Primary surplus dwarfs target

Primary surplus dwarfs target

The execution of the state budget shows a primary surplus of 3.25 billion euros in the first quarter of 2024 (January-April), against a primary surplus target of 631 million euros and the primary surplus of 2.44 billion euros achieved in the same period of the previous year, the National Economy and Finance Ministry said in its preliminary data released on Wednesday.

For January-April 2024, state budget net revenues amounted to 22.51 billion euros, 2.31 billion euros or 11.4% above the target for the period in question.

The state budget balance for the period of January-April presented a deficit of 279 million euros, against a target for a deficit of 2.7 billion euros that had been incorporated in the 2024 budget introductory report and a deficit of 789 million euros for the same period of 2023.

Accordingly, with the exception of the above amount, the net revenues are showing an overperformance of 3.95 billion euros, or 21.5% above the target.

This increase is mainly due to increased tax revenues, which are up by 2.1 billion euros (after deducting tax refunds) and the increased PIB revenues, which are up 1.15 billion euros. 

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