The accounts of the General Government recorded a surplus of €141,8 million in the period January – July 2022, compared to a deficit of €711 million in the corresponding period last year, based on the preliminary fiscal results prepared by the Statistical Service.
The large improvement in public finances is mainly due to the significant increase in public revenues, while expenditures remained approximately at the same levels compared to the corresponding period last year.
As a percentage of GDP, the surplus for the period January - July 2022 was 0,6% of GDP, against a deficit of 3,0% of GDP in the corresponding period last year.
Expenses at +0,2%
According to the Statistical Service, total expenditures, during the period January-July 2022, increased by €9,5 million or by 0,2% and amounted to €5.753,3 million compared to €5.743,8 million in corresponding period of 2021.
Specifically, social benefits increased by €226,4 million (+10,6%) and amounted to €2.352,7 million compared to €2.126,3 million in 2021. Staff benefits (including imputed social contributions and civil servant pensions) increased by €72,2 million (+4,5%) and reached €1.690,8 million compared to €1.618,6 million in 2021. Interim consumption increased by €86,6, 16,9m (+597,4%) and amounted to €510,8m compared to €2021m in 32,2. Current transfers increased by €9,3m (+380,2%) and amounted to €348,0 million compared to €2021 million in XNUMX.
The capital account increased by €79,4 million (+24,6%) and reached €402,4 million compared to €323,0 million in 2021. In detail, fixed capital investments increased by €45,6, 16,9m (+315,9%) and amounted to €270,3m compared to €2021m in 33,8 and other capital transfers increased by €64,1m (+86,5%) and amounted to €52,7 million compared to €2021 million in XNUMX.
In contrast, subsidies decreased by €460,9m and were limited to €44,1m compared to €505,0m in 2021. Interest paid decreased by €26,3m (-8,4% ) and were limited to €285,7 million compared to €312,0 million in 2021.
Revenue +17,1%
The total revenues, during the period January-July 2022 showed an annual change of 17,1% and amounted to €5.895,1 million compared to €5.032,8 million in the corresponding period of 2021. In absolute numbers, public revenues showed an increase €862,3 million
Total taxes on production and imports increased by €342,2 million (+18,3%) and amounted to €2.212,3 million compared to €1.870,1 million in 2021, of which net VAT revenue (after deducting refunds) increased by €267,7m (+22,6%) to €1.454,4m compared to €1.186,7m in 2021.
Income and wealth tax revenues increased by €242,9m (+22,0%) to €1.344,9m compared to €1.102,0m in 2021. Social contributions increased by €236,9 million (+16,1%) and amounted to €1.707,0 million compared to €1.470,1 million in 2021. Revenue from services increased by €47,0 million (+ 14,3%) and amounted to €374,8 million compared to €327,8 million in 2021. Interest and dividends received increased by €37,9 million (+58,8%) and amounted to € 102,4m compared to €64,5m in 2021.
According to the Statistical Service, capital transfers decreased by €30,1 million (-41,7%) and were limited to €42,1 million compared to €72,2 million in 2021. Current transfers decreased by €14,4 million (-11,4%) and were limited to €111,6 million compared to €126,0 million in 2021.
KYPE