The Costa Rican Government confirmed that the fiscal deficit for 2018 closed at 6% of the GNP, a reduction of 1.2% of the expected 7.2% of the GNP.

“The results are the product of the unprecedented decisions of expense containment, the actions against fiscal evasion and efficiency promoted by this Administration as well as the approval of the Law for the Strengthening of Public Finances”, states the press release.

President Carlos Alvarado and the Minister of Treasury, Rocío Aguilar commented that these resulst are a reflection of the unequivocal commitment of the Government to have healthy public finances.

“This achievement is reached despite an adverse surrounding, a low economic growth, the discussion of the fiscal reform, a prolonged strike and a less favorable international context that translated in lower income and an extreme increase of the financial load, complicating the financing of the needs of this period”, explained Minister Aguilar.

Despite this context, the path of a growing fiscal deficit was reversed through measures such as: Expense containment, the lowering of expenses (except interests), income from tax amnesty, among others.

The Government also reaffirmed its commitment in continuing with the strategy of fiscal consolidation, giving emphasis both to the battle against tax evasion as well as expense contention and strengthening fiscal governing.

President Alvarado commented that the final goal of remediation of the public finances is to set the bases for the economic reactivation that allow the construction of a fair and more inclusive society in benefit of the well being of all Costa Ricans.