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Gap between revenue and expenditure narrows

The gap between Bermuda Government's revenue and expenditure narrowed during the first three months of the year compared with the same period a year ago.

Government reported revenue of $244.6 million between January and March, up 3.7 per cent, while expenditure rose to $286.4 million, an increase of 2 per cent.

The data was released in a quarterly bulletin issued by the Department of Statistics.

Employment income was up 2 per cent, or $17.6 million, with payroll tax increasing in all industries except for construction, banking, insurance, real estate, transport and communication.

The value of imported goods fell by just under 1 per cent to $216.1 million.

During the first three months of the year gross receipts for cottage colonies and housekeeping improved by $1.7 million, however receipts for hotels and guest houses edged lower.

The interest on public debt paid by Government increased from $32.2 million to $42 million for the quarter, year-on-year.

Revenue generated from vacation and business visitors was up $13 million compared with the same three months in 2014. The boost was equally split between air visitors and cruise passengers.

See Quarterly Bulletin in related media for full release.

Gap narrows: This graph compares Bermuda Government's revenue and expenditure during the first quarter of 2013, 2014 and this year

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Published August 03, 2015 at 4:08 pm (Updated August 03, 2015 at 4:08 pm)

Gap between revenue and expenditure narrows

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