Greek budget shows primary surplus of 2.286 bln euros in Jan-April

The Greek state budget showed a primary surplus of 2.286 billion euros in the January-April period this year, from a budget target for a primary surplus of 374 million euros and a primary surplus of 1.726 billion recorded in the same period last year, the finance ministry said in a report released on Thursday.

The report, on budget execution on an amended cash basis, said that the state budget showed a surplus of 145 million euros in the four-month period, from a budget target for a deficit of 1.763 billion and a shortfall of 1.142 billion euros in the same period in 2017.

Net revenue was 15.468 billion euros, up 8.1 pct from budget targets, while regular budget net revenue was 14.376 billion euros, up 4.7 pct from targets. Budget revenue exceeded targets in the categories of: individuals’ tax income (up 3.6 pct), property taxes (up 18.8 pct), direct taxes (up 7.5 pct), other transaction taxes (up 12.6 pct), indirect taxes (up 36.8 pct), EU receipts (up 142.8 pct), other non-tax revenue (up 27.3 pct) and NATO revenue up by 34 million euros. On the other hand, revenue fell short of targets in the categories of: special category income tax (-18.4 pct), special consumption tax on energy products (-4.0 pct), other special consumption taxes (-2.2 pct) and other consumption taxes (-8.7 pct).

Tax returns totaled 1.303 billion euros in the four-month period, up 210 million from targets. Public Investment Program revenue was 1.092 billion euros, up 516 million from targets.

State budget spending totaled 15.322 billion euros in the January-April period, down 751 million from targets, while regular budget spending amounted to 14.819 billion euros, down 195 million from targets. Budget spending was down 1.120 billion euros compared with the same period last year. Public Investment Program spending totaled 504 million euros, down 556 million from targets.

In April, state budget net revenue was 3.309 billion euros, up 222 million from monthly targets, while regular budget revenue grew by 235 million euros to 3.277 billion euros. Budget revenue exceeded targets in the categories of: individuals’ income tax, property taxes, VAT on oil products, other VAT, special consumption tax on energy products, other consumption taxes, indirect taxes and other non-tax revenue. On the other hand, budget revenue fell short of monthly targets in April in the categories of: special category income tax and tobacco VAT. Public Investment Program revenue was 32 million euros, down 13 million from targets.

Tax returns totaled 224 million euros in April, down 17 million from monthly targets. State budget spending totaled 3.618 billion euros in April, down 416 million from monthly targets, while regular budget revenue was 3.462 billion euros, down 192 million from targets. Public Investment Program spending was 156 million euros, down 224 million from monthly targets.