Jamaica reported a JMD 13.6 bln primary surplus in December, a significant improvement from 5.2 bln in 2022, and a fiscal balance surplus of 3.3 bln, reversing the 4.5 bln deficit from the previous year. This improvement stems from reduced spending and a 27.4% YoY increase in capital expenditure. Revenue growth of 2.4% YoY was driven by rises in income taxes and VAT. From April to December, Jamaica recorded a primary surplus of 2.9% of GDP, down from 4.3% in the previous year.