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Tuesday, May 28, 2024
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Assessment of first quarter budget revenues and expenditures

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The Ministry of Finance has disclosed that budget revenues for the initial quarter of the year, up to March, amounted to EUR 578.5 million, equivalent to 8.2% of the estimated gross domestic product (GDP). This figure represents a notable increase of EUR 36.0 million or 6.6% compared to the same period last year.

In comparison to the forecast for the January-March period, revenues exceeded expectations by EUR 45.6 million or 8.6%.

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It is worth noting that one-off revenues in the previous year’s corresponding period totaled EUR 69.9 million, whereas this year, they stood at EUR 6.1 million. Excluding one-off revenues, the growth registered during January-March would amount to EUR 99.8 million or 21%.

March alone saw budget revenues reaching EUR 244.5 million, marking an increase of EUR 12.1 million or 5.2% compared to March of the previous year. Additionally, revenues surpassed the forecast for March by EUR 18.5 million or 8.2%.

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Budget expenditures for March amounted to EUR 231.1 million, EUR 7.0 million or 2.9% less than planned but higher by EUR 37.4 million or 19.3% compared to the same month last year.

When considering the collected revenues and incurred expenditures, a budget deficit of EUR 4.9 million or 0.1% of GDP was realized in the first three months of the year. However, March witnessed a budget surplus of EUR 13.4 million or 0.2% of GDP.

Almost all categories of budget revenues recorded growth in the first quarter compared to both the plan and the previous year. The corporate income tax experienced the most significant increase, amounting to EUR 78.9 million, followed by personal income tax at EUR 14.9 million.

Contributions also saw a notable increase, totaling EUR 114.8 million. VAT collection was on par with the plan, while excise duties were slightly lower than planned.

In terms of expenditures, there was a decrease compared to the plan, particularly in current expenditures. However, expenditures were higher compared to the same period last year, mainly due to increased allocations for pension and disability insurance.

Overall, while the dynamics of revenue collection are encouraging, efforts to manage expenditures remain crucial for maintaining fiscal stability.

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