Madeira's Regional Government has demonstrated commendable financial prowess, culminating in a surplus balance of 103.4 million euros as of October 2023. This remarkable turnaround stands in stark contrast to the deficit of 8.0 million euros recorded in October 2022.
Primary Balance Reaches 194.3 Million Euros
The positive financial trajectory is further underscored by the robust primary balance, which reached 194.3 million euros. This achievement stems from effective expenditure of 1,233.9 million euros and primary expenditure of 1,143.0 million euros.
Effective Revenue Increases by 14.7%
Effective revenue for October 2023 witnessed a growth of 14.7%. Tax revenue played a pivotal role in this surge, expanding by 20.8%. However, a 0.7% decrease in non-tax revenue, primarily due to reduced revenues from Capital Transfers, partially offset these gains.
Regional Government Expenditure Shows Controlled Growth
Regional Government expenditure exhibited measured growth of 2.8% compared to 2022. Notable increases were observed in Current Transfers, staff expenditure, and Interest and other charges.
Social Sector Receives Substantial Funding
Over half of the spending went to the social sector, showing the government's dedication to citizens' well-being. The Health and Education sector got a substantial chunk, accounting for 55.2% of the total, which equals 629.9 million euros.
Accumulated Liabilities Total 186.2 Million Euros
The accumulated liabilities of the Regional Public Administration at the end of October 2023 totaled 186.2 million euros. Of this amount, 41.7% were attributed to the obligations of the Regional Government.
These financial developments paint a promising picture for Madeira's economic future. The Regional Government's prudent fiscal management and commitment to social investment bode well for the region's continued growth and prosperity.
See: Rtp.pt
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