The state recorded a surplus of 1,059.8 million euros through July, reflecting a decrease of 3,922.4 million euros compared to the same month of the previous year, the Directorate-General for Budget (DGO) reported on Friday.
“In July 2024, the state administrations recorded a budget balance of EUR 1,059.8 million, which corresponds to a decrease of EUR 3,922.4 million compared to the same period of the previous year,” the budget execution summary for the first seven months of 2024 states.
According to the DGO, the balance sheet dynamics on an annual basis are due to the fact that the growth in expenses (11.3%) was higher than the dynamics of revenues, which increased by 4.3%.
The recorded balance of EUR 1,059.8 million compares with a surplus of EUR 4,982.2 million recorded in the same period of 2023.
For the first time since March, the balance of the public sector is positive.
The General Government balance sheet, published monthly by the DGO, is in public accounting, i.e. it operates from a cash perspective (cash inflows and outflows), which differs from national accounting (liability perspective), which is in line with European rules.