The Social Security system's budget execution posts a positive balance of 2.71 billion euros, 0.24% of GDP

For the first time the contributions growth rate, over 4% a year, is higher than the average enrolment rate, up by 3.4% in March.

This positive balance of 2.71 billion euros is the difference between recognised revenue from non-financial transactions amounting to 32.77 billion euros and recognised expenditure totalling 30.06 billion euros.

91.51% of the total amount of recognised revenue corresponds to administrative entities and common services of the Social Security system while the remaining 8.49% corresponds to mutual insurance companies collaborating with the Social Security authorities. 95.34% of the expenses were recognised by the administrative entities and 4.66% by mutual insurance companies.

Revenues

In terms of recognised revenue, receipts from social contributions amount to 26.70 billion euros, 3.96 percentage points up on 2016. In the same period of the previous year the increase was 1.94%. This was the result of a 4.58% increase in contributions from people in employment, while the contribution from the unemployed fell by 4.90%.

In terms of cash resources - which is the reference figure used to monitor cash inflows and outflows - the year-on-year growth rate for social contributions stands at 4.24%, compared to a cumulative 2.72% to February 2016. Specifically, general regime contributions grew by 5.08% versus 3.62% the previous year.

Current transfers totalled 5.52 billion euros, 8.81% less than the cumulative figure for the same period 2016.

Revenue from assets totalled 184.05 million euros, a 53.27% year-on-year decrease, while taxed and other revenue amount to 357.33 million euros, a year-on-year drop of 2.25%.

Expenditure

Economic benefits paid to families and institutions total 28.60 billion euros, accounting 95.14% of total expenditure.

Breaking down the various contributory benefits, pensions (permanent disability, retirement, widowhood, orphanhood, and family members) amounted to 24.65 billion euros, 3.49% higher than in the previous year.

The figure for maternity, paternity, and pregnancy risk benefits grew to 537.60 million euros, a year-on-year increase of 4.52%. Expenditure on temporary incapacity amounted to 770.86 million euros, 8.12% higher than in the same period 2016.

As at March 31, non-contributory pensions and benefits, including minimum contributory pension supplements, amounted to 2.55 billion euros, 0.51% less than in the previous year. Of that figure, 2.03 billion euros were used to pay non-contributory and minimum pensions and 520.98 million euros were paid out for subsidies and other benefits, of which 502.28 million euros corresponds to family benefits.