The state deficit falls to 1.24% and the income from social security contributions exceeds 100,000 million
The good performance of the collection on which the government has placed all its reliance to promote the reduction of the government deficit is maintained. According to the latest budget implementation data published this Monday, until September the state has introduced 155,908 million euros for taxes alone, 80.2% of the total non-financial resources obtained during the period (194,280 million) .
The figure remains at record levels, but implies some moderation in the annualized growth rate of tax revenues in the national accounts in recent months. Specifically, 21.9% compared to September 2021. According to public statistics, the cumulative increase in August was 24.1%. And in July, the figure also exceeded 23%.
In total, taxes on production and imports increased by 14.9%. And VAT revenues rose 19.8%, slightly less than the 20.8% collected at the end of August.
The difference is particularly noticeable in income tax collection, which increased by 27.2% until September. A month earlier, the cumulative growth was 44.7%, although the Executive indicates that the increase in that period is mainly due to the entry of the first tranche of the income statement.
Corporate income tax revenues increased by 31%, after deducting the exceptional income from the merger of two large entities (CaixaBank and Bankia) collected in 2021. And taxes on capital increase by another 140 million euros compared to the previous year.
These data, together and after a 0.4% reduction in spending, have reduced the government deficit to 1.24% of GDP, compared to 4.85% in September 2021. In total, the deficit is 16,269 million euros, 72.2% less than the 58,551 million in the same period of the previous year.
As for the social security deficit, premium income continued to rise thanks to the improvement in employment. Specifically, there was an 8.6% year-on-year increase in the first nine months of the year, crossing the 100,000 million mark for the first time.
Thus, they stand at 104,395 million euros (8,222 more than a year earlier). “Compared to data from the last year not affected by the pandemic, 2019, the price increase is 12.7% (€11,788 million more),” they indicate from the ministry headed by José Luis Escrivá.
For example, Social Security recorded a deficit of 740 million euros in the first nine months of the year.
On the expenditure side, the economic benefits for households and institutions amounted to 127,425 million, 4.7% more than in the same period of 2021. This represents 93.8% of the total expenditure in the social security system. The largest item, 117,199 million euros, concerns pensions and non-contributory benefits, with an increase of 4.5%.
On Monday, the Council of Ministers approved the granting of a loan from the State to the General Treasury of Social Security for an amount of 6,981.6 million euros to provide adequate coverage for social security obligations, as reported by the ministry.
Source: La Verdad
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