State budget deficit rose to €1.56 billion in March

The state budget reached a deficit of €1.563 billion at the end of March, an increase of €415.2 million or 36 percent in yearly terms, the Finance Ministry has reported. State budget revenues in March increased by €684.1 million or 17.6 percent y-o-y to €4.576 billion. Budget expenditures saw an even more significant increase, by €1.099 billion or 21.8 percent to €6.14 billion. Tax revenue increased by 8.7 percent or €302.2 million year-on-year. A positive development was recorded in EU budget revenue, which was up by €133.7 million or 66.1 percent. As for other state budget revenue, there was an increase of €29.7 million. Expenditure on servicing the national debt recorded a year-on-year increase of €35.3 million. The expenditure categories related to the absorption of EU budget funds saw an increase of €244.4 million. Expenditure related to the drawing of the funds from the national recovery plan increased by €16 million. Conversely, payment to the EU budget recorded a year-on-year decrease of €7.2 million.