30/07/2015 08:31
The fiscal balance deteriorated by €148.4 mn in the first half of 2015 due to lower revenues and increased spending.
According to new Finance Ministry data, the fiscal deficit in the first half of 2015 amounted to €140.1 mn or 0.81% of GDP against a surplus of €8.3 mn or 0.05% of GDP last year.
In the first five months of 2015 fiscal deterioration amounted to €70.5 mn.
The total public revenues fell by 2.7% or €80.9 in the first six months of the year to €2935.8 mn from €3016.7 mn in the first half of 2014. The decline is partly attributable to the lower dividend granted by the Central Bank this year, as it stood at €133 mn from €189 mn last year.
Direct taxes fell by €66.1 mn and non-tax revenue by €77.3 mn. Tax revenue was lower by €3.6 mn.
On the other hand, indirect taxes rose by €45.4 mn and VAT revenue by €44.5 mn. Contributions to the SSF recorded an increase of €17.1 mn.
Spending increased
The Finance Ministry data show an increase in public spending mostly due to current transfers.
Public spending increased by 2.2% or €65.5 mn to €3103.3 mn from €3037.8 mn last year.
The largest increase of 10.2% or €66.4 mn was registered in current transfers reaching €720 mn from €653.6 mn.
The costs of debt service rose by €17.9 mn.
On the other hand, expenses for salaries decreased by €15.5 mn while payments to the SSF were lower by €12.9 mn.
Spending for the purchase of goods recorded a slight decrease.
The primary surplus – the surplus without the cost of debt service - fell to €96.2 mn from €226.6 mn.
According to the objectives of the updated memorandum, the primary surplus should reach €264 mn or 1.5% of GDP in 2015.
According to new Finance Ministry data, the fiscal deficit in the first half of 2015 amounted to €140.1 mn or 0.81% of GDP against a surplus of €8.3 mn or 0.05% of GDP last year.
In the first five months of 2015 fiscal deterioration amounted to €70.5 mn.
The total public revenues fell by 2.7% or €80.9 in the first six months of the year to €2935.8 mn from €3016.7 mn in the first half of 2014. The decline is partly attributable to the lower dividend granted by the Central Bank this year, as it stood at €133 mn from €189 mn last year.
Direct taxes fell by €66.1 mn and non-tax revenue by €77.3 mn. Tax revenue was lower by €3.6 mn.On the other hand, indirect taxes rose by €45.4 mn and VAT revenue by €44.5 mn. Contributions to the SSF recorded an increase of €17.1 mn.
Spending increased
The Finance Ministry data show an increase in public spending mostly due to current transfers.
Public spending increased by 2.2% or €65.5 mn to €3103.3 mn from €3037.8 mn last year.
The largest increase of 10.2% or €66.4 mn was registered in current transfers reaching €720 mn from €653.6 mn.
The costs of debt service rose by €17.9 mn.
On the other hand, expenses for salaries decreased by €15.5 mn while payments to the SSF were lower by €12.9 mn.
Spending for the purchase of goods recorded a slight decrease.
The primary surplus – the surplus without the cost of debt service - fell to €96.2 mn from €226.6 mn.
According to the objectives of the updated memorandum, the primary surplus should reach €264 mn or 1.5% of GDP in 2015.
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