ECONOMY

State revenues on the rise but spending falls

state-revenues-on-the-rise-but-spending-falls

State revenues posted their first increase after quite some time during the first couple of months of the year, according to the data presented by the State General Accounting Office. However, at the same time, the government continued its practice of slashing the Public Investments Program, where there was a spending shortfall of 110 million euros.

The total revenues of the state budget in January and February added up to 8.463 billion euros, surpassing the target by 372 million or 4.6 percent. This was mainly thanks to revenues from value-added tax on various products and services coming in 185 million euros over target, and a 127-million-euro overrun in takings from asset transfers.

Spending, on the other hand, amounted to 8.968 billion euros in the January-February period, missing its target by 566 million. This is mainly due to the original provision for paying 982 million to civil servants and pensioners after court rulings; instead only 324 million was paid out.