The estimates of revenue and expenditure for the 2025 fiscal year amount to $1,849,341,997. This figure represents a 14.4% increase over the approved budget for 2024.
Here is a breakdown of the budget for 2025. Recurrent expenditure is inclusive of amortisation and sinking fund contributions of $1 billion and $150,713,466 and capital expenditure of $698,628,531.
Financing for the 2025 budget is expected to come from current revenue of $907,729,320 and capital receipts totaling $943,612,687.
The 2025 current expenditure, exclusive of amortisation and sinking fund contribution, amounts to $913,313,475. Current revenue is estimated at $907,729,320. Current. Consequently, there is a current account deficit of $5.6 million.
The 2025 current revenue of $907.7 million is 11.9%, or $96.9 million, above the amount budgeted in 2024. This fairly strong anticipated revenue performance in 2025 is based on the projected expansion in real domestic economic activity of approximately 4.6%.
Revenue from tax sources is expected to contribute $757.4 million to the Consolidated Fund in 2025, while non-tax revenue is expected to gross $150.3 million.
Tax revenue is expected to increase by 9.5%, as the major tax types are expected to contribute as follows.
Taxes on goods and services are estimated to rise by $31.5 million, or 13%. Taxes on international trade and transactions are expected to increase by $9.7 million, or 4.3%, and taxes on income and profit are expected to go up by 22.2%, or $36 million. Non-tax revenue collection in 2025 is estimated at $150.3 million. This figure is 26% more than the amount budgeted in 2024, the amount in the 2025 budget. Under non-tax, revenue is expected to come mainly from sales of goods and services, which is projected to generate $111.3 million in revenue. This amount is estimated to be $12.5 million, more than the amount budgeted in 2024. Revenue from non-tax sources is also expected to come from inflows from other miscellaneous sources, and we anticipate that those non-tax sources would total $39 million.
Turning to the recurrent expenditure, The total estimated recurrent expenditure, inclusive of the amortisation and sinking fund contributions, is $1.15 billion. This figure is 10%, or $104.7 million, above the budgeted amount in 2024.
The recurrent expenditure for 2025 is made up as follows. Current expenditure of $913.3 million. Amortisation of $215.4 million. Sinking fund contributions of $22 million, for a total recurrent expenditure of. $1.15 billion.
The following items account for the budget increases in 2025. Compensation of employees increases by $21.2 million, or 5.4%. Pensions increase by 11.3% or $7.9 million, and other transfers, which include social assistance, grants, training, and contributions. Excuse me. Contributions to local, regional, and international organisations are expected to go up by $22.9 million, or 14.6%.
