In June 2021, the State Sector working balance is provisionally estimated at Euro 15,800 million, with an improvement of about Euro 4,900 million in comparison to the corresponding month of 2020 (Euro 20,749 million). In the first semester of the current year, the working balance is estimated at Euro 84,800 million, with an improvement of about Euro 10,400 million with respect to the corresponding period of 2020 (Euro 95,212 million). The updated estimate of the State Sector working balance in May 2021 is available on the State General Accounting Department website.
In comparison with the previous year, the June 2021 State working balance is due to the increase in fiscal revenues driven also by the collection of taxes suspended in 2020, as well as by the rise in import VAT.
On the expenditure side, the higher payments refer to Local Governments expenses, to the outright grants paid by the Revenue Agency and to the Civil Protection expenses in the context of the policy measures to contain the consequences of the pandemic.
Interest expenditure on Government bonds is in line with that of June 2020.