The latest statistics by the Ministry of Finance as released by the NSO about the government’s finances confirm that the momentum in tax collection has continued to slow down in the third quarter of this year, after slowing down in the second quarter.
Recurrent revenue rose by €169.6 million to €5.664 billion just 3.08% compared to expenditure that rose to €5.917bn up by €565.0m and 10.56%.Total central government debt is at €11.11 billion with a total deficit for this year at €253.1 million compared to a €142.3 million surplus by the same period of last year.
Biggest rise in revenue was in social security contributions with a €119 million increase from €1.08 billion to €1.2 billion in total, but VAT collection went down from €1.13 billion to €1.11 billion. Income tax also went down from €2.279 billion to €2.274 billion.
Expenditure in programmes and initiatives increased by €189 million. Contributions to government entities increased by €99. Salaries increased from €922 million to €1.05 billion. Debt interests costs were at €250 million.
Capital spending was at around €583.5 million with up to €75 million spent on the second electricity connector.
The government has projected a new Budget for 2026 which aims at balancing recurrent revenue with recurrent expenditure and move closer to a budget surplus.
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