Greek state budget recorded primary surplus of 5.017 billion euros in 2019

Greek state budget recorded a primary surplus of 5.017 billion euros in 2019, from a budget target for a surplus of 4.4 billion, the Finance Ministry said in a report on Monday. The report on budget execution in an amended cash basis showed a deficit of 168 million euros in 2019, down from a budget target for a shortfall of 839 million.

More analytically, net revenue was 55.097 billion euros last year, up 72 million from budget targets, while regular budget revenue was 60.141 billion, up 84 million from targets. Revenue exceeded targets in special tax on tobacco products (0.9 pct), capital transaction tax (2.6 pct), other tax on services (4.8 pct), corporate tax (1.2 pct) and spending return (67.9 pct). Revenue fell short of targets in VAT on oil products (0.6 pct), special consumption tax on energy products (0.3 pct), property taxes (0.4 pct), income tax (0.5 pct), capital taxes (7.2 pct) and transfer taxes (7.4 pct). Taxes on sale of goods and services were down 2.7 pct from targets while taxes from sale of fixed property assets dropped 60.3 pct from targets.

Tax returns totaled 5.044 billion euros, up 12 million from targets. Public Investment Programme revenue was 2.857 billion euros, down 691 million from targets.

Budget spending totaled 55.265 billion euros in 2019, down 599 million from targets, reflecting a lower-than-projected execution of the Public Investment Programme (-508 million euros). Budget spending were 1.107 billion euros down compared with the same period in 2018.

In December, budget revenue was 6.668 billion euros, down 309 million from monthly targets. Regular budget revenue was 7.442 billion euros, down 263 million from targets. Public Power Corporation was 933 million euros, down 913 million from monthly targets. Budget spending was 8.758 billion euros, up 1.285 billion from targets.