The state-budget deficit deepened by €1.825 billion, or by 142 percent year-on-year (y-o-y) to reach €3.114 billion at the end of July 2023, the Finance Ministry reported on Tuesday.
"State-budget incomes increased by €1.636 billion y-o-y, or 15.7 percent in July. Expenditures rose even more significantly, going up by €3.461 billion, or 29.6 percent y-o-y," said the ministry.
Tax revenues grew by €927 million (10.4 percent) y-o-y. Positive developments were seen in income from value-added tax, which went up by €491.5 million. Although €325.8 million from corporate tax was transferred to local governments, revenues from this tax increased by €49 million y-o-y. Meanwhile, revenues from income tax declined by €23.3 million.
Incomes from the EU budget increased by €424.5 million (50.7 percent) in July. "Dividends swelled by €243.9 million (304.5 percent), mainly thanks to the payment of dividends by gas utility SPP, which had to be transferred by the end of 2022," explained the Finance Ministry.
State-budget expenditures related to drawing EU funds saw y-o-y growth of €732.2 million (80.7 percent), while the cost of co-financing rose by €101.3 million (61.6 percent).
Expenditures related to drawing money from the Recovery and Resilience Plan rose by €254.5 million.
Source: TASR
