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US budget surplus rose in April, but it became lower than in previous month on the background of low tax incomes.
According to released figures, budget surplus reached 106 billion dollars. Traditionally, budget incomes in April exceeded spending due to income of taxation reports. Experts expected surplus to be 109 billion dollars.
Budget surplus in April this year became lower than in Aril 2015 at 157 billion dollars. According to the Department of Finance, current surplus is connected with adjustment to calendar peculiarities, especially with payment of benefits.
Incomes in government sector fell by 7% versus April 2015 due to reduction of payments on taxation obligations from companies and citizens. Spending rose in previous month by 5% versus April 2015.
The report shows also that budget deficit hit 511 billion dollars for the last 12 months with account of April. It is around 2.8% of GDP. Budget deficit for 2015 was 460 billion, which is 2.6% of GDP. Budget deficit for current fiscal year started in October 2015 hit 355 billion dollars versus 283 billion dollars for the same period in previous fiscal year. Thus the new indicator is higher by 25%. Level of income for this period rose by 1%, while spending rose by 4%.