In the first five months of the year, the state budget recorded a deficit (of EUR 226 million), and, excluding the impact of expenditure to contain the epidemic (EUR 101 million) and the measures to ease the cost-of-living crisis (EUR 362 million), a surplus in the amount of EUR 238 million.
The evolution of the state budget in the first five months of the year was worse than in the same period last year. The overall deficit was higher (by EUR 209 million) and the so-called “core” surplus (excluding intervention measures) was lower by EUR 293 million.
The lower year-on-year “core” surplus is mainly due to lower revenue growth than in the same period last year, mainly due to a fall in corporate tax revenue against a high base from last year, but also partly to higher growth in labour cost expenditure as a result of the agreement reached in the autumn.