In May 2021, the State Sector working balance is provisionally estimated at Euro 15,100 million, with an improvement of about Euro 10,500 million in comparison to the corresponding month of 2020 (Euro 25,586 million). In the first five-months of the current year, the working balance is estimated at Euro 68,900 million, with an improvement of about Euro 5,600 million with respect to the corresponding period of 2020 (Euro 74,464 million). The updated estimate of the State Sector working balance in April 2021 is available on the State General Accounting Department website.
In comparison with the previous year, the May 2021 State working balance benefited from the increase in fiscal revenues that last year had been largely affected by the suspension of tax payments due to the Covid-19 health emergency.
This improvement has been partially offset by the increase in expenditure, related to the higher payments of Central and Local Governments and to the disbursement by the Revenue Agency and the Civil Protection 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 May 2020.