Actual expenditures and revenues so far this year have been lower than the average of the past decade, the state treasury said on Monday.

In a briefing, the treasury provided data on the rate of implementation of the 2025 state budget up to the end of October.

Implementation was at 65 per cent regarding revenue, and at 59 per cent regarding expenditures.

This means that up until October, the government’s actual revenues stood at 65 per cent of those projected in the budget for fiscal year 2025, while actual spending was at 59 per cent of the figure cited in the budget.

By the end of October, actual revenues came to €7.63 billion, expenditures to €7.68 billion.

The treasury explained that the decline – compared to the same period of 2024 – in actual revenue is chiefly due to a drop in the drawing of loans.

This decline was somewhat offset by a small increase in indirect and direct taxes – up by €160 million and €130 million, respectively.

Meanwhile the percentage of actual expenditures was down – compared to the same period of 2024 – due to a decline in loan and interest repayments.

Regarding payroll – salaries and pensions for public-sector employees – actual expenditures by the end of October were slightly higher compared to the same period last year.

Spending on social benefits by the end of October came to €1.51 billion. Transfers and grants registered at €1.46 billion.

For the same period, capital expenditures clocked in at €285.1 million – consisting of spending on road works, construction works, improvements to government buildings, sewerage systems, purchase of mechanical equipment and so forth.

According to the treasury, over the past decade the average rate of implementation of expenditures – during the first ten months of a year – came to 65 per cent.