Due to an increase in collection, the deficit has fallen to 0.34% of GDP

Public accounts continue to show improvement in the Administration's public deficit data.

Due to an increase in collection, the deficit has fallen to 0.34% of GDP

Public accounts continue to show improvement in the Administration's public deficit data. It was 4,412m in the first quarter of this year. This is 78.4% lower than the imbalance recorded in the same period last year when it reached 16,000 million. According to the Ministry of Finance, this means that the public deficit is now 0.3% of GDP (Gross Domestic Pro). The deficit in the state accounts (exclusively Central Administration) was 0.5% of GDP for April, as compared to 1.688% in the same section in 2021. It now stands at 6,553 millions, which is a decrease in 67.6% from the 20,249,000,000 it was 12 months ago.

The positive evolution of public accounts-in 2020, year of pandemic, it spiraled up to 11% because of expenses for the coronavirus and closed at 6.7% in 2021 - can mainly be explained by tax revenues. The increase in Treasury collections in all taxes since the start of this exercise is responsible for this. Maria Jesus Montero's department considers it a solid result. Non-financial income increased 16.7%, while expenses fell by 4%. According to the Treasury, "The State deficit continues to fall as a result of economic reactivation. The creation of jobs due to the advancement of vaccination."

The VAT revenue rose by 19.4% while income and wealth taxes grew by 18.6%. This was due to an increase in personal income tax which was 29.2%. Both economic activity and rising prices are partly responsible for the rise in VAT. This raises tax bases.

It accounted for the majority of it with 3,525 million. This is 0.27% GDP. Within this, the State deficit was decreased to 5,143 millions, which is equivalent in GDP to 0.39%. The regional had a surplus in 220 million. This is equivalent to 0.02% GDP. It was compared to the 3,416 million deficit a year ago. The Social Security Funds have a deficit in the amount of 1,107 millions, which is 0.08% of GDP. This deficit is 847.8% lower in interannual terms because of the increase in contributions.

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