77% of budget spent by end-November

An increase to 77% was recorded at the end of November 2023 on the implementation of the state budget in relation to expenditure compared to the corresponding period last year (2022: 73%). 

According to a report by the Treasury of the Republic, this was mainly due to the increase by €530 million in loan and interest repayments, and a decrease in relation to revenue (2023: 90%, 2022: 87%), while the increase in the implementation of development costs amounted to 57%, compared to 46% in 2022. 

The report says that the increased implementation in relation to the expenditure is due to the increased outflows for repayment of loans and interest (2023: €2.20 billion, 2022: €1.67 billion). Over the past decade, the average state budget implementation of total spending by November reaches 74%.

At the end of November, total revenue amounted to €8.46 billion, which corresponds to 87% of the state budget (2022: €7.72 billion, 90%) and actual expenditure was €9.19 billion, which corresponds to an implementaion of 77% (2022: €8.08 billion, 73%).

The increased implementation of development expenditure in 2023 (57%) compared to 2022 (46%), according to the Treasury, is mainly due to the increased implementation of capital costs, due to the costs for the purchase of buildings and land which amounted to 74% (2022: 34%), primarily, but also due to the expenditure on the road network which amounted to 65% (2022: 60%), and the increased  expenditure on projects and other projects co-financed by European resources, which amounted to 54% (2022: 38%).

In the last decade, the average implementation of the state budget for development expenditure by the end of November was 48%.

In relation to capital expenditure, the implementation until the end of November 2023 amounted to €369 million, while in relation to co-financed and other financial expenditure, the implementation amounted to €187 million.

Implementation until the end of November 2023 in relation to funds, contributions and grants amounted to €174.7 million and in relation to social benefits amounted to €56 million.

(Source: CNA)