Excluding interest expenditure, which amounted to EUR 1.06bn, the budget had a surplus of EUR 346m.

Budget revenue totalled EUR 8.31bn, over four percent less than budgeted. The difference is attributed to the slower pace of EU funds drawing during the transition to the new financing period.

Realised expenditure meanwhile totalled EUR 9bn, 15% less than budgeted, again mostly due to lower-than-planned outlays for investment spending associated with the slower drawing of EU funds.

Overall, transfers from the EU budget amounted to EUR 477.5m, just over half of last year's total.

Taxes were the main source of revenue and rose 2.7% over 2015 to EUR 7.2bn, rising marginally across the board. Non-tax revenue remained almost flat at EUR 570m.

On the expenditure side, the savings were generated mostly in investment spending, which at EUR 528m was at less than half the level of 2015. On the other hand, outlays on wages rose by about 5% to EUR 959m.