Lebanon's budget gap widens 42% y/y to USD 1.6bn in Jan-May 2013
Lebanon's budget deficit expanded by 42% y/y to LBP 2.446tn (USD 1.6bn) in the first five months of 2013 as a mild increase in revenue was offset by higher spending growth, the Daily Star reported on Sept 5 citing data from the finance ministry. The latter has not released an official breakdown yet.
Total proceeds, including tax and non-tax income, increased 2.3% y/y to LBP 6.313tn. Spending rose 11.0% to LBP 8.750tn in January-May. The budget reported a LBP 30bn primary surplus at end-May compared with a LBP 720bn surplus the year before.
Income tax proceeds reportedly climbed 22% y/y in January-May, helping offset a 3.6% drop in VAT revenue. Taxes from property transactions and inheritance fell 12% y/y over the period.
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