Primary state budget surplus of 3.566 billion euros in the January-November period

The Greek government on Tuesday announced a primary budget surplus of 3.566 billion euros in the January-November period, up from a primary surplus of 2.778 billion euros in the same period in 2013 and a 2015 budget target for a primary surplus of 2.875 billion euros.

A Finance ministry report said that the state budget recorded a cash deficit of 1.827 billion euros in the 11-month period, from a deficit of 3.155 billion euros in 2013 and 2015 budget target for a deficit of 2.533 billion euros.

Net budget revenues totaled 45.928 billion euros in the January-November period, down 2.4 pct from a 2015 budget target, while regular budget net revenues totaled 41.774 billion euros, down 2.2 pct from 2015 budget targets. Tax revenue totaled 39.552 billion euros in the 11-month period, down 1.7 pct from budget targets, with property tax revenues surpassing targets by 0.1 pct, capital transfer tax revenues surpassing targets by 7.7 pct, income tax revenues higher by 2.7 pct, VAT on oil products revenues surpassing targets by 4.9 pct and special energy consumption tax revenues surpassing targets by 1.5 pct.

Tax returns totaled 3.074 billion euros, up 205 million euros from a 2015 budget target. Public Investment Program revenues totaled 4.154 billion euros, down 203 million euros from 2015 budget targets.

State budget spending totaled 47.755 billion euros in the January-November period, down 1.828 billion euros from 2015 budget targets, with regular budget spending at 43.207 billion euros (down 1.327 billion euros from targets) reflecting a cut in primary spending by 1.121 billion euros and a reduction in defense spending by 155 million euros. Regular budget spending were down 7.0 pct compared with the same period in 2013.

Public Investment Program spending totaled 4.547 billion euros in the 11-month period, down 500 million euros from budget targets but up 598 million euros from the same period in 2013.