In February 2021, the State Sector working balance is provisionally estimated at Euro 10,200 million, with an increase by about Euro 8,600 million compared to the surplus recorded in the same month of the previous year (+Euro 1,604 million). In the first two months of the year the working balance is estimated at Euro 14,100 million, with an increase of about Euro 15,500 million compared to the result of the first two months of 2020 (surplus of Euro 1,396 million). The updated estimate of the State Sector working balance in January 2021 is available on the State General Accounting Department website.
In comparison with the same month of 2020, the February 2021 State working balance has been largely affected by the contraction in fiscal revenues, mainly due to the effects of the negative cycle, to higher withdrawals from the State Treasury accounts and higher payments by the Italian Social Security Institute (INPS) for social benefits in response to the Covid–19 epidemic emergency. In February 2021 reimbursements were paid to consumers who joined the experimental cashback launched in December 2020.
Interest expenditure on Government bonds have decreased by about 470 million euros with respect to February 2020.