The deficit data published today on the website of the Ministry of the Treasury and Public Administration Services show that the State deficit in national accounting terms stood at 40.61 billion euros in November 2013 - equivalent to 3.96% of GDP. This figure was mainly affected by the increased cost of servicing debt and increased transfers to the Social Security Authorities.
After discounting financial aid, the primary deficit amounted to 14.6
billion euros which is 1.5% lower than the same figure last year.
The definitive settlement to the regional governments of taxes transferred from 2010 - and carried out in July 2012 - should be noted in this regard. This settlement was positive for the regional governments and therefore resulted in a 25.1 billion euro reduction in revenue for the State. Meanwhile, the settlement of the 2011 financial year in July 2013 under the same heading led to a positive result for the State amounting to 1.46 billion euros.
Hence, tax revenue in 2012 was abnormally low while all other revenue rose by far more than usual. This leads to a distortion in any comparison with 2013.
Adjusted tax revenue in cash accounting terms rose by 3.7% to November, thus consolidating the economic improvement in the revenue data.
The remaining taxes on production and imports - 10.72 billion euros - rose by 73%. This was mainly due to the increases in Hydrocarbon Tax and revenue from the Coal Tax and taxes levied on the production and storage of electrical energy, with no corresponding equivalent in 2012.
This increase in transfers to the Social Security Authorities means that the State deficit figure - when considered on its own - is not significant in nature unless compared with that posted by the other sub sectors. Hence, as can be seen from the data corresponding to the State, the regional governments and the Social Security System in October, the Social Security deficit has posted a reduction because of the increased transfers received from the State.
Labour costs have fallen by 2.6% to 16.75 billion euros.
Transfers to the regional governments decreased by 6.1% to 28.28 billion euros. This decrease is mainly due to the lower payments on account under the so-called Adequacy Fund (Fondo de Suficiencia).
Transfers to local authorities amounted to 13.86 billion euros, an increase of 4% on this figure in 2012 that was mainly due to the larger payments on account under their stake in State revenue.
Other current transfers amounted to 9.35 billion euros, representing a rise of 7.8%. This heading includes the contribution to the EU for an own resource based on the RNB of 8.32 billion euros, 589 million higher than in 2012.
Social benefits other than social transfers in kind show an increase of 5.1% to a total of 10.57 billion euros, of which 10.22 billion euros correspond to passive class pensions, an increase of 5.7%.
Capital expenses include the support for investment of 1.19 billion euros, representing a rise of 637 million euros compared with 2012, of which 646 million euros were transfers to ADIF for investments and maintenance on the conventional rail network, with no equivalent amount in 2012. Gross capital formation fell by 4.5%, with expenditure of 3.9 billion euros.
Non-financial resources
Non-financial resources of the State at the end of November 2013 amounted to 111.1 billion euros, up 6.1% on the same period in 2012. This result can be fundamentally explained by increased tax revenue - from 62.31 billion euros in 2012 to 89.53 billion euros at the end of November 2013, the remaining non-financial resources fell by 62%.The definitive settlement to the regional governments of taxes transferred from 2010 - and carried out in July 2012 - should be noted in this regard. This settlement was positive for the regional governments and therefore resulted in a 25.1 billion euro reduction in revenue for the State. Meanwhile, the settlement of the 2011 financial year in July 2013 under the same heading led to a positive result for the State amounting to 1.46 billion euros.
Hence, tax revenue in 2012 was abnormally low while all other revenue rose by far more than usual. This leads to a distortion in any comparison with 2013.
Adjusted tax revenue in cash accounting terms rose by 3.7% to November, thus consolidating the economic improvement in the revenue data.
Taxes on production and imports
This tax revenue rose from 19.71 billion euros at the end of November 2012 to 35.36 billion euros in the same period of 2013. Revenue from VAT amounted to 24.64 billion euros, up from 13.51 billion euros in 2012. As stated above, this comparison is affected by reduced revenue in 2012 due to the respective settlements of the financial system and the improvement seen in the tax bases.The remaining taxes on production and imports - 10.72 billion euros - rose by 73%. This was mainly due to the increases in Hydrocarbon Tax and revenue from the Coal Tax and taxes levied on the production and storage of electrical energy, with no corresponding equivalent in 2012.
Current taxes on income and wealth
These taxes amount to 53.63 billion euros - an increase of 26.2% due to the effect of the definitive settlement of Personal Income Tax to the autonomous regions and the increased tax difference in the 2012 Income Tax Campaign and the stage payments of corporate income tax.Property income
Property income amounted to 6.48 billion euros, with an increase of 85.1%. This result basically stems from the interests from the Regional Liquidity Fund (Spanish acronym: FLA) and Tariff Deficit Amortisation Fund (Spanish acronym: FADE) amounting to 1.14 billion euros and 904 million euros, respectively, and the profits from the Bank of Spain amounting to 2.1 billion euros in 2013, compared with1.18 billion euros in 2012.Expenses
To the close of November 2013, non-financial expenses payable by the State amounted to 151.71 billion euros. This is an increase of 6.8% on the same period in 2012 which was mainly due to the increase in financial costs and the transfers to the Social Security Authorities, which rose by 15% and 24.9% in November, respectively.This increase in transfers to the Social Security Authorities means that the State deficit figure - when considered on its own - is not significant in nature unless compared with that posted by the other sub sectors. Hence, as can be seen from the data corresponding to the State, the regional governments and the Social Security System in October, the Social Security deficit has posted a reduction because of the increased transfers received from the State.
Labour costs have fallen by 2.6% to 16.75 billion euros.
Transfers to the regional governments decreased by 6.1% to 28.28 billion euros. This decrease is mainly due to the lower payments on account under the so-called Adequacy Fund (Fondo de Suficiencia).
Transfers to local authorities amounted to 13.86 billion euros, an increase of 4% on this figure in 2012 that was mainly due to the larger payments on account under their stake in State revenue.
Other current transfers amounted to 9.35 billion euros, representing a rise of 7.8%. This heading includes the contribution to the EU for an own resource based on the RNB of 8.32 billion euros, 589 million higher than in 2012.
Social benefits other than social transfers in kind show an increase of 5.1% to a total of 10.57 billion euros, of which 10.22 billion euros correspond to passive class pensions, an increase of 5.7%.
Capital expenses include the support for investment of 1.19 billion euros, representing a rise of 637 million euros compared with 2012, of which 646 million euros were transfers to ADIF for investments and maintenance on the conventional rail network, with no equivalent amount in 2012. Gross capital formation fell by 4.5%, with expenditure of 3.9 billion euros.
No comments:
Post a Comment