Official figures released on Tuesday indicate that the government achieved a €29 million surplus in the third quarter of 2024. According to data from the National Statistics Office, total revenue for the period from July to September 2024 amounted to €1,994.4 million, marking a €339.3 million increase compared to the same quarter in 2023. This rise was primarily driven by higher taxes on income and wealth (€257.2 million), taxes on production and imports (€40.3 million), market output (€24.3 million), and net social contributions receivable (€23.0 million), partially offset by a decrease in property income receivable (€6.3 million).
Total expenditure during Q3 2024 reached €1,965.4 million, up by €235.3 million from the corresponding quarter in 2023. The largest increases were observed in intermediate consumption (€79.6 million), compensation of employees (€62.3 million), subsidies (€36.1 million), and social benefits and transfers (€29.2 million), while decreases were noted in capital transfers (€11.9 million).
Adjustments to the Government’s Consolidated Fund data were made to transition to accrual-based accounting, aligning with ESA 2010 requirements. These adjustments reduced the Consolidated Fund surplus by €203.1 million, resulting in a final surplus of €29.0 million for Q3 2024.
In terms of financial transactions, Q3 2024 saw increases in assets such as currency and deposits (€257.1 million), equity and investment fund shares (€82.2 million), long-term debt securities (€54.7 million), and short-term debt securities (€32.4 million), alongside a decrease of €159.9 million in other accounts receivable.
Regarding liabilities, the period saw notable increases in long-term debt securities (€254.8 million) and other accounts payable (€237.8 million), while short-term debt securities decreased by €163.9 million.
By the end of September 2024, general government debt stood at €10,035.0 million, equivalent to 45.3% of GDP, reflecting an increase of €615.4 million compared to Q3 2023. Currency and deposits amounted to €433.4 million, with long-term debt securities increasing by €591.4 million and short-term debt securities decreasing by €48.2 million. Additionally, long-term loans increased by €94.7 million, while local government debt stood at €1.9 million.
General government-guaranteed debt totaled €1,017.7 million, representing 4.6% of GDP by the end of September 2024, showing a decrease of €171.4 million from Q3 2023.
