1945

The central government reduced its surplus from the figure recorded in fiscal year 2000/2001 and registered a virtual balance on its fiscal accounts for fiscal year 2001/2002 (1.8% and -0.3% of GDP, respectively) as a result of tax buoyancy from non-energy sources (8% and 5% of GDP for the two fiscal years, respectively), which partly offset the underperformance of the petroleum sector’s earnings (8% and 5% of GDP in the same period). This result notwithstanding, the taxto- GDP ratio declined from 24.5% to 22.7%.

Related Subject(s): Economic and Social Development
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