Greek state budget showed primary surplus of 635 million euros in H1

Greek state budget recorded a primary surplus of 635 million euros in the first half of 2018, from a budget target for a primary deficit of 465 million euros and a primary surplus of 1.936 billion euros in the same period last year, the Finance ministry said on Tuesday.

More specifically, in the January-June period, the state budget (general government) recorded a deficit of 2.299 billion euros, from a budget target for a shortfall of 3.249 billion euros and a deficit of 1.596 billion euros in the corresponding period in 2017.

Net revenue amounted to 21.978 billion euros, up 150 million euros or 0.7 pct from targets, while regular budget net revenue rose 0.5 pct from targets to 20.731 billion euros.

The following revenue categories exceeded budget targets in the first half: special categories income tax (+8.2 pct), property taxes (+3.3 pct), direct taxes (2.3 pct), VAT on oil products (5.1 pct), other VAT (+1.0 pct), other special consumption taxes (2.1 pct), indirect taxes (12.8 pct), EU receipts (33.2 pct). On the other hand, the following categories fell short of targets: income tax (-6.1 pct), corporate tax (-60.2 pct), other indirect taxes (-3.7 pct), special consumption tax on energy products (-1.3 pct)..

Tax returns totaled 2.229 billion euros, up 76 million from targets, while Public Investment Programmed revenues was 1.248 billion euros, up 44 million from targets.

State budget spending totaled 24.278 billion euros in the January-June period, down 800 million from targets, while regular budget spending was 23.321 billion euros, down 122 million from targets. State budget spending was up 507 million euros compared with the same period last year, while Public Investment Programmed spending was 956 million euros, down 679 million from targets.

In June, state budget net revenue was 3.556 billion euros, up 320 million from monthly targets, while regular budget revenue was 3.431 billion, up 278 million from targets. Tax returns amounted to 320 million euros, down 161 million from monthly targets and Public Investment Programmed revenue was 126 million euros, up 42 million from targets.

State budget spending was 5.042 billion euros in June, down 138 million from monthly targets, while regular budget spending rose 24 million from targets to 4.880 billion euros. Public Investment Programmed spending totaled 163 million euros, down 162 million from monthly targets.