FINANCE

First-quarter budget data beat targets

First-quarter budget data beat targets

State budget tax revenue rose 15.6% in March compared with budget targets, to total 3.385 billion euros, reflecting more efficiency in tax collection, the Finance Ministry said on Tuesday.

On an amended cash basis, the state budget reported a deficit of €3.884 billion in the January-March period, over the budget target for a shortfall of €3.593 billion, but down from €5.714 billion in the corresponding period last year.

The budget recorded a primary deficit of €1.65 billion in the three-month period, above the budget target for a deficit of €1.331 billion, but down from a shortfall of €3.413 billion in 2021. Net proceeds totaled €11.963 billion, 10.1% below the target, while regular budget proceeds totaled €13.266 billion, 7.5% under the target.

Tax revenue exceeded the target by 11.9%, helped by the delayed payment of car circulation duties. Tax returns totaled €1.303 billion, €280 million above the target, while Public Investment Program revenue was €582 million, €663 million below the target.

Expenditure amounted to €15.847 billion in the first quarter, €1.059 billion off the budget target.