The Government of Jamaica (GOJ) recorded a primary surplus for the four-month period ending July 31st, 2018. For the first four months of the 2018/19 fiscal year, the GOJ exceeded its primary balance target by J$5.0B, or 15.2%, to achieve a balance of J$38.24B. Year-over-year, this balance was 47.31% lower than the J$9.5B surplus recorded for the corresponding period in 2017. The period’s performance was largely driven by expenditure underperforming the budget for the period by J$7.43B. Recurrent expenditure which totaled $171.15B, accounted for 90.78% of total expenditures. The GOJ benefitted from lower interest costs, by 10.9%, a consequence of its liability management strategy exercises in between 2016 and 2017. Total revenue for the period of J$185.51B was higher with a J$2.6B or 1.4% difference to the budgeted J$182.87B. Consequently, Jamaica recorded a fiscal deficit of J$3.02B for the period, better than the projected J$13.1B.