Tax revenues experienced a growth of 16.3% compared to February 2018, which meant a collection of ¢758,926 million (2.03% of GDP).
On the other hand, total expenses showed a variation of 14.9%, which caused expenses to reach ¢1,184,784 million (3.16% of GDP). The aforementioned resulted in a financial deficit of ¢387,022 million (1.03% of GDP).
Revenues as of February 2019 increased 0.16% of GDP over the same period. This is mainly explained by the positive behavior of the income and profit tax (56.1%) and the general sales tax (4.7%). In the first, the tax amnesty established in the Law to Strengthen Public Finances had a particular influence.
According to the Treasury, the current expenditure without interest, remains controlled. The majority of items, as a percentage of GDP, show a level similar to that observed in February 2018. Remuneration, interest and capital expenditure are the items that show significant changes.
The cost containment measures implemented at the end of June 2018 and the enactment of the Law on the Strengthening of Public Finances contributed to the fact that salaries experienced a fall of 0.05% of GDP. On the contrary, the interests of the debt reached ¢ 122,471 million (0.33% of GDP), 40.5% more than February 2018.
Capital spending shows a significant dynamic with an increase of 0.18% percentage points of GDP between February 2018 and 2019.