Portugal with 1.1% budget surplus in H1

 In News, Public Finances, State Budget

Portugal’s public administration sector managed a 1.1% surplus in the first half of the year according to data from the national statistics institute (INE).

The positive balance was €689 million, corresponding to just over 1% of GDP in Q2 of 2023, meaning that for H1 the surplus was 1.1%.
“Considering quarterly figures and not the year ending on the quarter, the public administration balance in Q2 of 2023 was +€689 million, corresponding to 1% of GDP compared to +1.4% like-for-like”, states the INE.
Compared to the same period the previous year, there was an “increase of 7.8% in revenues and 8.9% in expenditure”, adds the office of national statistics. In terms of revenues there was an increase in taxes on income and property of 17.9%. Regarding expenditure, there was an increase of 23.8% in expenditure with interest.
In the first quarter of the year there had been a 1.2%/GDP surplus, or a positive balance of €761.3 million. All told the first half of the year was positive for public finances at +1.1% for H1.