The General Budget Office (DGO) publishes this Friday the budget execution report for the entire year 2022, after registering a surplus of 1,855 million euros (ME) until November.
The cumulative general government budget balance calculated in November reflects an increase of ME 685 compared to the previous month, with an improvement of ME 8,435 compared to the same period in 2021.
In a communiqué on budget execution until November, the Ministry of Finance emphasizes that the improvement in the balance sheet leads to a 13.1% increase in revenues compared to 2021, “justified by the dynamics of the labor market, the economy and the effect of an increase in prices.”
The annual increase in revenue recorded in November, according to the same information, was still below the cumulative variation until October (14.7%).
Revenue from taxes and contributions collected through November increased 14.7% year-on-year, slowing down from the 15.7% year-on-year increase recorded from January to October.
The improvement in the budget balance was supported by a 2.5% increase in spending compared to 2021. In this case, the year-over-year increase recorded before November exceeded the deviation recorded before October, which was 1.8%.
Primary spending (which does not include debt service costs) increased by 3.2% year on year.
“Excluding the impact of COVID-19 measures, primary spending rose 5.9% and primary recurrent spending rose 7% year-over-year,” the ministry, led by Fernando Medina, said in a statement.
The national accounts balance of interest to Brussels is calculated by the National Institute of Statistics (INE), which registered a budget surplus of 2.8% of gross domestic product (GDP) until September.
In the state budget proposal for 2023 (OE2023), which it sent to parliament in October, the government indicated a deficit of 1.9% in 2022, but the prime minister and finance minister have already publicly stated that data already available allows we expect last year’s deficit to be “below 1.5% of GDP.”
Author: Portuguese
Source: CM Jornal
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