Economic Report 2013/2014: Government firmly committed to fiscal consolidation

THE Government is firmly committed to fiscal consolidation, as reflected in the steady decline in the fiscal deficit, from a high of 6.7% during the global financial crisis in 2009 to 4.5% in 2012.

The Federal Government debt has remained well within the self-imposed limit of 55% of GDP. Despite higher financial demands on the government in 2013, fiscal targets for the year are expected to be met through prudent financial management and improved revenue collection.