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The public deficit falls to 1.5% of GDP until May and the State deficit closes the first semester at 1.8%

State taxes collected 96,952 million euros after growing by 20.

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The public deficit falls to 1.5% of GDP until May and the State deficit closes the first semester at 1.8%

State taxes collected 96,952 million euros after growing by 20.2%

The deficit of all public administrations, excluding financial aid, stood at 19,629 million euros until May, which means subtracting 21,525 million from the figure registered a year earlier, 52.3% less, so it drops to 1.5% of GDP, according to data provided by the Ministry of Finance.

Regarding the State deficit until June, the figure stands at 1.8% of GDP, compared to 3.3% in the same period of 2021. In this way, the deficit stands at 23,487 million, which represents a decrease of 41.3% compared to the 40,031 million in the same period of the previous year.

This result is due, according to the Treasury, to a solid increase in non-financial income of 20.4%, compared to the behavior of expenses, which grow at a rate of 2%.

"The path of decline in the State deficit that began in 2021 continues as a result of the economic reactivation and job creation", highlighted the Ministry headed by María Jesús Montero.

As for the public deficit until May, that of the Central Administration accounted for most of it, with 15,592 million, 1.19% of GDP, and within this, the State deficit was reduced to the figure of 17,385 million, which is equivalent to 1.33% in terms of GDP. For their part, the Central Administration Bodies register a surplus of 1,793 million until May 2022, compared to the deficit of 895 million a year earlier.

On its side, the regional administration registered a deficit of 3,054 million euros up to May, which is equivalent to 0.23% of GDP, higher than the deficit of 2,302 million euros a year earlier. This result is due to an increase in expenses of 3.1%, while income grows at a rate of 2.2%.

As for the Social Security Funds, the data indicates that a deficit of 983 million has been registered until the fifth month of 2022, 70.5% less, and it has stood at 0.08% of GDP. This behavior is the consequence of practically stable revenues (the good behavior of contributions stands out with a growth of 5.0%) compared to the 2.9% decrease registered in expenses.

Regarding the data on the State deficit up to June, the best result is due to a solid increase in non-financial income of 20.4%, compared to the behavior of expenses, which grow at a rate of 2%.

Specifically, non-financial resources stand at 113,836 million, which is 20.4% more compared to the same period in 2021, with taxes standing at 96,952 million euros -85.2% of total resources- - and grow 20.2% compared to the same period in 2021.

Taxes on production and imports increase by 18.6%. Specifically, VAT revenues rose by 22.8%. Current taxes on income and wealth grew by 22.8% due to personal income tax, which increased by 28.2%. For its part, the Non-Resident Income Tax rose by 77.3%. Income from Corporation Tax grows by 21.9%, if the extraordinary income derived from the merger of two large entities that was collected in 2021 is deducted.

On its side, property income increased by 17% compared to 2021, due to the increase in income from dividends and other property income by 45.8% to 1,991 million. This increase is due, in part, to the fact that in June 554 million have been received from the State Lotteries and Gambling Company (SELAE) corresponding to the interim dividend of the profits for the 2022 financial year, without correspondence in 2021.

In second place, the payment on account of dividends from the Bank of Spain stood at 860 million, an increase of 3.6%. These increases have been offset by lower interest income, 20.3% to 842 million.

EXPENSES INCREASE SLIGHTLY

On the expenditure side, non-financial State jobs have stood at 137,323 million, a figure 2% higher than that registered in the first six months of 2021.

The item with the largest volume is transfers between public administrations, with a weight of 60% of total non-financial uses. Specifically, in the first six months of the year they amounted to 82,432 million, an amount that includes the 2017 SII-VAT compensation paid to the autonomous communities for an amount of 3,086 million euros.

On its side, the remuneration of employees grew by 2.6%. This heading, which stands at 10,139 million, incorporates the salary increase for this year of 2% compared to a salary increase of 0.9% in 2021.

Lastly, gross fixed capital formation stands out, increasing by 20.6% in 2022 to 2,628 million, while investment aid and other capital transfers have risen together to 1,204 million.

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