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Fiscal surplus widens in January

03/03/2016 06:15
The fiscal surplus increased in January 2016 as the reduction of expenditure offset the decline of central government revenues.

According to new data, public finances recorded a surplus of €102,7 mn in January against a surplus €81,3 mn in January 2015.

Government expenditure fell by 4,2% or €24 mn to €535,2 mn from €558,9 mn in 2015.

Total expenditure recorded a €42 mn reduction to €440,3 mn from €482,3 mn due to reduced current transfers.

Current revenue declined by €22 mn while the reduction of non-tax revenue reached €8 mn.

Direct taxes fell by €8 mn and indirect taxes dropped by €5 mn of which €1 mn came from the VAT.

The primary balance was €115,6 mn from €99,1 mn in January 2015.

The surplus refers to the general government’s consolidated account.

Excluding adjustments and other general government bodies the surplus reached €94,9 mn against a surplus of €76,6 mn in January 2015.

In 2015 the fiscal deficit reached €81 mn against €43 mn in the previous year, which corresponds to about 0,4% of the GDP.