According to data available for the state budget for the first five months of 2010 (January - May), on a fiscal basis, the deficit amounted to 8,978 million euro against 14,655 million euro during the same period in 2009. This represents a 38.7% year-over-year decline, against a targeted 35.1% annual decline foreseen in the Stability and Growth Program (SGP), including the additional measures instituted on March 3rd, 2010.  

This fiscal consolidation of the five months of 2010 (January - May), is due both to expenditure restrictions and revenues increases. Furthermore, these data do not yet fully reflect the additional measures introduced in March and May, 2010.

In particular, net revenues of the ordinary budget increased by 8.3% year-over-year against a targeted 11.7% annual increase foreseen in the SGP, including the additional measures of March. This reflects receipts of 779 million euro from an extraordinary tax on profits of large companies in 2008, an increase in receipts from the excise tax and corresponding VAT on fuel, tobacco and alcoholic beverages, as well as a 364 million euro year-over-year reduction in tax refunds. It is estimated that the additional measures adopted in March and May 2010 will begin yielding results in the coming months, thus rendering feasible the achievement of annual targets.
 
Ordinary budget expenditures declined by 10.5% year-over-year against a targeted 4.8% annual decrease foreseen in the SGP. In particular, primary expenditures declined by 11.3% against a targeted 4.4% annual reduction and interest expenditures decreased by 7.5% against a targeted 5.1% annual increase.

The decrease of primary expenditures is mainly due to expenditure restrictions for salaries and pensions, in health and social security (lower grants to the Social Security Funds by 1,139 million euro compared to the respective period of 2009), a 939 million euro reduction in operational and other expenses, such as grants and consumption expenditures, and a 486 million euro reduction in the allocation of earmarked revenues.

Public Investment Budget (PIB) expenditures declined by 29.6% and PIB revenues decreased by 43.2%, compared to the respective period of 2009.