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Greek budget shows primary surplus of 3.544 bln euros in Jan-Aug

Featured Greek budget shows primary surplus of 3.544 bln euros in Jan-Aug

Greek state budget recorded a primary surplus of 3.544 billion euros in the January-August period, from a primary surplus of 2.117 billion in the same period last year and a budget target for a surplus of 3.573 billion, the Finance ministry said on Monday.

The ministry said that on an amended cash basis, the state budget showed a deficit of 1.271 billion euros in the eight-month period from a shortfall of 2.684 billion in 2016 and a budget target for a deficit of 1.226 billion euros.

Net revenue was 31.433 billion euros in the January-August period, down 5.3 pct from budget argets, while regular budget net revenue fell 5.5 pct from targets to 30.242 billion.

The ministry attributed this underperformance in revenue to a delay in payment of the first tranche of a special property tax in September, instead of August as originally planned.

Budget revenues exceeded targets in direct taxes (10.9 pct), VAT (3.1 pct), other transaction taxes (8.5 pct), car registration duties (23.3 pct), special consumption tax on energy products (1.0 pct), indirect taxes (21.8 pct), other non-tax revenue (3.3 pct), while revenue fell short of budget targets in tax income (8.5 pct), corporate tax (7.4 pct), special category income tax (4.0 pct), property tax (48.1 pct), other indirect taxes (8.7 pct), VAT on oil products (1.0 pct), VAT on tobacco (6.2 pct), EU receipts (8.6 pct) and privatization proceeds (26.3 pct).

Tax returns totaled 2.565 billion euros, up 469 million from targets, while Public Investment Program revenue totaled 1.190 billion euros, up 17 million from targets.

In August, state budget net revenue totaled 4.117 billion euros, down 1.111 billion form monthly targets, while regular budget revenue was 3.991 billion euros, down 1.083 billion from targets. Public Investment Program revenue was 126 million euros, down 28 million from targets, while tax returns totaled 255 million euros, up 93 million from monthly targets.

State budget spending was 32.703 billion in January-August, down 1.702 billion from targets, while regular budget spending was 31.121 billion, down 1.183 billion from targets. Regular budget spending were down 1.438 billion euros compared with the same period in 2016.

Public Investment Program spending was 1.583 billion euros, down 519 million from targets.

In August, state budget spending was 4.036 billion euros, down 137 million from monthly targets, while regular budget spending was 3.567 billion euros, down 140 million from targets. Public Investment Program spending was 469 million, up 3.0 million euros from monthly targets.

SOURCE: AMNA