FinMin: State budget deficit at €420.6 mn, down 65% y-o-y

The state budget posted a deficit of €420.6 million at the end of October, down €784.9 million (65.1 percent) on an annual basis.

(Source: Sme)

State expenditure was down by €1.677 billion, or 12.7 percent year-on-year. State budget revenues decreased by €892 million, the Finance Ministry informed the TASR newswire on November 2.

Tax revenues rose by €637 million y-o-y, which was an increase of 7.4 percent y-o-y. Positive developments were seen for almost all taxes, including corporate tax, with an increase amounting to €627 million; excise taxes – €67 million, withholding tax – €12 million, and international trade and transaction tax – €1.4 million.

“Slight declines were reported only for VAT and income taxes paid by private individuals,” the Finance Ministry stated.

Revenues from administrative fees posted a moderate growth of €11.5 million y-o-y. Conversely, capital revenues were down €1.1 million y-o-y.

Expenditures related to servicing the state debt posted a drop of €126 million y-o-y, while expenditures related to drawing EU funds fell by €1.506 billion, including a co-funding saving amounting to €287 million.

Against September, the October deficit was lower by almost €224 million, the SITA newswire wrote.

The reason behind the decline in overall revenues may be the money from European Union resources – which was 54.2 percent, or €1.057 billion lower. Also the revenues from dividends were lower, at almost a half - €222.2 million.

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