Implementation of development budget expenditure at 45% by October

At the end of October 2024, the rate of the implementation of development expenditure in the state budget reached 45%, compared to 40%, which is the average of the last decade for the period up to October, according to the General Accounting Office of the Republic.

According to the publication "Implementation of the State Budget October 2024", issued by the General Accounting Office of the Republic, at the end of October 2024 total revenues amounted to €8.48 billion, which corresponds to 75% of the state budget (2023: €7.79 billion, 80%) and actual expenditure amounted to €8.77 billion, which corresponds to 65% implementation (2023: €8.45 billion, 70%).

It is noted that the implementation of the state budget, in terms of revenues, shows a slight decrease compared to the corresponding period of last year (2024: 75%, 2023: 80%), mainly due to the timelines of loan draw-downs (2024: 86%, 2023: 95%).

Compared to the same period last year, there is a decrease in the implementation of the state budget in relation to expenditure (2024: 65%, 2023: 70%), mainly due to the timing of the repayment of public debt (2024: €2 billion (60%), 2023: €2.13 billion (83%).

The state budget shows for the year 2024 an increase of 16% in revenues (2024: €11.28 billion, 2023: €9.77 billion) and an increase in expenditure of 12% (2024: €13.45 billion, 2023: €12 billion).

The budgeted increase in revenues is mainly due to an increase in indirect and direct taxes of €0.68 billion and €0.61 billion respectively, while the budgeted increase in expenditure is mainly due to increased loan repayments of €0.77 billion and an increase in salaries, pensions and gratuities of €0.36 billion.

(Source: CNA)