The government's deficit rose to €132.4 million in the first quarter of this year, official figures issued this morning show. It stood at €107,301 in the first quarter of last year.
Total revenue stood at €686.7 million, an increase of €19.1 million when compared to the first quarter last year. This was mainly due to an increase in proceeds from taxes on production and imports of €36.4 million.
Other major increases were recorded in capital transfers (€16.1 million) and
social contributions (€9.5 million).
Conversely, revenue from income tax and tax on market output declined by €39.0 million and €5.6 million respectively
Total expenditure in the first quarter amounted to €819.1 million. The largest increases were recorded in Social Benefits and Social Transfers in kind by €21.1 million, and an additional €18.4 million in both Gross Capital Formation and Compensation of Employees. Capital Transfers Payable and Intermediate Consumption went down by €26.5 million and €4.0 million respectively.
Long-term Loans declined by €9.1 million while shares and other equity registered a fall of €4.4 million.