The deficit drops to 1.07% of GDP until October, six tenths less than last year

The deficit drops to 1.07% of GDP until October, six tenths less than last year


MADRIDUpdated:

The deficit of Public Administrations, excluding Local Corporations, stood at 12,911 million euros in the first ten months of the year, equivalent to 1.07% of GDP, which is 0.63 percentage points less than in the same period of 2017.

The data published by the Ministry of Finance reach until November in the case of the State, which reduced its deficit in the first eleven months of the year by 31.6%, up to 12,378 million, equivalent to 1.0% of GDP.

The Autonomous Communities increased their surplus between January and October to 2,066 million (0.17% of GDP), compared to 494 million in the same period of the previous year (0.04%).

The budgetary execution data of the Local Corporations corresponding to the third quarter of the year 2018, which registered a surplus of 4,381 million euros until September, equivalent to 0.36% of GDP.

State data should be noted that non-financial income grew by 8.5%, up to 180,975 million, while non-financial expenses increased by 4.6%, to 193,353 million.

Excluding the payment of interest associated with public debt, the balance is positive, with a primary surplus equivalent to 0.96% of GDP, above the primary surplus of 0.52% registered a year earlier.

The improvement in revenue is a reflection of the good evolution of tax collection, which grew by 8.4%, to 157,259 million, with an increase of 6.1% in the case of VAT and 11.8% for the IRPF.

Property income increased by 28.7% to 5,318 million, mainly due to higher dividends from the Bank of Spain, State Lotteries and Bets, and Enaire.

On the expenditure side, the increase is attributable to the higher current transfers between Public Administrations, which grew by 4.4%, mainly due to the increase in transfers to the autonomies derived from the financing system, as well as those aimed at the Social Security in which 1.223 million stand out to support the budgetary balance of the system.

The compensation of employees increased by 2.7%, figure that includes the wage increase of 1.75% that the General State Budgets for 2018, as well as the retributive improvement derived from the wage equalization agreement of the National Police and the Civil Guard with the autonomous bodies, without correspondence in 2017

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