The Grenada government earned EC$297.6 million (One EC dollar=US$0.37 cents) in revenue and grants during the first three months of this year, a significant decline for the same period last year.
According to the figures released here, the revenue and grant for the period January to March last year, totalled EC$340.4 million.
The Ministry of Finance said however, for the month of March this year, which coincided with the introduction of several tax measures, the government earned EC$25 million more than what was targeted.
“Current Revenue for March 2023 was EC$121.4 million, which was EC$25 million more than the 2023 target and EC$40.5 million more than the collections for March 2022,” according to the Fiscal Report for March 2023.4.28
As the revenue increased, the total Current Expenditure, excluding principal repayments for the month of March was EC$58.5 million which was EC$5.7 million less than the EC$64.2 million targeted.
“Capital Expenditure in March 2023 was EC$29.3 million, EC$10.5 million less than the amount spent in March 2022 and above the EC$25.4 million targeted for the month this year,” said the report which explained that there was less grant funding received during March 2023.