General Government Finance in 2014

In 2014 the gross expenses (including current and capital expenses) of the general government (both central and local) amounted to $4,285.8 million, which marked an increase of 9.1% from 2013. Of this, $4,106.1 million were current expenses (up by 8.5% from 2013), and $179.9 million were capital expenses (up by 25.1% from 2013). The central government expenses equaled $3,860.1 million, an increase of 9.6% from the previous year. Once again, more than half (58.2%) was spent on compensation for employees, 19.4% on social benefits, 14.4% on the use of goods and services, 1.8% on interest, 1.8% on other expenses, 0.7% on grants, and 3.7% on capital expenses. The local government’s expenses amounted to $425.6 million, which was 4.5% more than in 2013.

Meanwhile, the general government’s revenues last year were $4,447.6 million, or 9.8% more than in 2013. As much as 90.7% came from the central government, while the remaining 9.3% came from the local government. The main source of revenues for the central government was tax revenues (64.5% of the total), followed by grants and aids (30.5%) and others (5.0%).

The surplus in the operating balance (the difference between total revenues and current expenses) reached $341.5 million, up by 28.6% from 2013. The surplus in the lending and borrowing (the difference between the net operating balance and the net acquisition of non-financial assets) was $161.8 million in 2014, or 32.7% higher than in 2013. Finally, there was an increase in the acquisition of financial assets of $582.4 million, and the total accumulation of liabilities was $410.0 million.

For more information: