Greek budget showed primary surplus of 2.366 bln euros in Jan-March

The Greek state budget recorded a primary surplus of 2.366 billion euros in the January-March period, up from a budget target for a surplus of 1.096 billion euros and a primary surplus of 1.070 billion in the same period last year, the Finance ministry said on Tuesday.

The report, on budget execution on an amended cash basis, sowed that the state budget (general government) showed a surplus of 454 million euros in the three-month period, from a budget target for a deficit of 816 million and a shortfall of 1.364 billion euros in the same period last year.

Net revenue amounted to 12.158 billion euros, up 8.3 pct from budget targets, while regular budget net revenue was 11.098 billion euros, up 3.8 pct from targets. Budget revenue exceeded targets in the January-March period in the categories of: income tax (2.3 pct), property taxes (18 pct), direct taxes (8.4 pct), indirect taxes (34 pct), EU receipts (159.3 pct), other non-tax revenue (30.2 pct) and NATO revenue (34 pct). On the other hand, budget revenue fell short of targets in the categories: special category income tax (19.1 pct), VAT on oil products (2.8 pct), others VAT (1.1 pct), special consumption tax on energy products (7.1 pct), other special consumption taxes (3.0 pct) and other consumption taxes (28.5 pct). Tax returns totaled 1.079 billion euros in the three-month period, up 227 million from budget targets. Public Investment Programme’s revenue was 1.060 billion euros, up 529 million from targets.

State budget spending amounted to 11.704 billion euros in the January-March period, down 335 million from targets. Regular budget spending was 11.357 billion euros, down 2.0 million from targets. State budget spending was down 1.077 billion euros compared with the same period last year. Public Investment Programme’s spending was 348 million euros, down 332 million from targets.

State budget revenue was 3.184 billion euros in March, down 198 million from monthly targets, while regular budget revenue was 2.799 billion euros, down 268 million euros. Public Investment Programme’s revenue was 385 million euros in March, up 71 million euros from monthly targets.

State budget spending was 4.271 billion euros in March, down 24 million from monthly targets, while regular budget revenue was 4.111 billion euros, up 110 million euros from targets. Public Investment Programme’s spending was 161 million euros in March, down 134 million from targets.