Insider Economy Strong revenue increase pushes up Government surplus in first two months of...

Strong revenue increase pushes up Government surplus in first two months of the year

Strong increase in state revenue by 19.3% pushed up the General Government surplus in the first two months of the year to €407,3 million or 1.9% of the GDP, from €254,3 million or 1.2% of the GDP in the same period last year, according to the preliminary General Government fiscal results for the period of January-February 2019 announced on Friday.

The strong increase was a result of a significant rise in capital transfers of €125 million received by the state.

Total expenditure for the first two months of the year increased by €90,2 mn or 8.9% compared with the same period of 2018 and reached €1,098.4 mn.

Total revenue rose by 19.3% or €243,2 mn, to reach €1,505.7 mn in the same period, from €1,262.5 mn in the corresponding period of 2018.

The primary surplus rose to €468,7 million from €307,5 million in the same period last year.

EXPENDITURE

Total expenditure in the first two-month period of 2019 increased by €90,2 mn or 8.9% compared with the same period of 2018 and reached €1,098.4 mn from €1,008.2 mn in 2018.

Current transfers recorded the biggest increase, that is €33,4 million and reached €112,5 mn in January-February 2019 compared with €79,1 mn in the same period of 2018. The compensation of employees (including imputed social contributions and pensions of civil servants) rose by 7.3% or €26,6 mn to reach €393,4 mn.

A smaller increase of €13,6 million was recorded in social benefits that reach €410,6 mn from €397,0 mn in 2018, and also in payable interest, which increased by €8,2 mn reaching €61,4 mn from €53,2 mn in January-February 2018.

Investment rose by €7,6 mn to €29,0 mn compared with €21,4 mn invested in January-February 2018.

Capital transfers also increased by €5,9 mn to €11.0 mn, whereas subsidies increased by €1,5 mn to €5,8 mn.

Intermediate consumption declined by €6,6 mn to €74,7 mn from €81,3 mn during the first two months of 2018.

REVENUE

Total revenue rose by 19.3% or €243,2 mn to reach €1,505.7 mn between January and February 2019, compared with €1,262.5 mn in the same period of 2018.

Capital transfers received by the State recorded a significant increase of €125,0 mn and reached €127,4 mn from €2,4 mn in 2018.

Moreover, taxes on income and wealth increased by €60,7 mn or 19.3% and reached €375,7 mn in January-February 2019 compared with €315,0 mn in the same period of 2018. Property income recorded a €36,2 mn increase reaching €40,2 mn during the first two months of 2019.

Social contributions collected by the State in the first two months of the year increased by 8.2% or €26,2 mn rising to €344,6 mn, whereas revenue from sale of goods and services increased by €6,1 mn and amounted to €82,0 mn from €75,9 mn in 2018.

Total revenue from taxes on production and imports registered a small increase of €2,2 mn reaching €516,4 mn in 2019. VAT revenue remained unchanged at €319,1 mn.

Current transfers received decreased by €13,2 mn to €19,4 mn during the first two months of 2019, compared with €32,6 mn in the same period of 2018.

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