08/05/2015 13:27
The fiscal balance of the general government was slightly improved in the first quarter of 2015 based on final data released today by Cystat, which confirm the Finance Minister’s recent remarks .
Based on data regarding the General Government accounts for the period January-March 2015, which are prepared in accordance with the European system (ESA 2010), the fiscal deficit fell to € 18,2 mn. or to 0.1% of GDP compared to a deficit of € 22,4 m. or 0.1% of GDP in the first quarter of 2014 (excluding the strengthening of the capital base of the Cooperative Central Bank amounting to € 1,5 bn, in the first quarter of 2014).
Cystat data is based on the European standards and methodologies underlying the public finances and it is the official deficit that is transmitted to the EU and taken into account by the authorities.
Instead, the Finance Ministry data show the cash deficit and not the fiscal deficit. It includes netting of income and revenues of the state budget and the budget of the Social Security Fund, which form a part of the general government, and refer to cash movements and only show the cash balances of the country.
The ministry of finance figures announced recently, refer only to the central government and as such they exclude local authorities and semi-government data.
Total revenues reached € 1.529,9 mn. from € 1579,3 mn. in the first quarter of 2014, recording a decrease of 3,1%.
The main categories of revenues for the January-March 2015 period were taxes on production and imports that amounted to €608,3 mn, recording an increase of 3.2% compared to the same period of 2014 of which VAT was increased by 9.7 % reaching € 351,4 mn.
Revenues from services increased by 2.5% compared to the corresponding period of 2014 reaching €103,7 mn.
Revenues from taxes on income and wealth fell by 12.3% to € 387,6 mn.
As regards public expenses, they declined by 3.3% to € 1548,1 mn. from € 1601,7 mn. last year.
The main categories of expenditures for the period of January-March 2015 were staff compensations (including imputed social contributions and pensions for civil servants), which fell by 1.1% to € 527,6 million.
A decline of 6.1% was recorded in social benefits which fell to € 569,1 mn. The intermediate consumption amounted to € 117,0 mn, recording a decrease of 9,1% compared to the corresponding period last year.
Based on data regarding the General Government accounts for the period January-March 2015, which are prepared in accordance with the European system (ESA 2010), the fiscal deficit fell to € 18,2 mn. or to 0.1% of GDP compared to a deficit of € 22,4 m. or 0.1% of GDP in the first quarter of 2014 (excluding the strengthening of the capital base of the Cooperative Central Bank amounting to € 1,5 bn, in the first quarter of 2014).
Cystat data is based on the European standards and methodologies underlying the public finances and it is the official deficit that is transmitted to the EU and taken into account by the authorities.
Instead, the Finance Ministry data show the cash deficit and not the fiscal deficit. It includes netting of income and revenues of the state budget and the budget of the Social Security Fund, which form a part of the general government, and refer to cash movements and only show the cash balances of the country.
The ministry of finance figures announced recently, refer only to the central government and as such they exclude local authorities and semi-government data.Total revenues reached € 1.529,9 mn. from € 1579,3 mn. in the first quarter of 2014, recording a decrease of 3,1%.
The main categories of revenues for the January-March 2015 period were taxes on production and imports that amounted to €608,3 mn, recording an increase of 3.2% compared to the same period of 2014 of which VAT was increased by 9.7 % reaching € 351,4 mn.
Revenues from services increased by 2.5% compared to the corresponding period of 2014 reaching €103,7 mn.
Revenues from taxes on income and wealth fell by 12.3% to € 387,6 mn.
As regards public expenses, they declined by 3.3% to € 1548,1 mn. from € 1601,7 mn. last year.
The main categories of expenditures for the period of January-March 2015 were staff compensations (including imputed social contributions and pensions for civil servants), which fell by 1.1% to € 527,6 million.
A decline of 6.1% was recorded in social benefits which fell to € 569,1 mn. The intermediate consumption amounted to € 117,0 mn, recording a decrease of 9,1% compared to the corresponding period last year.
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