According to the DGO's summary of budget execution to September, the state raised €29.3005 billion from January to September, an increase of 0.9% on the year.

The DGO said the increase was because of "the favourable performance of revenues from indirect taxes", which were up €1.0808 billion or 6.9% at €16.6922 billion.

It noted "the recovery in revenues from personal income tax (IRS)" in August and September this year but stressed above all the increase in revenue from indirect taxes, which it said was "essentially justified by the favourable performance at the level of the tax on petroleum and energy products (ISP) and the tax on tobacco (IT)," as well as other indirect levies.

Revenue from ISP totalled €2.4443 billion in the first nine months of 2016, up €763.3 million or 45% on the same period of last year. The increase was due, however, "above all to accounting effects"; when these are stripped out, the year-on-year increase in ISP revenue was about 20.8%, which "coincides with the objective for the whole year of 20.8%".

Meanwhile, a 14% increase in revenue from the vehicle tax (ISV), to €493 million, was "justified by the strong growth that has been seen since last year in sales of automotive vehicles", the DGO said.

It also noted the "slight reduction of €58.8 million (-0.5%) in net revenue from value-added tax (IVA), which totalled €1.1065 billion to September."

The DGO figures were released in the wake of a statement from the Ministry of Finance to the effect that the public sector budget deficit for the period was 11% smaller than in the same period of last year, as revenue outstripped spending in terms of year-on-year growth.