2018/19 Budget Communication 2018_2019 BUDGET COMMUNICATION | Page 79

the very same internationally accepted methodology and
protocols as the former administration.
I say no more on
this at this juncture.
On the basis of these fiscal developments, the
GFS deficit outturn in 2017/18 is projected at $310 million,
a net improvement of $13 million over the Budget forecast
of $323 million.
Relative to the size of the economy, the fiscal
outturn in 2017/18 represents a significant improvement
relative to the fiscal performance in 2016/17, the last year of
the previous administration’s term in office.
The GFS
Deficit in 2017/18 is projected at 2.5 per cent of GDP, down
by over one-half from the 5.5 per cent of GDP in 2016/17.
In dollar terms, this means that the efforts of the current
Government reduced the deficit by some $351 million year-
on-year.
76