Revenue surpasses projection for first quarter of 2024

by Linda Straker

• Actual revenue and grants collected was EC$371.8 million for first quarter of 2024
• EC$1 billion in revenue through the CBI programme for 2023
• Government paid EC$50.8 million in principal debt and interest payment for first quarter of 2024

For the first quarter of 2024, Grenada earned more revenue and grants than was projected in the 2024 budget. The projection was for EC$342.2 million but records from the Ministry of Finance showed the actual revenue and grants collected was EC$371.8 million.

At the same time, total expenditure for the period was EC$267.1 million which is less than projected. The fiscal report for the first quarter showed that the projected expenditure was EC$316.6 million. The Citizenship by Investment (CBI) programme’s actual revenue for the first quarter was EC$117.3 million, but the projection was for EC$95.9 million.

Grenada earned more than EC$1 billion in revenue through the CBI programme for the year 2023 according to the latest data release by the Ministry of Finance.

The fiscal report ending March 2024 showed that taxes on properties, goods and services increased significantly while there was a reduction in income tax and profits, and international transactions. The report showed that revenue from properties was EC$15.4 million which more than double the amount projected. The projected revenue from properties for that period was set at EC$6.9 million.

Revenue from goods and service was EC$58.4 million for the first quarter, but the projection was for Government to receive EC$52.6 million. International transaction revenue was EC$106.5 million which is a slight reduction to the EC$106.6 million projected, while income tax and profits reduced EC$2 million than projected.

The Ministry of Finance projected that the revenue from income tax and profit will be EC$50.6 million, but only EC$48.1 million was actually collected, making it EC$2 million less.

In the area of debt repayment, the fiscal reports for January to March 2024 showed a total of E$39.9 million was repaid on principal debt, while EC$10.9 million was paid towards interest payment. This means that for the first quarter of 2024, Government paid EC$50.8 million in principal debt and interest payment.