The central government’s accounts for the first four months of 2011 show that fiscal deficit has reached 384 million euro or 2.09% of GDP, compared to 154,7 million euro or 0.89% of GDP in the corresponding period of 2010.
According to data released by the Ministry of Finance, revenue between January – April 2011 recorded a decrease of 2.37% (46.2 million euro) compared to the corresponding period of 2010. Tax revenue recorded a decrease of 0.71% compared to the corresponding first four months of 2010, while revenue from direct taxes recorded a decrease of 1.89%. Income tax revenue in the first four months of 2011 showed an increase of 4.54%, compared to the same period last year.
Consumer tax revenue increased by 12.02% compared to last year, while VAT revenue fell by 1.04%. According to the same data, public expenses in the first four months of 2011 rose by 9.93%. Salary and wages expenses showed an increase of 4.48%, while payments to the Social Security Fund rose by 10.16%.
Primary balance shows a deficit of 192 million euro compared to 33.2 million euro in the first four months of 2010