Decomposition estimates of GDP expenditure growth in 2004 indicate that Egypt, Jordan and Yemen experienced consumption led growth.

The contribution of investment expenditure growth to GDP growth was moderate in the latter, but impressive in Lebanon.

Details of growth by category of expenditure are included in table 10.

Budgets are close to balance, with less public expenditure and lower tax rates, while economic growth has recovered.

Debt reduction by itself clears the way for growth, but does not directly trigger it. Policies that directly target expenditure rebalancing within the eurozone and expenditure switching within the peripheral economies are also needed.

Africa s growth potential has caught the attention of foreign investors, who have contributed to a rapid increase in capital expenditure.

Academic research has shown that the national ACSI score is a strong predictor of Gross Domestic Product (GDP) growth, and an even stronger predictor of Personal Consumption Expenditure (PCE) growth.

More telling, the countries that cut expenditure the most experienced the largest bond yield spikes and the most significant debt growth.

With corporations cautious about investing and governments prudent about expenditure especially given the grandiose investments of the past exports have led growth.

The aggregate programme expenditure (including funds, 48 million) increased to 2.9 billion, representing a 15 per cent growth from the previous year.

The overall programme expenditure (including funds, 48 million) increased to 2.9 billion, representing a 15 per cent growth from 2.5 million in 2003.

Recognizes that the structural adjustment reform programmes limit public expenditure, imposing fixed expenditure ceilings and give inadequate attention to the provision of social services, and that only a few countries manage to achieve sustainable higher growth under these programmes

Actual expenditure exceeded budgeted expenditure by 0.5 per cent.

The growth of UNDP expenditure has been mainly in crisis countries, and this represents 70 per cent of the total UNDP delivery in 2004.

Expenditure analysis

Expenditure ratios

Programme expenditure

The expenditure cuts mandated by the outcome of the debt ceiling debate will reduce economic activity, thereby undermining growth and making debt reduction even more difficult.

Excluding expenditure on maternal conditions, total health expenditure per female was AUS 2,773 (21 per cent more than male per capita expenditure).

Actual expenditure in field offices represents only a part of the total expenditure.

The official growth rate of China s military expenditure 15 per year over the last decade has increased substantially, and there is much hidden military spending as well.

E. Expenditure estimates

Implementing partners' expenditure

Implementing partners' expenditure

UNICEF WASH expenditure in 2004 was 160 million, the highest ever annual expenditure in this area, representing 12 per cent of total UNICEF programme expenditure.

Officials must be at least as vigilant about reducing expenditure and withdrawing stimulus measures during periods of growth as they are inclined to introduce such policies during downturns.

Table 8 Expenditure ratios

Direct programme assistance expenditure

Income and expenditure projections

Overall programme expenditure, 2004

It should be noted that the 2004 high expenditure level was the result of consistent levels of growth by the majority of the agencies (see figures 1 and 2).

Table 6 shows programme expenditure as broken down by UNHCR into programme support and administrative expenditure.

In order to assess the share of administrative expenditure, the table includes the expenditure funded from the United Nations regular budget (line D), which relates to headquarters administrative expenditure.

The expenditure was non negotiable.

Income, expenditure and resource mobilization

Total expenditure 1,344 million a

As a result, according to current projected actuals of revenue and expenditure, expenditure will exceed revenue by 13.99 million (including 3.5 million in installation expenditure payments for the Atlas rollout).

It is no longer a short term external shock it is having an impact on growth, inflation, the balance of payments and public expenditure to fight poverty in a lasting way.

UNOPS has also developed a financial model to monitor year to date actual expenditure versus budgeted expenditure by initiative.

ITU 2001 expenditure amounted to US 33.6 million average expenditure per staff member in 2001 2002 was US 2,256.

Total expenditure 1,344 million a b

Changes by major object of expenditure

(Per cent of total yearly expenditure)

Table 3 Income Expenditure Forecast 2005

Secondly, we froze our defence expenditure.