Spain Government Madrid, Spain

The Spanish government deficit has reached 18,181 million euros in the first five months of the year, representing 1.79% of GDP. The figure is 5.7% below the same period last year.

From January to May 2010, revenues grew by 15.6% and expenditure increased by 9% in terms of national accounts.

In cash terms (counting the actual costs), revenue rose 2.4% and expenditure by 14.5%.

As for taxes, personal income tax revenues rose by 3.6% and VAT increased by 21.9%. This last figure reflects the advancement of purchases that have occurred in recent months for the upcoming VAT hike in July, a measure approved by the Government within the plan to reduce the deficit.

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