Business
Revenue Outpaces Projection by $162 Million
NASSAU, BAHAMAS – The government’s six-month report on fiscal performance is showing positive signs for the economy, according to Minister of Economic Affairs Michael Halkitis.
NASSAU, BAHAMAS – The government’s six-month report on fiscal performance is showing positive signs for the economy, according to Minister of Economic Affairs Michael Halkitis.
Halkitis says one of the biggest take-aways from the report is that revenue is way up.
Halkitis credited the increase in revenue to the rebounding of the economy and an increase in stopover arrivals and hotel occupancy rates.
While the Davis administration has patted itself on the back, credit rating agency Moody’s is calling the government’s revenue growth expectations in the Ministry of Finance strategy report and medium-term debt management strategy, overly optimistic.
Moody’s also noted, if the government’s efforts to improve revenue collection efficiency fail to meet the mark, it could turn to tax increases.
While Halkitis says things are trending in the right direction, he admits officials are remaining cautiously optimistic.
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