General government fiscal results: Surplus up year-on-year

The preliminary General Government fiscal results indicate a surplus of €1,420.8m (4.2% of GDP) for January-November 2024, as compared to a surplus of €709.9m (2.3% of GDP) during the same period in 2023.

Regarding revenue in January-November 2024, total revenue increased by €809.8m (+6.7%) and amounted to €12,844.8m, compared to €12,035m in the corresponding period of 2023.

In detail, taxes on production and imports increased by €255m (+6.2%) and amounted to €4,349.6m, compared to €4,094.6m in 2023, of which net VAT revenue increased by €217.2m (+7.8%) and amounted to €2,984.6m, compared to €2,767.4m in 2023. Revenue from taxes on income and wealth increased by €425.7m (+16%) and amounted to €3,082.3m, compared to €2,656.6m in 2023.

Property income increased by €42m (+45.4%) and amounted to €134.6m, compared to €92.6m in 2023. Revenue from the sale of goods and services increased by €163.7m (+21.6%) and amounted to €920.3m, compared to €756.7 m in 2023. Social contributions increased by €95m (+2.4%) and amounted to €3,980.7m, compared to €3,885.7m in 2023.

On the contrary, current transfers decreased by €122.7m (-29.1%) to €299.1m, from €421.8m in 2023. Capital transfers decreased by €48.9m (-38.5%) to €78.2m, from €127.1m in 2023.

Regarding expenditure, it says that during the period of January-November 2024, total expenditure increased by €98.9m (+0.9%) and amounted to €11,424m, compared to €11,325.1m in the corresponding period of 2023.

In detail, intermediate consumption increased by €119m (+10.8%) and amounted to €1,223.4m, compared to €1,104.4m in 2023. Compensation of employees (including imputed social contributions and pensions of civil servants) increased by €236.3m (+7.7%) and amounted to €3,292.4m, compared to €3,056.1m in 2023. Social benefits increased by €417m (+9.8%) and amounted to €4,679.3m, compared to €4,262.3m in 2023. Interest payable increased by €23.4m (+6.1%) and amounted to €407.4m, compared to €384m in 2023.

On the contrary, subsidies decreased by €8.5m (-5.9%) to €134.5m, from €143m in 2023. Current transfers decreased by €314.4m (-29.6%) to €747.6m, from €1,062m in 2023.

The capital account decreased by €373.8m (-28.5%) to €939.4m, from €1,313.2m in 2023, of which gross capital formation increased by €26.1m (+3.5%) and amounted to €781.8m, compared to €755.7m in 2023 and other capital expenditure decreased by €400m (-71.7%) to €157.6m, from €557.6m in 2023.