Greek state budget records primary surplus of 4.437 bln euros in 2016

The Greek state budget recorded a primary surplus of 4.437 billion euros in 2016, up from a primary surplus of 2.270 billion in 2015 and a budget target for a surplus of 1.983 billion euros, the finance ministry said on Tuesday.

Regular budget net revenue surpassed targets by 1.884 billion euros, reflecting an overshooting of budget execution. The general government balance showed a deficit of 1.140 billion euros in 2016, from a deficit of 3.530 billion in 2015 and a budget target for a shortfall of 3.617 billion.

State budget net revenue amounted to 54.038 billion euros in 2016, up 3.2 pct from budget targets, while regular budget net revenue was 49.860 billion euros, up 3.9 pct from budget targets.

Income tax revenue surpassed targets by 2.0 pct in the January-December period, corporate tax revenue was up 14.1 pct from targets, property tax revenue was up 2.0 pct, VAT on fuel was up 3.5 pct, VAT on tobacco surpassed targets by 10.4 pct, other special consumption tax revenue was up 7.9 pct, indirect tax revenue was up 5.0 pct and other non-tax revenue was up 3.6 pct. On the other hand, special consumption tax on energy products fell short of targets by 0.8 pct, other consumption tax revenue was down 9.8 pct and privatisation revenue was down 14.1 pct from targets.

Revenue returns totaled 3.263 billion euros in 2016, down 24 million from targets. Public Investment Programme revenue amounted to 4.1788 billion euros, down 198 million from targets.

State budget spending totaled 55.179 billion euros in 2016, down 791 million from targets, while regular budget spending amounted to 48.891 billion euros, down 329 million from targets. Regular budget spending was up 346 million from 2015, while Public Investment Programme spending was 6.288 billion euros, down 462 million from targets.

In December, state budget revenue was 6.097 billion euros, up 185 million from budget targets, while regular budget revenue was 5.208 billion euros, up 437 million from targets. State budget spending was 9.260 billion euros in December, up 1.582