2022 Edition 49 More information is available at: Excessive Deficit Procedure – 2nd Notification 2022 23 September 2022 Excessive Deficit Procedure – 2nd Notification 2022 In 2021, in General Government (GG): • The net borrowing amounted to €6,215.5 million, corresponding to -2.9% of GDP (-5.8% in 2020); • Gross debt decreased to 125.5% of GDP (134.9% in 2020); • The significant improvement in the balance in public accounts resulted from a revenue growth (10.6%) higher than the growth of expenditure (3.8%); The increase in revenue was mainly due to an increase in the revenue of taxes and social contributions, reflecting a partial recovery of the economic activity and the labour market after the pandemic situation of 2020; • The direct budgetary impact of public policy measures in the context of the COVID-19 pandemicwas still significant, amounting to around -2.7% of GDP (-2.4% in 2020). Unit: Millions of Euros Public to national accounts adjustments 2020 2021 Balance in public accounts -11,815.9 -8,867.9 Accrual adjustment and sector delimitation in National Accounts 2,688,2 3,819.0 Difference between paid and due interest 1,070.8 1,013.4 Other receivables -737.6 287.8 Temporal adjustment to taxes and social contributions -561.1 788.6 Other -176.5 -500.9 Other payables: 67.7 82.5 Expenditure already incurred but not yet paid -1.6 44.1 Other 69.3 38.5 Other adjustments: -2,942.1 -2,550.2 Capital injections and debt assumptions -2,134.9 -3,685.0 Other -807.2 1,134.8 Balance in national accounts -11,669.0 -6,215.5
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