Menu
Economy

Strong revenue increase pushes up Government surplus in first two months of the year

April 1, 2019 at 9:59am

Strong increase in state revenue by 19.3% pushed up the General Government surplus in the first two months of the year to €407,3 million or 1.9% of the GDP, from €254,3 million or 1.2% of the GDP in the same period last year, according to the preliminary General Government fiscal results for the period of January-February 2019 announced on Friday.

The strong increase was a result of a significant rise in capital transfers of €125 million received by the state.

Total expenditure for the first two months of the year increased by €90,2 mn or 8.9% compared with the same period of 2018 and reached €1,098.4 mn.

Total revenue rose by 19.3% or €243,2 mn, to reach €1,505.7 mn in the same period, from €1,262.5 mn in the corresponding period of 2018.

The primary surplus rose to €468,7 million from €307,5 million in the same period last year.

EXPENDITURE

Total expenditure in the first two-month period of 2019 increased by €90,2 mn or 8.9% compared with the same period of 2018 and reached €1,098.4 mn from €1,008.2 mn in 2018.

Current transfers recorded the biggest increase, that is €33,4 million and reached €112,5 mn in January-February 2019 compared with €79,1 mn in the same period of 2018. The compensation of employees (including imputed social contributions and pensions of civil servants) rose by 7.3% or €26,6 mn to reach €393,4 mn.

A smaller increase of €13,6 million was recorded in social benefits that reach €410,6 mn from €397,0 mn in 2018, and also in payable interest, which increased by €8,2 mn reaching €61,4 mn from €53,2 mn in January-February 2018.

Investment rose by €7,6 mn to €29,0 mn compared with €21,4 mn invested in January-February 2018.

Capital transfers also increased by €5,9 mn to €11.0 mn, whereas subsidies increased by €1,5 mn to €5,8 mn.

Intermediate consumption declined by €6,6 mn to €74,7 mn from €81,3 mn during the first two months of 2018.

REVENUE

Total revenue rose by 19.3% or €243,2 mn to reach €1,505.7 mn between January and February 2019, compared with €1,262.5 mn in the same period of 2018.

Capital transfers received by the State recorded a significant increase of €125,0 mn and reached €127,4 mn from €2,4 mn in 2018.

Moreover, taxes on income and wealth increased by €60,7 mn or 19.3% and reached €375,7 mn in January-February 2019 compared with €315,0 mn in the same period of 2018. Property income recorded a €36,2 mn increase reaching €40,2 mn during the first two months of 2019.

Social contributions collected by the State in the first two months of the year increased by 8.2% or €26,2 mn rising to €344,6 mn, whereas revenue from sale of goods and services increased by €6,1 mn and amounted to €82,0 mn from €75,9 mn in 2018.

Total revenue from taxes on production and imports registered a small increase of €2,2 mn reaching €516,4 mn in 2019. VAT revenue remained unchanged at €319,1 mn.

Current transfers received decreased by €13,2 mn to €19,4 mn during the first two months of 2019, compared with €32,6 mn in the same period of 2018.