The budget deficit calculated in the optical box (also known as public accounting), and which is calculated monthly by the Directorate-general of Budget (DGO), amounted to 4.3 billion euros during the first 11 months of 2016, falling to 394 million compared to the value registered in the same period of 2015, said the Ministry of Finance in a statement.
The information came on the same day that the INE released the fiscal deficit accumulated to September in the national accounts (the account for Brussels and adopts a logic of commitments and expertise of the year) was 2.5% of GDP (3.4 billion euros). The values between the two approaches are not directly comparable.
“Until November, the general Government deficit (AP) decreased by 394 million euros (ME) compared to the same period last year. A performance that resulted from the increase of 1.9% of revenues, higher than the growth of 1.3% of the expense,” writes the ministry of Finance, in the note sent to the press highlighting an improvement of 713 million euros in the budget balance without interest – amounted to a surplus of 3.646 million.
In the accounts of the DGO, for the increase of 1.9% in revenue (which is far from the annual target of 5% entered in the Budget) contributed to the taxes, but mainly the contributions paid to Social Security: “despite an increase of 937 million euros of tax refunds, tax revenue increased by 0.7% compared to November 2015. Already the revenue contribution grew by 3.7%, mainly due to increase of 4.5% of contributions and levies to Social Security, due to the strong growth of employment,” argues the office of Mário Centeno in a statement.
The complete bulletin of the DGO, issued after the release, details the developments. The revenue from direct tax is to fall to 4.8%, which is four times worse than the reduction of 1.2% estimated in the Budget. Fitting with indirect taxes has increased to 5.4%, also short of the goal of the annual 7.7%. The revenue from contributions increased by less than 4.4% registered as one annual goal in the OE.
as with the revenue, the increased expenditure was also under budget: 1,3% against 5,6%. A cut bulky on public investment help to this performance, as well as a reduction in social expenditure such as unemployment benefits. The wage bill of the State contributed in the opposite direction, reflecting the reset is complete of pay cuts in November.
the data from The DGO show a decrease of 11.8% in investment (against an increase subscribed in OE 12%), a reduction of 1% in the purchase of goods and services (against a forecast increase of 1%) and a growth of personnel expenditure, of 3.6%, well above the 2.3% estimated by the ministry.
In the bulletin, the Directorate-general shows that, “for the improvement of the balance of the AP contributed to the increase of the surpluses of the Social Security (469,7 million euros) and of the Regional Administration and Local (180,2 million)”, since the deficit of the central administration has increased by almost 200 million euros for the 6.278 million euros.
debts to State suppliers to November fell by 433 million euros compared to the same period in 2015, but increased by 85 million from the previous month. Already the debts overdue for more than 90 days amounted to 1.160 million euros, down 7 million in October, but more 176 million euros a year ago.
No comments:
Post a Comment