Country performing well in revenue collection: Abel

TREASURER Charles Abel says the country has managed to come out of the challenges and is performing well in its revenue collections.
Abel said while there had been some challenges like the falling and unfavourable global commodity prices, the flow-on effect of the 2015-2016 drought, declining revenues and rising costs, the recent earthquakes and the Kardovar island volcanic eruption, the Government had responded favourably and achieved remarkable outcomes, particularly on the revenue side.
He said the 2018 Mid-Year Eeconomic Fiscal Outlook projects showed that gross domestic product growth would decline to 1 per cent from 2.4 per cent in 2018.
He said the resumption of production in major mines affected by the earthquake was particularly promising, given higher average output levels than before the earthquake.
He said the oil and gas prices had remained elevated which was also positive, although gold and base metal prices have come off mid-year level.
He said while the global economic environment has improved, growth in the domestic market has remained slow in 2018 after the February earthquake and the economy has been constrained by effects of the foreign exchange imbalance although this has been significantly reduced. He said the mid-year fiscal results showed collection were at 44 per cent of budget and expenditure at 40 per cent.