The government had a financial surplus of €44.2 million in the first three months of the year, compared to a deficit of €68m in the same months last year.

Total revenue stood at €979.2 million, an increase of €137.2 million from the first quarter of 2016.

The increase in revenue was triggered mainly by higher market output (€46.4 million) and income taxes (€41.1 million).
Increases were also registered in taxes on production and imports (€32.0 million), net social contributions (€12.5 million), current transfers (€5.3 million) and capital transfers (€2.1 million).

 

Decreases were recorded in property income (€2.3 million).
Total expenditure in the first quarter amounted to €935 million, an increase of €24.7 million from the first quarter of 2016.

Increases were recorded mainly in intermediate consumption (€27.8 million), salaries and other compensation to workers (€18.3 million), current transfers (€7.9million), social benefits and social transfers in kind (€4.9 million) and subsidies (€1.6 million).

Decreases were recorded in Capital transfers (€23.4 million), Gross Capital Formation (€9.6 million) and property income payable (€2.8million).

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