The State accounts closed November with a positive balance of 1,855 million euros. Despite the fact that this figure represents an increase compared to the October data, which reflects the impact of the support measures for families and companies, it should be noted that one month before the end of the year, the public accounts continue with a positive balance . The balance calculated in budget execution is from the perspective of public accounting. The balance that matters is in the national accounts where the Government expects a deficit of 1.5% of the Gross Domestic Product. THE
In a statement, the Ministry of Finance indicates that the balance has increased by 685 million euros compared to October, although it still does not include the effect of the measures adopted in December to alleviate the effects of the rise in prices. Among these measures is the extraordinary support of 240 euros to a million families and transfers of 500 million euros to the electricity sector, for example. December will also be the month in which the last tranche of support for TAP, of 980 million euros, comes into account.
The improvement in the balance sheet results from revenue growth of 13.1% compared to the same period in 2021 (still affected by the pandemic) and 15% compared to 2019. This growth is a consequence of the dynamism of the labor market, but also of the effect of the rise in prices, recognize the Haciendas that still point to a brake on growth until October.
Tax revenues are the main responsible for the increase, with collections growing 17.2% compared to November 2021 and 14.3% compared to the same month of 2019. Income from Social Security contributions grew 9, 4%.
Spending increased 2.5% compared to the same period of the previous year, at a rate higher than the 1.8% registered up to October. This evolution reflects the drop in affective spending associated with the pandemic.
According to the Ministry of Finance, the measures to respond to the geopolitical shock amount to 3,850 million euros until November (half on the revenue side and the other on the spending side). And the expenditure in direct support to families of 1,875 million euros stands out.
Source: Observadora
