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Taxes responsible for "more than half" of the increase in public revenue
Direct and indirect taxes accounted for more than half of the increase in public revenue in 2023, with social contributions accounting for almost a third of that variation, according to a report by the Public Finance Council (CFP) published today.
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Economia CFP
According to the "Budget Evolution of Public Administrations in 2023" report by the CFP, "in absolute terms, the 9% growth in public revenue was decisive for improving the budget balance, whose performance was above that predicted in the budget programming documents", with direct and indirect taxes accounting "for more than half" of this increase.
Noting that the growth in the nominal Gross Domestic Product (GDP) above that predicted in the State Budget Proposal for 2023 (POE2023) "contributed to this result", the Council details that the taxation on the additional GDP not predicted by the Ministry of Finance amounted to 45.5% in 2022 and to 43.2% in 2023.
Thus, and "despite the strong percentage growth in public revenue" (9%), its ratio in GDP registered a reduction to 43.5% of GDP (-0.2 percentage points), as a result of a greater variation in the nominal product (9.6%) compared to that of revenue.
As for the tax burden, after three consecutive years of increase, it registered a reduction of 0.2 percentage points, to 35.6% of GDP.
As for public spending, its weight as a percentage of GDP decreased by 1.8 percentage points in 2023, to 42.3%, benefiting from a growth rate in the nominal GDP (9.6%) that was almost double that of public spending (5.2%).
Despite the lower impact of measures to mitigate the geopolitical shock and inflation and the dissipation of the covid-19 measures, public spending registered an increase of 5,554 million euros compared to 2022, even though its execution was below that predicted in the POE2023.
The body led by Nazaré da Costa Cabral notes that, last year, interest expenses "exceeded those predicted in the POE2023 and grew both in absolute terms and as a percentage of GDP, interrupting the downward trend registered since 2015".
Along the same lines, capital expenditure increased compared to 2022, "mainly due to the GFCF [Gross Fixed Capital Formation] financed by community funds other than the RRP [Recovery and Resilience Plan]".
Even so, this item registered an execution that was 1,875 million euros lower than that predicted in the POE2023, "essentially due to the low degree of execution of investments" under the RRP.
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