Greek state budget recorded primary deficit of 9.065 billion euros in Jan-Oct

Greek state budget recorded a primary deficit of 9.065 billion euros in the January-October period, slightly down from a revised target for a deficit of 9.696 billion euros and after a primary surplus of 5.739 billion euros in the corresponding period in 2019, the Finance ministry said on Wednesday.

The general government balance showed a deficit of 13.451 billion euros in the 10-month period from a budget target for a deficit of 14.125 billion.

More specifically, net revenue was 38.411 billion euros, up 0.1 pct from budget targets. Regular budget revenue was 42.991 billion euros in the 10-month period, up 0.1 pct. Budget revenue exceeded targets in the categories of: VAT on products and services (0.1 pct), special consumption tax on energy products (0.4 pct), regular tax on property (1.7 pct), corporate income tax (1.9 pct), transfers (0.7 pct), sales of goods and services (5.6 pct) and other revenue (0.8 pct). Revenue fell short of targets in the categories of: VAT on oil products (2.7 pct), income tax (0.4 pct), other current taxes (3.3 pct).

Tax returns totaled 4.581 billion euros, in line with budget targets, while Public Investment Programme revenue was 4.437 billion euros, also in line with targets.

Budget spending totaled 51.862 billion euros in the January-October period, down 621 million from targets but up 9.4 billion euros compared with the same period last year.

In October, budget revenue was 4.906 billion euros, up 54 million from revised monthly targets, while regular budget revenue was 5.4 billion euros, up 54 million. Tax returns totaled 494 million euros, in line with targets as Public Investment Programme spending (606 million euros).