The General Government’s fiscal surplus exceeded half a billion euros in the first two months of the year, showing an increase of 34% annually, reaching 1.7% of GDP.
According to preliminary data released on Monday by the Statistical Service, the General Government’s surplus amounted to €534.8 billion, equivalent to 1.7% of GDP, compared to a surplus of €398.0 billion (1.3% of GDP) for the period January-February 2023.
Total revenues for January-February 2024 increased by 16.7% or €333.9 billion, reaching €2,328 billion compared to €1,994.1 billion for the same period in 2023.
Specifically, total taxes on production and imports increased by €54.1 billion (+8.0%) and amounted to €727.2 billion compared to €673.1 billion in 2023. Of these, net VAT revenues (after deductions) increased by €51.7 billion (+11.0%) and amounted to €523.2 billion compared to €471.5 billion in 2023.
Income from income and wealth taxation increased by €120.8 billion (+20.1%) and amounted to €721.7 billion compared to €600.9 billion in 2023.
Social contributions increased by €98.6 billion (+17.1%) and amounted to €673.9 billion compared to €575.3 billion in 2023. Interest and dividends received increased by €1.2 billion (+7.7%) and amounted to €16.8 billion compared to €15.6 billion in 2023.
Current transfers increased by €4.0 billion (+14.3%) and amounted to €31.9 billion compared to €27.9 billion in 2023. Income from services provided increased by €53.0 billion (+54.4%) and amounted to €150.4 billion compared to €97.4 billion in 2023. Capital transfers increased by €2.2 billion (+56.4%) and amounted to €6.1 billion compared to €3.9 billion in 2023.
Expenses
Total expenses for January-February 2024 increased by €197.1 billion or 12.3% and amounted to €1,793.2 billion compared to €1,596.1 billion for the same period in 2023.
Specifically, intermediate consumption increased by €16.7 billion (+10.6%) and amounted to €174.1 billion compared to €157.4 billion in 2023. Personnel expenses (including social security contributions and pensions of public servants) increased by €82.0 billion (+15.8%) and amounted to €601.2 billion compared to €519.2 billion in 2023. Social benefits increased by €83.5 billion (+12.9%) and amounted to €730.8 billion compared to €647.3 billion in 2023. Current transfers increased by €3.9 billion (+3.2%) and amounted to €125.0 billion compared to €121.1 billion in 2023.
The capital account increased by €39.8 billion (+73.4%) and amounted to €94.0 billion compared to €54.2 billion in 2023, of which, fixed capital investments increased by €21.8 billion (+43.4%) and amounted to €72.0 billion compared to €50.2 billion in 2023, and other capital transfers increased by €18.0 billion and amounted to €22.0 billion compared to €4.0 billion in 2023.
Conversely, paid interest decreased by €13.9 billion (-18.9%) and amounted to €59.9 billion compared to €73.8 billion in 2023. Subsidies decreased by €14.9 billion (-64.5%) and amounted to €8.2 billion compared to €23.1 billion in 2023.
