Greek state budget showed primary deficit of 7.008 billion euros in Jan-Sept

The Greek state budget recorded a primary deficit of 7.008 billion euros in the January-September period, from a budget target for a primary surplus of 2.568 billion euros, reflecting the significant impact of the pandemic.

“September revenues were significantly down because of measures to suspend tax payments because of the pandemic,” Alternate Finance Minister Theodore Skylakakis said, presenting the report on budget execution.

More specifically, tax revenues totaled 3.942 billion euros in September, down 1.904 billion euros compared with pre-pandemic targets, of which 1.6 billion were the value of suspended tax payments. “Based on these suspensions, revenue course is compatible with revised provisions of the 2020 budget,” Skylakakis noted.

In the January-September period, the state budget recorded a deficit of 11.265 billion euros, sharply down from a target shortfall of 1.544 billion. Net revenue was 33.501 billion euros, down 12.3 pct from targets. Regular budget revenue was 37.587 billion euros, down 9.6 pct from targets. Tax revenue was 31.032 billion euros, down 14.9 pct from targets, tax returns totaled 4.086 billion euros (up 711 million from targets) and Public Investment Programme revenue was 3.831 billion euros, up 1.158 billion from targets.

Budget spending in the nine-month period totaled 44.766 billion euros, up 5.002 billion from targets and up by 6.122 billion compared with the same period last year. Public Investment Programme spending rose by 4.018 billion euros in the January-September period.

In September, net revenue was 3.346 billion euros, down 2.419 billion compared with monthly targets. Regular budget revenue was 4.100 billion euros, down 2.213 billion from monthly targets. Tax revenue was 3.942 billion euros, down 1.904 billion from targets, tax returns totaled 755 million euros, up 206 million from targets, while Public Investment Programme revenue was 23 million euros, down 137 million from monthly targets. Budget spending totaled 5.035 billion euros in September, up 617 million from targets.