2009 Budget Presented

October 2008 | Ratings Update

The ruling People's National Movement (PNM) delivered its 2009 fiscal budget to congress in September, based on the assumptions of an average oil price of US$70/bbl and real GDP growth of 5.6% next year. Total revenue is forecast at TTD49.5bn, of which TTD19.9bn will be in the form of energy receipts. Meanwhile, total expenditure is projected to come in at TTD49.4bn. We believe that the planned budget allows significant scope for a nominal fiscal surplus next year, at a projected 2.9% of GDP. However, we caution that there is scope for further protests given the government's decision to hike fuel

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