20th Consecutive Year Of Government Deficit

January 19, 2024 | 2 Comments

2022 marked the twentieth consecutive year of a Government deficit, according to the Bermuda Digest of Statistics 2023.

The document, which covers statistics from the year 2022, said, “Government expenditure exceeded revenue by $77.4 million in fiscal year 2022/23. This marked the twentieth consecutive year of a Government deficit. Furthermore, the deficit increased by 17% from the previous year. Payroll tax continued to be the largest contributor to revenue at 43% and wages & salaries comprised the largest component of expenditure with a 33% share.”

Chart extracted from the report

deficit Bermuda-Digest-of-Statistics-2023.pdf - Google Chrome 1172024 64154 PM

Read More About

Category: All

Comments (2)

Trackback URL | Comments RSS Feed

  1. Ringmaster says:

    A very telling graph. An election in 2012 and a $300m deficit inherited was reduced in 4 years to $70m in 2017/18 then another election and the deficit resumes its upwards path again. The suspended legally required sinking fund contribution of $50m per year needs to be added before a balanced budget can be achieved.

    • trufth says:

      Nah, this can’t be true… the govmint said our economy is doing great.
      They wouldn’t lie or spin the truth, would they?

Leave a Reply