30/04/2015 13:28
New data released today from the Finance Ministry show a deterioration of the fiscal balance compared to 2014.
The fiscal deterioration is mainly due to the reduction in revenues while expenses recorded a slight decrease compared to last year.
Despite the deterioration, the fiscal balance is still far better than estimated by the adjustment program.
According to Finance Ministry data, the fiscal deficit increased in the first quarter of 2015 reaching € 50,3 mn or 0.29% of GDP against a deficit of € 18,7 mn or 0.11% of the GDP last year.
Total public revenues fell by 2.6% or € 39,1 mn in the first three months of the year to € 1452,3 mn from € 1491,4 mn.
A reduction € 43,6 mn or 24,4% was recorded in non-tax revenue which fell to € 135,1 mn from € 178,7 mn.
Direct taxes revenue also fell by € 45,9 mn.
On the other hand, indirect taxes and VAT revenue increased by € 37 mn. and € 33,2 mn respectively. An increase of € 13,5 mn was recorded in contributions to the Social Insurance Fund.
Public spending, fell by 1% or € 14,9 mn to € 1506,2 mn from € 1552,1 mn last year.
Expenditure for debt servicing fell by € 17 mn while spending on salaries declined by € 11 million.
The biggest increase of 5% or € 16,3 mn was recorded in current transfers reaching € 344,4 mn from € 328,1 mn.
The primary surplus, that is the surplus excluding the cost of servicing the debt fell to € 66,8 mn from € 115,4 mn.
According to the objectives of the Memorandum, primary deficit should be reduced to € 258 mn or 1.6% of GDP in 2015.
The fiscal deterioration is mainly due to the reduction in revenues while expenses recorded a slight decrease compared to last year.
Despite the deterioration, the fiscal balance is still far better than estimated by the adjustment program.According to Finance Ministry data, the fiscal deficit increased in the first quarter of 2015 reaching € 50,3 mn or 0.29% of GDP against a deficit of € 18,7 mn or 0.11% of the GDP last year.
Total public revenues fell by 2.6% or € 39,1 mn in the first three months of the year to € 1452,3 mn from € 1491,4 mn.
A reduction € 43,6 mn or 24,4% was recorded in non-tax revenue which fell to € 135,1 mn from € 178,7 mn.
Direct taxes revenue also fell by € 45,9 mn.
On the other hand, indirect taxes and VAT revenue increased by € 37 mn. and € 33,2 mn respectively. An increase of € 13,5 mn was recorded in contributions to the Social Insurance Fund.
Public spending, fell by 1% or € 14,9 mn to € 1506,2 mn from € 1552,1 mn last year.
Expenditure for debt servicing fell by € 17 mn while spending on salaries declined by € 11 million.
The biggest increase of 5% or € 16,3 mn was recorded in current transfers reaching € 344,4 mn from € 328,1 mn.
The primary surplus, that is the surplus excluding the cost of servicing the debt fell to € 66,8 mn from € 115,4 mn.
According to the objectives of the Memorandum, primary deficit should be reduced to € 258 mn or 1.6% of GDP in 2015.
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