State budget with €878.9 million deficit in March

The state budget posted a deficit of €878.9 million at the end of March, which was €72.8 million, or 7.6 percent, lower than last year’s deficit at the same time.

Illustrative stock photoIllustrative stock photo (Source: Sme)

Budget expenditures at the end of March fell by €223.1 million, or by 5.9 percent year-on-year. Budget incomes saw a drop of €150.3 million y-o-y, the Finance Ministry reported on April 1.

Tax revenues increased by €51.7 million, or 2.2 percent y-o-y. Corporate tax collection improved by €95.5 million and excise tax collection by €17.7 million, while the amount of withholding tax collected was €6.7 million higher than a year ago. Conversely, the amount of income tax on individuals collected fell moderately, as did VAT collection, the TASR newswire wrote.

Meanwhile, the cost of servicing the state debt went down by €87.4 million y-o-y. Budget expenditures related to the drawing of money from the EU budget fell by €121.8 million y-o-y. “Payments into the EU budget posted a y-o-y fall of €34.1 million,” the Finance Ministry informed, as quoted by TASR.

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