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Public Finances

Introduction

This section sets out the revenue and expenditure plans of the Government of Gibraltar for 2021/2022. In the charts that are available below, the 2021/2022 figures represent the Government’s estimates; 2019/2021 the forecast outturn for the extended financial period; and the prior year figures are drawn from the accounts.

The difficulties arising from the SARS COVID-19 pandemic declared by the World Health Organisation in March 2020, required that the financial period 2019/20 be extended initially by six months to 30 September 2020 and later by a further six month extension creating an anomalous twenty-four month financial period. Given the 2019/2021 figures cover a twenty-four month period these are not directly comparable with those set out for 2018/2019 or 2021/2022.

Overall Government Revenue and Expenditure

Government’s overall Consolidated Fund revenue for 2021/2022 is estimated at £633 million. Government spending from the Consolidated Fund is estimated at £684 million, producing an estimated recurrent deficit of £51 million. This does not include capital revenue and expenditure which are channelled through the Improvement and Development Fund.

Statutory Benefits

Over £82 million of Statutory Benefits payments were effected in the extended financial period 2019/2021. This is accounted for separately and does not form part of the Overall Government Revenue and Expenditure.

Capital Investment

The Government’s investment in capital projects, to benefit the social and economic development of Gibraltar, is funded by the Improvement and Development Fund. In 2021/2022 the expenditure of the Fund is estimated to be over £67 million.

Government Companies

Government-owned companies are accounted for separately and their financial transactions do not form part of the Overall Government Revenue and Expenditure figures. The Government is also a shareholder in a joint venture utility company providing water services as well as a shareholder in the Gibraltar International Bank.

Summary of Public Finances

Government Companies