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Deep recession 10.5% this year (versus an initial estimate of 8.2%) and the economic recovery versus 4.8% (compared to an initial estimate of 7.5%) anticipates the final text of the state budget for 2021 that presented to parliament.
The costs of dealing with it pandemic, in 2021 it will reach 5,500 million euros, of which 2,500 million will go to planned disbursements and the other 3,000 million euros will go to a “safe piggy bank”. The total amount of measures to address the economic consequences of the pandemic is expected to reach 31.4 billion euros, of which 23.9 billion euros correspond to the year 2020 and 7.5 billion euros to the year 2021.
In 2021 the primary deficit it is estimated at 3.9% of GDP or 6,670 million euros from 7.2% this year or 11,760 million euros. General government debt is expected to fall below 200% of GDP next year to 199.6%, having previously shot to 208.9% of GDP.
The budget foresees an increase in unemployment this year, to 18.9% from 17.3% in 2019, and a decrease of one percentage point to 17.9% of the workforce in 2021. Imports and exports are expected to recover dynamically next year with changes 16.4% and 22.5% respectively after diving 17.4% and 30.3% in 2020.
Your total costs State budget for the year 2021 are projected at € 67,184 million, € 2,148 million less than their estimated level for 2020. This reduction is essentially due to a cut of € 5,756 million in pandemic spending due to the anticipated recession as well as the lump sum payment of 1,400 million euros for the retroactive payments of pensioners that took place in 2020. The expenses related to the treatment of the pandemic in 2021 are of the order of 2,500 million euros and are included in the account “.transfers». In addition, 3,000 million euros are included in the account “credits on assignmentAnd it will be disbursed if necessary.
It also anticipates a significant increase in revenue, primarily due to projected economic growth and job growth. Specifically, it is expected that the fiscal income of the State Budget will amount to 47,836 million euros, increased by 3,571 million euros compared to 2020 (+ 8.1%). This increase is mainly due to the increase in income from VAT (+2,465 million euros), special taxes (+139 million euros), personal income taxes (+163 million euros) and legal persons (+ 830 million euros).
The progressive amortization of part of the tax and insurance liabilities suspended in 2020 will provide income of 224 million euros. Likewise, an increase of 709 million euros (+ 3.5%) is projected in OKA’s income from insurance contributions, due to an increase in job.
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