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The CFP report describes the fiscal developments in the General Government sector until the end of the 1st quarter 2015. In the first quarter of 2015, general government recorded a primary deficit of 0.7% of GDP and a headline deficit of 5.8% of quarterly GDP. In both cases that accounts for an improvement of 0.1 p.p. of GDP in year-on-year terms, but it falls short of the forecast for the year as a whole. In effect the deficit recorded in the first quarter stands 3.1 p.p. above the objective laid down by the MF for 2015 (2.7% of GDP).


This fact should constitute a warning, although it does not necessarily indicate the expected performance over the entire year, since subsequent developments in some of the more influential budget aggregates, such as tax revenue, cannot be directly extrapolated from their behaviour in the first three months of the year.

Budget Outturn . Report nº 6/2015 . 09 July 2015