Dookeran presents $47B budget based on oil at $75/barrel

Finance Minister Winston Dookeran presented a 47 Billion budget Monday in the new Parliament building at International Waterfront Complex, Wrightson Road, Port of Spain.

He said the 2012 budget is based on an oil price of US $75 per barrel and a gas price of US $2.75 per mmbtu. 

He added that the estimate of real GDP growth of 1.7 per cent and an average inflation rate of 7 per cent. 

The total revenue is projected at $47 billion comprising $18.1 billion from the energy sector and $28.9 billion from the non energy sector. 

Total expenditure is projected at $54.6 billion resulting in a fiscal deficit of $7.6 billion or 4.89 per cent of our GDP. The debt to GDP ratio remains sustainable and well within international benchmarks.

Full Budget Statement