2022 Mid-Year Economic and Fiscal Outlook presented before the National Assembly
September 21, 2022
The Ministry of Finance, National Planning and Trade has presented the Mid-Year Economic and Fiscal Outlook for the year 2022 before the National Assembly on Wednesday 21st September, 2022.
The Mid-Year Economic and Fiscal Outlook is presented before the National Assembly as per Section 30 of the Public Finance Management Act 2012.
As per the process, the Ministry has submitted to the National Assembly, the following documents:
- Mid-Year Economic and Fiscal Outlook report – Attachment 1
- Revised 2022 Fiscal position and Revenue estimates and Expenditure – Attachment 2
- Mid-Year additional funds and budget cuts document – Attachment 3
These documents are accessible on the ministry’s website; www.finance.gov.sc
This year’s Mid-Year Economic and Fiscal Outlook, tabled before the National Assembly, will see a budget cut of SR 887,451,324.04, for the year 2022.
Concurrently, a motion for a Supplementary Estimate of SR 472,807,404.81 for the year 2022 will be tabled, as per Article 154 (6) (b) of the Constitution.
The Mid-Year Economic and Fiscal Outlook looks at the state of the economy for a current year, based on developments and data from the first half of the year. The report analyses the economic and fiscal performance of the first six months of the year, updates forecasted economic conditions for the second half of the year and provides an initial forecast of anticipated 2022 economic activity and tax revenues.
Combining all these analysis, the Mid-Year Economic and Fiscal Outlook allows for the determination of a recommended Government expenditure envelope for 2022.
The Mid-Year Economic and Fiscal Outlook report is compiled by the Ministry of Finance, National Planning and Trade, with inputs from the Macro-Economic Framework Working Group (MFWG).
Click on the link below to access the full statement of Minister Hassan.