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Italian Government

Contenuto principale

- In July 2022 the State Sector working balance shows a surplus of 7.5 billion euros


Press release N° 140 of 08/01/2022

In July 2022 the State Sector working balance is provisionally estimated at Euro 7,500 million, marking an improvement of about Euro 2,000 million in comparison to the corresponding month of 2021 (Euro +5,473 million).

In the first seven months of the current year, the working balance is estimated at Euro -41,700 million, corresponding to an improvement of about Euro 44,800 million with respect to the same period of the previous year (Euro -79,219 million).

The updated estimate of the state working balance in June 2022 is available on the State General Accounting Department website.


Compared to the previous year, the improvement in the State working balance in July 2022 has benefited from higher fiscal revenues, thanks to self-assessment taxes, social contributions, VAT and other indirect taxes. It is worth recalling that in 2021 self-assessment taxes payment had been postponed to September for tax-payers who apply Tax Compliance Indicators (so called ISA).

The positive results on the revenue side have been partially offset by the increase in social security funds’ withdrawals and in public wages, both linked to the one-off bonus of Euro 200 to pensioners and public workers (art. 31 of law-decree n. 50/2022). The payment of the bonus in favour of private employees has been anticipated by employers, who will deduct the correspondent amount from the social contributions payment due in August. Central and local administrations have also increased payments, among which it is worth mentioning the first transfer of about Euro 800 million from the State to GSE S.p.A, as part of the Euro 4,000 million lending scheme for the acquisition, storage and re-selling of natural gas, as envisioned by article 4 of law-decree 80/2022.

The interest expenditure on Government bonds is in line with that of July 2021.

Rome 08/01/2022