Implementation of the state budget in the first ten months
According to preliminary data, the state budget recorded approximately EUR 10.3 billion in revenue in the first ten months of the year, which is EUR 1.3 billion or 14.2% more than in the same period last year. Expenditure decreased by EUR 779 million or 7.3% year-on-year to approximately EUR 10.6 billion, with the budget recording a total deficit of approximately EUR 283 million in the first ten months.
Tax revenue in the first ten months amounted to approximately EUR 8.7 billion, which is 15.1% or approximately EUR 1.1 million more than in the same period last year.
Revenue from value added tax increased by 16% in the period in question to approximately four billion euros. Such growth is attributed to last year's lockdown of economic activity and consumption by the population during the Covid-19 epidemic and the resulting effect of restrained consumption this year. Growth is also affected by high inflation.
Revenue from corporate income tax amounted to approximately EUR 1.3 billion, which is 42.2% more than in the same period last year. This is a consequence of a high rebate for 2021 due to better business operations of companies in that year and, consequently, higher monthly instalments this year.
Revenue from personal income tax amounted to approximately EUR 1.2 billion, or 2.2% more than in the same period last year, while revenue from excise duties increased by 0.9% to EUR 1.2 billion.
Non-tax revenue in the first nine months amounted to approximately EUR 634 million or 10 % lower than in the same period last year. Last year, the state budget received a one-off income from the granted concessions for radio frequencies in the amount of EUR 164 million, while there will be no such revenue this year.
Approximately EUR 752 million in funds was received from the European Union, which is EUR 146 million more than in the same period last year.
Data for October alone shows that revenue reached approximately one billion euros, which is around EUR 16 million or 1.5% less than in the same month last year. Tax revenue amounted to approximately EUR 880 million in October and was EUR 37 million or 4.1% lower than in the same month last year, which indicates that the effect of restrained consumption has petered out.
In the first ten months of the year, approximately EUR 1.3 billion was allocated for the labour costs of the central state administration, or 4.9% less than in the same period last year, which is largely the result of allowances for work in special conditions and hazardous situations not being paid this year.
Expenditure on interest amounted to approximately EUR 578 million, or EUR 70 million less than in the same period last year.
This year, approximately EUR 1.6 billion was allocated for transfers to individuals and households, or 29.3% less than last year. Due to a lower number of the unemployed, transfers to this group of people decreased by EUR 29 million or 18.7%.
EUR 334.4 million was allocated from the state budget for investments in the first ten months, which is EUR 897 million or 19.2% more than in the same period last year.
In October alone, budget expenditure amounted to approximately EUR 977 million, or 6.8% or approximately EUR 62 million more than in the same period last year.