Greek budget primary surplus at 1.019 bln euros in January

Greek budget recorded a primary surplus of 1.019 billion euros in January, from a primary surplus of 1.003 billion in January 2016 and a budget target for a surplus of 670 million euros, official figures showed on Friday.

A report on budget execution on an amended cash basis showed that the Greek budget recorded a surplus of 839 million euros in January from a surplus of 888 million last year and a budget target for a surplus of 530 million.

State budget net revenue totaled 4.164 billion euros in January, up 4.3 pct from budget targets, while regular budget net revenue was 4.047 billion euros, up 8.9 pct from targets. This reflected increases in corporate taxes by 357.2 pct, direct taxes by 15.2 pct, VAT on oil products by 9.6 pct, VAT on tobacco by 38.9 pct, car circulation duties by 61.2 pct, other non-tax revenue by 25.2 pct, while tax revenue fell short of targets in income tax (-1.8 pct), other VAT (-6.8 pct), special consumption tax on energy products (-4.3 pct), EU funds inflows (-10.8 pct).

Revenue returns totaled 314 million euros in January, up 18 million from targets, while Public Investment Program revenue was 117 million euros, down 159 million from targets.

State budget spending totaled 3.326 billion euros in January, down 137 million from budget targets, while regular budget spending was 3.299 billion euros, down 19 million from targets, but up by 107 million euros compared with January 2016. Public Investment Program spending was 27 million euros, down 118 million from targets.