March budget primary balance short of target, but taxes continue to overperform

EconomyMacroeconomy Tags: Budget, Revenues
Finance Ministry
Photo by MacroPolis

The budget primary balance for the first three months of 2022 was confirmed at 1.65 billion euros, compared to a deficit of 13.4 billion euros during the same period last year, according to the final Finance Ministry (MoF) budget execution data released on Tuesday.

The primary balance was below the target by 319 million euros. Expenditure, excluding interest payments and the public investment budget, came to 11.7 billion euros. Net revenues reached 11.96 billion euros, below the target by 1.35 billion euros.

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