Spain’s deficit reaches 18,181 million euros

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The Spanish government deficit has reached 18,181 million euros in the first five months of the year, representing 1.79% of GDP. The figure is 5.7% below the same period last year. From January to May 2010, revenues grew by 15.6% and expenditure increased by 9% in terms of national accounts. In cash terms (counting the actual costs), revenue rose 2.4% and expenditure by 14.5%. As for taxes, personal income tax revenues rose by 3.6% and VAT increased by 21.9%. This last figure reflects the advancement of purchases that have occurred in recent months for the upcoming VAT hike in July, a measure approved by the Government within the plan to reduce the deficit. Image credits.