In November 2021, the State Sector working balance is provisionally estimated at Euro -9,700 million, with an improvement of about Euro 7,600 million in comparison to the corresponding month of 2020 (Euro -17,278 million).
In the first eleven months of the current year, the working balance is estimated at Euro -102,900 million, with an improvement of about Euro 52,500 million with respect to January-November 2020 (Euro -155,432 million). The updated estimate of the State Sector working balance in October 2021 is available on the State General Accounting Department website.
Compared to the previous year, the improvement in November 2021 State working balance benefited from the increase in fiscal revenues, due to favourable cyclical effects and to higher revenues for VAT on imports. It should be noted that fiscal revenues in November 2020 also include payments of excise duties deferred from the previous months.
On the expenditure side, there is a reduction in transfers to the EU budget, shifted to the month of December, as well as lower expenditure by the Social Security Funds and by Local and Central Governments.
Interest expenditure on Government bonds has decreased by Euro 336 million.