First quarter refers to pre-election period
The General Government sector recorded a deficit of 0.2% of Gross Domestic Product (GDP) in the first quarter of 2024, National Statistics Institute INE announced this morning
“Considering quarterly figures and not the year ending in the quarter, the GG [General Government] balance in the first quarter of 2024 totalled -118.9 million euros, corresponding to -0.2% of GDP, which compares with 1.1% in the same period of the previous year,” according to INE’s “Quarterly National Accounts by Institutional Sector”.
Compared to the same period last year, there was an increase of 7.3% in revenue and 11.0% in expenditure.
The first quarter refers to the country’s ‘pre-election period’: PS Socialists were still in power, and spending quite liberally in the weeks up to, and even beyond, the March 10 elections.
Source: LUSA
