The public deficit touched record levels in four months at 2.28% of GDP
The gap between income and expenditure grows to 25.007 million
The back VAT revenue by 9.9% and Societies Rente and 4.1%
El déficit público toca niveles de récord en cuatro meses en el 2,28% del PIB
El desfase entre los ingresos y gastos crece hasta los 25.007 millones
La recaudación por IVA retrocede un 9,9% y por Rente y Sociedades un 4,1%
La crisis también pasa factura a las arcas de la Seguridad Social
Jesús Sérvulo González Madrid 28 MAY 2013 - 22:30 CET
elevarlo hasta el 6,5%.
cuentas no salen.
The public deficit touched record levels in four months at 2.28% of GDP
The gap between income and expenditure grows to 25.007 million
The back VAT revenue by 9.9% and Societies Rente and 4.1%
The crisis also takes a toll on the coffers of Social Security
Jesus Gonzalez Madrid Sérvulo 28 MAY 2013 - 22:30 CET
The Government rides a wild horse. He struggles to tame public finances despite the constant tax increases and spending cuts incessant. The monthly deficit oscillations are the startle reflex in which installed look officials from the Ministry of Finance. The deviation recorded by the state budget until last April amounted to 25.007 million, the largest historical series published by the National Audit Office (IGAE), which starts in 2002. This represents a deficit of 2.38% of GDP in terms of national accounts [accounts adapting to European standards]. The April deficit is two hundredths higher than the same period in 2012, almost a point higher than last March (1.4%), according to figures released Tuesday by the Ministry of Finance. To follow the trend, the State breach its deficit target for this year at 3.7% of GDP and would be largely responsible for exceeding the limit provided for all public administrations, at 6.3%, although Brussels is willing to raise it to 6.5%.
Source: Ministry of Finance. / COUNTRY
The gap between expenditure and revenue has grown despite the government's efforts to raise revenue and reduce expenses. Over the past year were approved thirty rises in almost all taxes and undertook major cuts in expenditure headings. But the economic-activity languor fall by 1.3% of GDP this year prevents tax-harvested at full capacity and promotes obesity by increasing costs of unemployment benefits and pensions. Also contributes to this robust increase in debt last year which triggers the interest cost: up by 11.8% to 9.082 million.
Peering into government accounts can unravel the reasons for increasing the deviation: the deficit grows until April despite advances reducing the autonomous communities by funding settlement system [received 5.176 million through April 2012, compared to 1.447 million this year]. In addition, in 2013 is fully valid VAT rise last September which should report more income compared to last year. The Government had also other arguments for having tamed the budget gap: staff costs are reduced by the decrease of temporary staff and not replacing retirees. But the reality is that until April entered and spent 30.011 million 55.918 million. So, times are hard.
Source: Ministry of Finance. / COUNTRY
However, in the analysis of public accounts at this time of year you have to take precautions and consider some circumstances difficult to compare data from one period to another as the strong seasonality of revenues, which this year also are affected by increased returns from last year. The Tax withheld final returns to 2012 and during the first part of this year has paid, which has reduced revenues. The impact on the accounts, prepared with national accounting standards, not much because Eurostat forced the government to collect part of this effect but it is enough to reduce revenue. Moreover, the Treasury is also advancing the campaign returns to citizens (income) and businesses (VAT and societies) with the intent to provide liquidity to the system to stimulate consumption. These two effects have caused tax revenues have fallen by 6.7% over 2012. The most significant is the corporate tax whose revenues fell by 37.1% (about 1,400 million less) by increasing returns on 2012.
Montoro blamed the deficit to the transfers
PRESS EUROPE
The Minister of Finance and Public Administration, Cristobal Montoro, has blamed the increase in the deficit in the month of April at the State transfers to other government, and said that the collection is "reasonably well". "I wish it was better," said Montoro at the launch of the magazine 'Economist' published by the Association of Economists of Madrid, which also referred to the situation of the economy and said that there are signs for confidence. In particular, he referred to the change in the current account balance and moderation in prices in recent months. In fact, said that the CPI is below 1% this year and some months closer to 0% than 1%.
A look at the Monthly Report April Collection developed by the Tax Office shows that tax revenues fall by 4.6% through April. If you adjust the data to the returns made in a campaign collecting the tax rate would have increased by 7.4% (about 2,400 billion). The same document reveals one of the entries that appear to be worse than expected is the tax on lottery prizes, with only 79 million has been raised for the first four months, when estimating expected for the entire year was it reported 824 million.
But this alone does not explain the increase in the deficit. Current transfers to other government state have increased. Notable transfers to Social Security to finance minimum pensions, which has grown from 2.105 million in 2012-3290 million this year. And above all, transfers to public service employment has increased by 2.148 million last year to reach 6.024 million due to a higher rate of budget execution, the report of the IGAE. The state also allocated more investments from other administrations. Finance is confident that many of the costs incurred in the first tranche of the compensating go throughout the year and thus contain the deficit.
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