Regular budget spending, including a Public Investments Program, were down 973 million euros compared with a targets for spending of 23.292 billion euros in the four-month period, while total revenues lacked 1.284 billion euros from an official target of 16.368 billion euros.
The Finance ministry, in an announcement, said the budget deficit was moving within targets set in the budget. Net revenues totaled 14.460 billion euros, down 9.2 pct compared with the same period last year, reflecting a higher-than-expected recession in the fourth quarter of 2010 and reduced revenues from income withholding taxes. On the other hand, the Public Investments Program's revenues were up by 108.6 pct, or 325 million euros.
Budget spending rose 3.4 pct, while primary spending fell 0.9 pct in the four-month period. Spending by a Public Investment Program fell 42.5 pct.