Fiscal deficit rises to in January-July € 69m
The central government posted fiscal deficit of EUR 69 mln, or 0.40% of GDP for the January-July period, compared to a surplus of EUR 65.5 mln or 0.37% in the same period of 2014, justified by a fall in revenue.
According to the consolidated accounts and administered funds on a cash basis, released by the Ministry of Finance, the central government presented a primary surplus (the balance excluding interest payments) of EUR 278 mln compared to a EUR 412 mln surplus in January-July 2014.
Public revenue and grants from January to July reached EUR 3.64 bln, down 3.61% from EUR 3.77 bln in JanuaryJuly 2014.
Revenue for the first seven months of the year declined by 2.65% to EUR 3.59 bln compared to EUR 3.69 in the corresponding period of 2014. Revenue from taxes declined by 1.77% to EUR 3.05 bln from EUR 3.10 bln in January-July last year. Revenue from income tax accelerated by 2.38% in January-July to EUR 577 mln compared to EUR 563 mln in the same period last year. Revenue from other direct taxes dropped 13.92% to EUR 532.7 mln from EUR 619 mln in January-July 2014.
Indirect taxes for January-July this year saw a marginal reduction of 0.03% to EUR 1.37 bln, whereas import taxes declined by 8.73% to EUR 15.5 mln in the seven months of 2015 compared to EUR 17.05 mln of the corresponding period of 2014.
Revenue from excise duty rose by 0.63% in January-July of 2015 to EUR 363.4 mln compared to EUR 361.1 mln in the corresponding period of 2014.
VAT revenue increased by 2.8% in January-July to EUR 826 mln compared with EUR 804 mln in 2014. Revenue from other indirect taxes slumped 12.61% to EUR 165 mln compared to EUR 189 mln in January-July 2014.
Contributions to Social Security rose by 3.32% to EUR 569 mln compared to EUR 551 mln in the January-July 2014, while non-tax revenue declined by 7.34%, whereas grants for the January-July period declined by 47.12%
Public expenditure and net lending recorded a marginal decline of 0.05% to EUR 3.70 bln in January-July 2015 compared with EUR 3.71 bln in the same period of 2014.
Public sector wages and salaries reached EUR 914.55 mln down 1.85% from EUR 931.8 mln in January-July 2014. Expenditure for goods and services declined by 2.20%, whereas expenditure for subsidies rose by 0.52%.
Interest payments for January-July 2015 declined marginally to EUR 346 mln compared with EUR 347 mln in the same period of 2014.
Social security payments in the seven months of 2015 declined by 4.66% to EUR 852.7 mln compared with EUR 894 in January-July 2014, whereas pension and gratuities rose by 3.28% to EUR 334.7 mln compared to EUR 324.1 mln in the same period of 2014.
Social pensions rose by 0.27% to EUR 36.37 mln from EUR 36.27 mln, whereas other current transfers rose by 6.38%.
Capital expenditures declined by 4.01% in January-July to EUR 93 mln compared with EUR 96.7 mln in the same period of 2014.
The current balance from January to July stood at EUR 24.05 mln compared with EUR 162.3 mln in January-July 2014.