As the economy remains on the path to a negative growth in 2007, recent figures released by the Ministry of Finance show that revenue collection was below expected.

In a statement, the Ministry reveals that revenue performance for the first quarter of 2007 stood at $273.3 million, excluding VAT collection which is 3.5 percent below forecast.

However, the interim government has managed to decrease expenditure within the civil service by an estimated 66% which stands at $258.2 million while predictions were that it would surpass $428 million.

The Ministry said this was due to the stringent spending controls which have translated into a net surplus of $15.1 million.

It also said that it is still too early to realize the benefits of the policies introduced under the revised 2007 budget and stresses that the recent indications does not translate to a positive economic growth this year.