Greek state budget shows primary surplus of 5.755 billion euros in Jan-Oct

Greek state budget showed a primary surplus of 5.755 billion euros in the January-October period, significantly exceeding a budget target for a surplus of 2.314 billion euros and a primary surplus of 3.811 billion in the same period last year, the Finance ministry said in a report on Monday. The report said that the state budget balance was positive by 921 million euros in the 10-month period from a budget target for a deficit of 2.896 billion and a shortfall of 460 million in the same period last year.

The state budget net revenue was 43.383 billion euros in the 10-month period, up 4.0 pct from budget targets. This development was attributed to the collection of 1.119 billion euros from an agreement to expand a concession contract for the Athens International Airport (initially expected to be collected in 2018) and collection of 644 million euros from ANFAs.

State budget revenue was 47.317 billion euros, up 4.5 pct from budget targets. Tax returns totaled 3.934 billion euros, up 358 million from targets, while Public Investment Programme revenue was 1.585 billion euros, down 856 million from targets.

State budget spending totaled 42.462 billion euros in the 10-month period, down 2.152 billion from targets, reflecting a lower-than-expected execution of the Public Investment Programme, lower capital spending by 336 million euros and lower defense spending.

However, state budget spending exceeded last year’s levels by 938 million euros in the January-October period, reflecting higher social subsidies, higher capital spending and higher spending in the Public Investment Programme.

In October, state budget net revenue was 4.858 billion euros, up 71 million from monthly targets, while regular budget revenue was 5.275 billion, up 85 million from targets. Public Investment Programme revenue fell short of targets by 63 million euros, while tax returns totaled 417 million euros, up 14 million from monthly targets. Budget spending was 3.818 billion euros, down 429 million from targets.