The state budget recorded a deficit of €3.99 billion to the end of August, according to the Finance Ministry. The 2020 state budget approved by the previous government projected a deficit of €2.8 billion for this year. The current Government, however, with its amended version of the budget, anticipates a deficit of €11.95 billion.
State budget income decreased by €539.3 million year-on-year (y-o-y) to the end of August, while expenditures went up by €1.8 billion y-o-y. Tax revenues fell by €623.7 million y-o-y. "Negative developments were seen in revenues from corporate tax (down €489.6 million), excise taxes (down €66.3 million), income tax (down €31.4 million), VAT (down €26.5 million), and withholding tax (up €17.2 million)," said the ministry.
