Government revenue drops, mainly due to COVID19
The government's revenue dropped by €193.6 million to €949.9 million in the first quarter of this year, when compared to the same period last year.
According to the National Statistics Offices, decreases in revenue were registered in almost all categories, primarily due to the impact of the COVID-19 pandemic.
The current taxes on income and wealth sector (€138.1 million) topped the list, followed by market output (€20.5 million), and net social contributions (€18.9 million).
Other decreases were registered in capital transfers (€11.1 million), taxes on production and imports (€7.2 million) and current transfers (€2.5 million)
On the other hand, there was an increase in property income (€4.6 million).
Increased expenditure, mostly related to COVID-19 benefits
Meanwhile total expenditure in the first quarter of 2020 amounted to €1,286.6 million - an increase of €99.5 million over the corresponding quarter in 2019.
Increases in expenditure were recorded in subsidies (€47.7 million), mostly in relation to the COVID-19 wage supplement amounting to €36.9 million, intermediate consumption (€40.8 million), social transfers in kind (€14.3 million), compensation of employees (€11.6...