The budget lacked 211 million euros in three months.

The state budget in the first three months of this year was short by 211 million euros, and this shortfall was covered by spending deposits in the amount of 189 million euros, which was secured from last year's borrowing, as well as 18 million euros of new borrowing and four million carried over from the previous year.

This is shown by the report on the implementation of the state budget for the first quarter (January - March) of this year. Budget expenditures amounted to 760 million euros, which is 70 million less than planned. If all planned expenditures had been paid, the budget deficit would have been 280 million euros.

In the same period last year, the budget was short by 148 million euros, meaning the current deficit is 63 million euros higher. The majority of this difference is due to the fact that in the first quarter of this year, interest costs of 71,8 million euros were paid on previously taken loans, while in the same period last year, this cost was 31,6 million euros.

The state budget revenues for these three months amounted to 635,4 million euros, which is 55 million more than last year, while current expenditures now amount to 749,4 million euros, which is 113,7 million more than last year. The basic deficit (the difference between revenues and current expenditures) amounted to 124 million, while in the same period last year it was 65,2 million euros.

In this quarter, the state also repaid 69,8 million in old debts, spent 14,8 million on the purchase of securities (recapitalization of the Igalo Institute) and provided loans of 2,6 million. So the total budget shortfall (deficit and other expenses) was 211 million.

Almost half of the state's total revenue comes from value added tax (VAT) - 302 million euros, which is 20 million or 7,2 percent more than in the same period last year.

The state treasury received 87,5 million euros from corporate income tax, which is 9,3 million more than last year. This tax is mostly paid in March and April after companies submit their financial reports for the previous year.

In second place in terms of revenue are excise taxes, from which 83,2 million were obtained in three months, or 11,7 million more. In the last eight days of March, a reduction of excise taxes of 50 percent on diesel and 25 percent on gasoline was in effect. In March itself, 30,2 million euros were collected from excise taxes, or 7,8 million more than in the same month last year and 6,7 million more than the plan for March this year. This indicates that the reduction in excise taxes on fuel did not affect the decline in revenue on this basis, or that there was an increase in the turnover of excise products.

Total expenditures for these three months were planned at 829,8 million euros, while they were realized at 759,4 million euros, meaning that a "savings" of 70,4 million euros was made.

Most items were not paid in the planned amount, so 55,3 million were paid for capital expenditures instead of the planned 90, 106 million for transfers to the public sector instead of 120 million, 14,7 million for services instead of 24,8 million, 4,2 million for current maintenance instead of 13,4 million,... half a million was paid from the budget reserve instead of the planned 21,5 million euros.

There were also formal savings in the social protection item, as instead of the planned 64,4 million, 59,4 million were paid, as well as in pension and disability insurance, where 204,9 million were paid in three months, while the plan was two million higher.

Pension payments 40 percent covered by contributions

80,9 million euros were collected from pension and disability insurance contributions for these three months, while 204,9 million euros were needed for pension payments for the same period, after a symbolic January increase of 0,38 percent.

This means that the Pension and Disability Insurance Fund's deficit for the quarter was 124 million euros. As the state is the guarantor of pension payments, the money for these needs is provided from other state revenues.

According to this data, 40 percent of the money needed to pay pensions is provided from contributions, and the remaining 60 percent from other state revenues.

The most sensitive part of the state budget, after the "Europe Now 2" tax reform at the end of 2024, is the stability of the financing of the pension system. At that time, pension insurance contributions were halved in order to mathematically increase the net income of employees.