In July 2021, the State Sector working balance is provisionally estimated with a surplus at around Euro 5,700 million, with an improvement of about Euro 12,900 million in comparison to the corresponding month of 2020 (Euro -7,214 million). In the first seven months of the current year, the working balance is estimated at Euro 79,000 million, with an improvement of about Euro 23,400 million with respect to the corresponding period of 2020 (Euro 102,426 million). The updated estimate of the State Sector working balance in June 2021 is available on the State General Accounting Department website.
In comparison with the previous year, the improvement in July 2021 State working balance is due to the increase in fiscal revenues, to the increase in the proceeds of emission trading auctions, and to the higher inflows related to revolving funds for community policies. The positive effect on the balance is also due to lower expenditure by the Central Governments, including lower straight grants to the enterprises with respect to the same month of 2020.
Interest expenditure on Government bonds have decreased by about Euro 300 million.