At €315.1 million, which corresponds to 1.1% of GDP, it amounted to the fiscal surplus of the General Government,
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At €315.1 million, which corresponds to 1.1% of GDP, it amounted to the fiscal surplus of the General Government, according to preliminary fiscal results announced by the Statistical Service for the period January-May 2023.
This surplus is increased by €173.5 million compared to the same period last year, when a surplus of €141.6 million was recorded, corresponding to 0.5% of GDP.
14.1% increase in revenue
The revenues of the General Government for the period January-May 2023 increased by 14.1%, reaching the total amount of €4,645.5 million. This increase is mainly due to the increase in taxes on production and imports, as well as revenues from taxation on income and wealth.
Specifically, total taxes on production and imports increased by €210 .9 million 13.8%) and amounted to €1,741.6 million compared to €1,530.7 million in 2022, of which net VAT revenue (after deduction of refunds) increased by €153, 8 million (14.9%) and amounted to €1,187.9 million compared to €1,034.1 million in 2022.
Income and wealth tax revenues increased by €180.3m (20.5%) to €1,059.4m compared to €879.1m in 2022. Social contributions increased by €182.4 million (14.8%) and amounted to €1,412.4 million compared to €1,230.0 million in 2022. Interest and dividends received increased by €2.0 million (4.8 %) and amounted to €43.7 million compared to €41.7 million in 2022. Current transfers increased by €25.2 million (29.0%) and amounted to €112.2 million in compared to €87.0 million in 2022.
Conversely, capital transfers decreased by €22.8m (-59.2%) and were limited to €15.7m compared to €38.5m in 2022. Revenue from services decreased by €4 .0 million (1.5%) and were limited to €260.5 million compared to €264.5 million in 2022.
10.2% increase in spending
Total expenses for the period January-May 2023 increased by 10.2%, reaching the amount of €4,330.4 million. This increase is mainly due to the increase in social benefits and staff salaries.
According to preliminary data, social benefits increased by €139.7 million (8.7%) and amounted to €1,753.7 million compared to €1,614.0 million in 2022. Staff benefits (including imputed social contributions and pensions of civil servants) increased by €127.2 million (10.5%) and amounted to €1,333.6 million compared to €1,206.4 million in 2022. Interim consumption increased by € 4.3 million (1.0%) and amounted to €425.4 million compared to €421.1 million in 2022. Subsidies increased by €30.6 million (96.5%) and amounted to to €62.3m compared to €31.7m in 2022. Interest paid increased by €9.6m (5.5%) to €185.1m compared to €175 .5 million in 2022.
The capital account increased by €95.4 million (45.8%) to €303.5 million compared to €208.1 million in 2022. In detail, fixed capital investments increased by €75.6m (51.0%) to €223.8m compared to €148.2m in 2022 and other capital transfers increased by € 19.8 million (+33.1%) and amounted to €79.7 million compared to €59.9 million in 2022.
In contrast, current transfers decreased by €6, 3 million (-2.3%) and were limited to €266.8 million compared to €273.1 million in 2022.
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