the budget deficit in public accounts stood at 395 million euros until May least 453 million than in the same period last year, according to released, on Monday, the Ministry of Finance.
“the execution of May recorded a deficit of 395 million euros, representing 7.2% predicted for the year (in 2015, represented 18.5% of the annual deficit),” the ministry tutored by Mário Centeno, in an earlier statement to the disclosure of the synthesis of budget implementation by the budget Directorate-General (DGO).
Finance justify this improvement of 435 million euros, compared to the deficit of the first five months 2015, with a revenue growth of 1.6% and “stabilization of expenditure”, 0.1%.
spending behavior, writes the ministry, it was “driven by higher interest paid in 275 million euros, following the issue of February 2015 bonds, since the primary expenditure of general government was reduced to 232 million euros “.
the tax and contribution revenues grew respectively 2.7% ( “despite the increase of tax refunds in 229 million euros”) and 3.8% ( “resulting mainly from growth of 4.9% of contributions and contributions to Social Security”).
on the other hand, the surplus in the primary balance (which excludes interest on the debt) increased to 2,890 million euros until May, less EUR 728 million in the same period 2015.
“in two key vectors of the current fiscal policy – rationalization of intermediate consumption and wage policy and public employment – the development was below the forecast in the state budget,” concluded the Ministry of Finance
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