Greek budget showed primary surplus of 1.941 billion euros in 2017

The Greek state budget showed a primary surplus of 1.941 billion euros in 2017, up from a budget target for a surplus of 877 million euros, but down from a primary surplus of 2.778 billion euros in 2016, official figures said on Wednesday.

The general government’s deficit was 4.267 billion euros in 2017 from a deficit of 2.810 billion in 2016 and a budget target for a shortfall of 5.123 billion. More specifically, regular budget net revenue was 48.973 billion euros in 2017, up 259 million or 0.5 pct from budget targets. Budget revenues surpassed targets in the categories of income tax (0.5 pct), corporate tax (1.1 pct), property taxes (1.7 pct), VAT on oil products (1.1 pct), other transaction taxes (3.5 pct), other consumption taxes (4.4 pct), indirect taxes (4.7 pct), other non-tax revenue (0.9 pct). On the other hand, tax revenue fell short of targets in the categories of: VAT on tobacco (3.1 pct), special consumption tax on energy products (0.3 pct), other special consumption taxes (2.0 pct), car registration duties (1.5 pct), EU receipts (23.9 pct), NATO revenue (28.9 pct) and privatization proceeds (16 pct).

Tax returns totaled 5.360 billion euros in 2017, down 217 million from targets. Public Investment Programme revenue was 2.449 billion euros, down 978 million from targets.

State budget spending totaled 55.690 billion euros in 2017, down 1.575 billion from targets. Regular budget spending amounted to 49.740 billion euros, down 775 million from targets and down 943 million from 2016. Public Investment Programme spending was 5.950 billion euros in 2017, down 800 million from targets.

In December, state budget net revenue was 6.292 billion euros, down 561 million from monthly targets, while regular budget net revenue amounted to 5.225 billion, down 247 million from targets.

Tax returns totaled 518 million euros, down 170 million from monthly targets. Public Investment Programme revenue totaled 1.067 billion euros, down 314 million from monthly targets. State budget spending was 9.785 billion euros in December, up 156 million from monthly targets, while regular budget spending amounted to 6.893 billion euros, down 138 million from targets. Public Investment Programme spending was 2.892 billion euros, up 18 million from targets.