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The General Government deficit due to COVID-19 is € 799.1 million

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The General Government deficit due to COVID-19 is € 799.1 million

The general government budget deficit in the period January – November 2020 amounted to € 799.1 million, compared to a surplus of € 566.3 million in the corresponding period last year, according to data released on Friday by the Statistical Service.

The deficit is attributed to the restrictive measures implemented to tackle the coronavirus pandemic but also to the significant increase in spending under the Ministry of Labor, Welfare and Social Security special plans to support workers and businesses.

The primary budget deficit in the first eleven months of 2020 amounted to € 370.8 million, compared to a primary surplus of € 1.04 billion in the period January – November 2019.

Total revenues decreased in the period January – November 2020 by € 580.1 million, compared to the corresponding period last year, and amounted to € 7.47 billion, while expenditures increased by € 785.3 million in € 8.27 billion

It is noted that revenues in the same period last year increased by € 691.6 million compared to the first eleven months of 2019, while expenditures were reduced by € 459.5 million.

Source: www.philenews.com

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