). Capital spending, which increased by $59.1 million (91.5 percent), incorporated elevated outlays for the acquisition of non-financial assets ($51.7 million).

Based on these developments, the central Government posted an increase in the overall
estimated deficit to $185.4 million (1.2 percent of GDP) from $61.5 million (0.4 percent of GDP) in the prior period. The debt stock was provisionally placed at $11,656.3 million—equivalent to 79.1 percent of estimated GDP.

The public is encouraged to visit the national Budget Website (www.bahamasbudget.gov.bs) to view all fiscal reports.