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Deficit halved in first eight months of 2022

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Deficit halved in first eight months of 2022The government’s consolidated fund reported a deficit of €359 million by the end of August.

In the same period a year earlier, this stood at €749 million.

The large reduction suggests that with four months of the year to go, the government is on-track to achieve its Budget 2022 aim of halving the national deficit this year.

According to data released by the National Statistics Office on Friday, recurrent revenue in the first eight months of 2022 amounted to €3.62 billion - a 12% increase over the €3.24 billion reported a year earlier.

The largest increase was recorded under value added tax (€177.7 million), followed by income tax (€126.9 million), and social security (€80.9 million).

By the end of August, total expenditure stood at €3.98 billion, €1.3 million lower than the previous year.

 

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