SIZE OF GOVERNMENT BUDGET
According to Trading Economics the government budget is "Government Budget is an itemized accounting of the payments received by government (taxes and other fees) and the payments made by government (purchases and transfer payments)."
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In Colombia the Government Budget deficit equal to 4 percent of the country's Gross Domestic Product in 2016. Government Budget in Colombia averaged -3.61 percent of GDP from 2001 until 2016, reaching an all time high of 0.23 percent of GDP in 2005 and a record low of -8.47 percent of GDP in 2004.
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This deficit affect us because when this occurs the demand rises and also the prices, so we have to pay more money for the products or services we are going to offer. in other hand, the government has to increment taxes, so in the same way we have to pay more for taxes.
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