Spanish public administrations -except local ones- 11,741 million euro deficit In the first two months of the year, it is 39.3% lower than the same period in 2021 and equivalent to 0.9% of GDP.
According to data released this Friday, TreasureThis correction of the deficit was made possible by both a strong 9.4% increase in revenue and a 1.8% reduction in expenditures.
Excluding the effect of aid to financial institutions, deficit 11,439 million, 40.8% less than 2021 and equivalent to 0.88% of GDP.
In these two months, the tax collections of the administrations increased strongly by 16.4% and reached 35,385 million, while reducing social benefits came to the fore among the expenses.
Most of the deficits, as usual, were concentrated in central government, totaling 10,280 million, 38.3% less and 0.79% of GDP, 16.2% increase in revenue -18.1% increased collections – and a reduction in transfers to other administrations.
autonomous communities sharply reduced their deficit, 77.3% – up to 331 million, 0.03% of GDP thanks to good income performance.
Ten autonomous communities registered surplus during this period: Andalusia, Aragon, Asturias, Canary Islands, Cantabria, Castilla y León, Galicia, Navarra, La Rioja and Basque Country.
Regarding Social Security, it closed the gap at 1,130 million in February, 8.8% less and 0.09% of GDP, due to the decline in welfare spending.
State reduced its deficit by 60.4% in the first quarter
The Treasury also advanced State budget execution data for the third quarter this Friday. 5.811 million euro deficit, 60.4% less than the same period in 2021 and 0.44% of GDP.
This adjustment is linked to good performance of revenue reaching €54,114 million, 17.2% more –46.785 million, 1.2% more – thanks to the increase in tax collection.
In these two months 25,676 million VAT was collected, 18.5% more -despite the tax cut on electricity-; income tax, 12,892 million, 22.2% more, and corporate tax, 1,356 million, 11% more.
Regarding expenditures, it decreased by 1.5% to 59.925 million due to the accounting impact of guarantees on ICO guarantees, intermediate consumption (44.8%), employee compensation (4.2%) and interest rates. debt (5.7%), among other items.
Source: Informacion
Calvin Turley is an author at “Social Bites”. He is a trendsetter who writes about the latest fashion and entertainment news. With a keen eye for style and a deep understanding of the entertainment industry, Calvin provides engaging and informative articles that keep his readers up-to-date on the latest fashion trends and entertainment happenings.