It was further stated that the provincial surplus of Rs. 255 billion reflects healthy fiscal position of the provinces. The whole scenario transpires better fiscal management.
Gross domestic product (GDP) fell 2.4% year-on-year in the quarter, the ministry of trade and industry said on Monday, versus the 3.8% drop seen in the government’s advance estimate. Analysts had expected a contraction of 3.5%, according to a Reuters poll.
Despite the dismal figures, there was evidence that an upturn "in the manufacturing and commodity sectors has taken root", Yeah Kim Leng, economics professor at Sunway University Business School, told AFP.
In addition, Cuba will maintain its control of cinematographic and audiovisual production, TV programs, cultural programming in general and real estate activity.
Fitch said it assumed yields will stay low over the next few years given continued money printing by the Bank of Japan, despite the risk of high debt, leaving the economy vulnerable to future tightening of financial conditions.