Primary surplus of 2.654 billion euros in state budget

The Greek government on Tuesday reported a primary surplus of 2.654 billion euros in its state budget in the January-October period this year.

The Finance ministry, in a report on final budget execution data on a revised cash basis for the January-October period, reported a state budget deficit of 2.448 billion euros, from a deficit of 2.958 billion euros in the corresponding period last year and a 2015 budget target for a deficit of 1.567 billion euros. The primary surplus totaled 2.654 billion euros, up from a primary surplus of 2.590 billion euros last year and a 2015 budget target for a primary surplus of 3.539 billion.

Net budget revenue totaled 41.319 billion euros, down 3.0 pct from a 2015 budget target. Regular budget net revenue was 37.807 billion euros in the January-October period, down 1.7 pct from targets. Tax revenue were down 1.5 pct from targets to 35.702 billion euros, reflecting an 1.4 shortfall in income taxes, a 2.5 pct decline in other direct taxes, a 4.6 pct fall in VAT on oil products, a 4.5 pct fall in a special consumption tax on oil and an 1.0 pct decline in other VAT revenue.

Tax returns totaled 2.844 billion euros in the 10-month period, up by 87 million euros from budget targets.

Public Investment Program revenues totaled 3.513 billion euros, down 612 million from budget targets.

State budget spending totaled 43,768 billion euros, down 397 million euros from budget targets, while regular budget spending were down by 372 million euros from budget targets to 39.650 billion euros and by 6.9 pct compared with the same period last year.

Public Investment Program spending totaled 4.118 billion euros in the January-October period, down 25 million euros from budget targets but up 793 million compared with the same period last year.