Half year budget shows surplus in excess of EUR 200 million
In the first half of this year, the state budget showed a surplus of EUR 208,2 million, while in the same period last year it stood at EUR 184.2 million. First-half revenues stood at approximately EUR 5.08 billion this year, up 6.8% on the same period last year, while expenditures rose 6.5% and amounted to approximately EUR 4.87 billion.
First-half tax revenues amounted to nearly EUR 4.33 billion, up 4.6% on the same period last year. Revenues from personal income taxes stood at EUR 728.8 million, down 1.3% on the same period last year, which is mainly the consequence of changes to tax legislation, which lowered the tax burden on holiday allowances. Inflows from personal income tax revenues from legal entities amounted to EUR 555.6 million, up 22.6% on the first half of last year. The growth in inflows from personal income taxes is attributed to higher calculated advances and a higher April balance, which is the consequence of improved corporate performance last year and advances on those taxes assessed for 2018. Revenues from value added tax amounted to nearly EUR 1.83 billion, up 4.2% on the same period last year, which is mainly the consequence of movement and growth in private and government consumption.
State budgetary expenditure amounted to EUR 4.87 billion in the first half, up EUR 298.6 million relative to the previous year. Expenditures for payment of domestic and foreign interest were down EUR 81 million relative to the previous year and stood at EUR 523.4 million, which is the result of active debt management. Liabilities for wages and contributions were up 9% on last year, and stood at EUR 677 million. This increase is primarily the result of progress and an agreement on public sector wages and other labour costs. Expenditures on goods and services rose by EUR 30.5 million (9.6%) relative to last year, which is mainly the consequence of increased expenditure for the modernisation of Slovenian Armed Forces units and maintenance of the rail and road infrastructure.
The general government sector budget, which in addition to the state budget also includes the Pension and Disability Insurance Institute, the Health Insurance Institute and the municipal budgets, recorded revenues of approximately EUR 9.45 billion and expenditures of approximately EUR 9.19 billion in the first half.