“Budgetary implementation in May recorded a deficit of €395 million, which represents 7.2% of that planned for the year (in 2015, this represented 18.5% of the annual deficit)”, the statement detailed before attributing the improved performance to an accumulated five month increase in revenues of 1.6% and the “stabilisation of expenditure,” up 0.1%.

The ministry statement also pointed out that the increase in expenditure was brought about by a rise in interest paid out on state debt, up €275 million due to a February 2015 bond issue, with primary state outgoing registering a reduction of €232 million.

Fiscal tax revenues rose by 2.7%, irrespective of a €229 million rise in tax rebates with other levies bringing 3.8% more into the state coffers off the back of 4.9% growth in social security related payments.

In turn, the primary balance surplus, which excludes interest on debt, closed May on €2.89 billion with the statement attributing this to wage policies and state sector employment growing at levels below those set out in the state budget.