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State budget execution in the first half of the year

According to preliminary data, the state budget recorded revenue of approximately EUR 6.4 billion in the first half of this year, an increase of EUR 968 million or 18% compared to the same period last year. Expenditure, on the other hand, amounted to EUR 6.5 billion, down EUR 849 million or 11.6% compared to the same period last year. The budget deficit in the first half of the year amounted to EUR 128 million.

Tax revenue amounted to almost EUR 5.4 billion in the first half of the year, 19.8% or EUR 884 million higher than in the same period last year.

In the first six months of the year, personal income tax revenue amounted to EUR 910 million, an increase of 6.8% compared to the same period last year.

Value added tax revenues amounted to EUR 2.3 billion, up 22% or EUR 410 million compared to the same period last year. The growth in revenues reflects the last year's postponement in economic activity and consumption, and consequently the effect of pent-up consumption. Growth is also influenced by the high consumer price index.

Corporate income tax revenue amounted to EUR 942 million in the observation period, 50.2% or EUR 315 million higher than in the same period last year as a result of the improved performance of businesses. The revenue from excise duties totalled EUR 665 million, an increase of 3% or EUR 19 million compared to the same period last year.

Non-tax revenue amounted to EUR 361 million in the first six months, a decrease of EUR 87 million or 19.4% compared to the same period last year. Last year, EUR 164 million in revenue from concession fees for radio frequencies was collected, but not this year.

EU funds received in the first half of the year totalled EUR 534 million, almost EUR 124 million more than in the same period last year.

In the first half of the year, the labour cost of the narrow section of state administration amounted to EUR 772 million, a decrease of almost EUR 73 million or 8.6% compared to the same period last year. The decrease is largely due to the non-payment of allowances for special working conditions and situations of risk.

Interest expenditure amounted to EUR 350 million in the observation period, or EUR 80 million less than in the same period last year.

Transfers to individuals and households amounted to EUR 969 million this year, 33.4% or EUR 487 million less than last year. Transfers to the unemployed fell by almost EUR 23 million or 23.7%, as a result of fewer people being out of work.

In the first half of the year, the state budget allocated EUR 419 million to investments, an increase of EUR 95 million or 29.4% compared to the same period last year.