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DEFICIT SHOOTS UP BY €600m AS COVID-19 SLOWDOWN BITES INTO PUBLIC FINANCES

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Copia-di-TASSI-INTERESSE-NEGATIVI-2

Government revenue crashed by 17.4 per cent in the first five months of 2020 when compared to the same period last year, with steep drops in income tax, VAT and social security income. 

The dip in revenue was accompanied by a 15.2 per cent increase in government expenditure that month, as coronavirus restrictions introduced in March slowed down the economy while forcing the government to fork out millions in subsidies and financial aid.

 

Statistical data released on Friday by the National Statistics Office showed that the government consolidated fund reported a €673.4 million deficit in May.

 

 

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