January fiscal surplus up on last year

The government posted a higher fiscal surplus this January compared to the same month last year, preliminary data show.

In January 2022 the general government’s surplus came to €227.7 million (or 0.9 per cent of GDP) – up from €151.1 million (0.6 per cent of GDP) in January 2021.

The increase in the surplus is attributed to a greater rise in revenue in relation to expenditures.

Total government revenue in January 2022 amounted to €936.9 million. The same month last year, revenue was €791.3 million.

More specifically, total taxes on production and imports rose by €3.5 million compared to January 2021. Total revenues from income tax and wealth increased by €105 million, social insurance contributions went up by €32.6 million; and revenues from services rose by €18.9 million.

On the other side, total expenditures in January 2022 were €69 million more than in the same month last year.

In 2021 overall, the general government had posted a deficit of €409.1 million (1.8 per cent of GDP) – down from €1.21 billion (5.6 per cent of GDP) the year before.