No Fiscal Efforts in 2013

CHILE - Report 22 Aug 2013 by Luis Cespedes (Chile)
The government presented in Congress this month an update of its macroeconomic outlook for 2013 and its evaluation of the impact of this update on expected fiscal policy in 2013. Expected fiscal balance for 2013 was reduced from an initial fiscal deficit of 0.8% of GDP to one of 1.2% of GDP (note that fiscal balance in 2012 reached a surplus of 0.6% of GDP, see graph 1). This increase in the expected fiscal deficit is explained by a decrease in expected fiscal revenues in 2013 in comparison with the forecast made at the moment the 2013 Budget Law was presented in Congress (September 2012). ...

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