A surplus of $19 billion was recorded in November, reducing the year-to-date deficit to $12.5 billion for the period April to November.

The Financial Services & the Treasury Bureau says the improvement recorded in November was mainly due to profits tax receipts.

Expenditure for the eight months ending November 30 amounted to $153.1 billion and revenue was $140.6 billion.

The bureau said that it was too early to draw any conclusions about the deficit outturn for the full year.