FINANCE

Budget stays on course on revenues

budget-stays-on-course-on-revenues

The marginal increase in state revenues over the first half of the year sufficed to keep the state budget within target, according to the figures published by the State General Accounting Office on Monday.

Compared to last year, takings were significantly higher, with value-added tax recording a growth of 698 million euros, to contain the primary budget deficit to €9.093 billion against a target for €9.919 billion.

Tax revenues amounted to €20.14 billion, up by €81 million or 0.4% from the target last mentioned in the midterm fiscal plan for 2022-2025. VAT takings, in particular, outperformed by €42 million, or 0.6%, while tax on financial and capital transactions fetched €26 million or 11.6% more than anticipated in the January-June period.

Budget spending in the year to end-June amounted to €34.192 billion, down by €641 million or 1.8% compared to the target. This is mainly due to the delay in social security fund financing amounting to €459 million, with all funds expected to get absorbed by the end of the year. On the contrary, Defense Ministry spending on assets was above its target by €673 million.