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Italian Government

Contenuto principale

- In 2021 the State Sector working balance shows a borrowing requirement of about 106 billion euro

 01/03/2022

Press release N° 1 of 01/03/2022

In December 2021, the State Sector working balance is provisionally estimated at Euro -3,000 million, with an improvement of about Euro 500 million in comparison to the corresponding month of 2020 (Euro -3,468 million).

The 2021 working balance is estimated at about Euro 106,000 million, with an improvement of about Euro 52,900 million with respect to 2020 (Euro -158,901 million). The provisional figure is also lower than the estimation of the Update to the Economic and Financial Document 2021.

The updated estimate of the State Sector working balance in November 2021 is available on the State General Accounting Department website.

Comment

Compared to the previous year, the improvement in December 2021 State working balance benefited from the increase in fiscal revenues, due to favourable cyclical effects and to the positive dynamics of VAT on imports.

On the expenditure side, Central Government has shown higher payments, which include: transfers to CSEA related to Government intervention to reduce the impact of increases in electricity and gas tariffs foreseen in the so called Bill Decree Law (Euro 2,900 million); the higher payment to the EU budget (Euro 2,300 million), and the transfers by the Revenue Agency for the so called “equalization contribution” (Euro 3,233 million).

Interest expenditure on Government bonds is in line with December 2020.

Compared to the previous year, the improvement in December 2021 State working balance benefited from the increase in revenues, only partially offset by an increase in payments.

On the revenue side, tax and social contributions receipts have performed better, due to the favourable economic cycle, and to the collection of tax payments deferred in 2020; inflows have also increased due to the EU revolving funds and advances of Recovery Fund grants.

As for the payments, there has been an increase in Central and Local Governments expenditure, including measures for containing the effects of the pandemic, such as straight grants paid by the Revenue Agency and the financing of Emergency Fund of the Special Commissioner.

Interest expenditure on Government bonds has shown a reduction with respect to the previous year.

Rome 01/03/2022
IT