Spain EUR 522m in the black

31 August 2004

MADRID – Spain had a surplus of EUR 522 million for the first seven months of this year, according to figures released Tuesday.
 
The figure represents 0.07 percent of the country’s GNP.
 
But the figures do not compare favourably with the first seven months of last year, when Spain was EUR 2.3 billion in the black.

The Treasury and Housing Ministry said the decrease in the state surplus was due to income tax and VAT rebates being paid back and a change in the calendar for paying these tax rebates.

This means that between January and July, the state showed a deficit of EUR 4 billion in terms of cashflow – 23 percent less than the same period last year.

[Copyright EFE with Expatica]

Subject: Spanish news