In February 2022, the State Sector working balance is provisionally estimated at Euro -4,200 million, with an improvement of about Euro 6,100 million in comparison to the corresponding month of 2021 (Euro -10,293 million).
The updated estimate of the State Sector working balance in January 2021 is available on the State General Accounting Department website.
Comment
Compared to the previous year, the improvement in February 2022 State working balance benefited from the increase in fiscal revenues, due to favourable cyclical effects and to the positive outcome of the substitute tax on capital gains and of the tax on supplementary pensions schemes.
On the expenditure side, Local Governments and social security funds have increased their payments.
The interest expenditure on Government bonds has decreased by about Euro 270 million with respect to February 2021.