Greek budget showed primary surplus of 1.525 billion euros in Jan-May

The Greek state budget showed a primary surplus of 1.525 billion euros in the January-May period, up from a budget target for a surplus of 180 million euros, but down from a primary surplus of 1.840 billion euros in the same period last year, the Finance ministry said on Monday.

In a report on budget execution in an amended cash basis, the ministry said the state budget showed a deficit of 813 million euros in the five-month period, from a budget target for a shortfall of 2.163 billion and a deficit of 1.242 billion euros in the same period last year.

State budget net revenue amounted to 18.422 billion euros, up 4.7 pct from targets, while regular budget net revenue was 17.300 billion, up 2.2 pct from targets.

More specifically, budget revenues exceeded targets in the categories of property taxes (19.3 pct), direct taxes (6.2 pct), VAT on oil products (1.3 pct), other transaction taxes (15.9 pct), indirect taxes (37.3 pct), EU receipts (124.5 pct), other non-tax revenue (23.3 pct), NATO revenue and privatization revenue (390.5 pct).

On the other hand, budget revenue fell short of targets in the categories of special category income tax (12.9 pct), VAT on tobacco (4.9 pct), VAT on other products (0.6 pct), special consumption tax on energy products (5.1 pct), other special consumption taxes (2.4 pct) and other consumption taxes (9.7 pct).

Tax returns totaled 1.909 billion euros in the five-month period, up 561 million from targets. Public Investment Programme revenue was 1.122 billion euros, up 462 million from targets.

State budget spending totaled 19.235 billion euros in the January-May period, down 516 million from targets, while regular budget spending was 18.442 billion euros, up 1.0 million from targets but down 689 million euros compared with the same period in 2017. Public Investment Programme spending was 794 million euros, down 516 million from targets.

In May, state budget net revenue was 2.954 billion euros, down 323 million from monthly targets, while regular budget net revenue was 2.924 billion, down 269 million from targets. Public Investment Programme revenue was 30 million euros, down 54 million from monthly targets.

State budget spending was 3.913 billion euros, up 235 million from monthly targets, while regular budget spending was 3.623 billion euros, up 195 million from targets. Public Investment Programme spending was 290 million euros, up 40 million from targets.