Greek budget records primary deficit of 4.843 billion euros in January-May

Net revenue totaled 16.02 bn Euros, down 14,5% from budget targets while regular budget revenue was 17.8 bn Euros down 12,3% from targets

The Greek state budget recorded a primary deficit of 4.843 billion euros in the January-May period, reflecting the impact of the coronavirus pandemic and the cost of government measures to support households and enterprises. The state budget envisaged a primary surplus of 43 million euros in that period, while in the same period last year the state budget had recorded a primary surplus of 916 million euros.

The general government balance showed a deficit of 7.494 billion euros in the five-month period from a budget target for a shortfall of 2.512 billion euros.

Net revenue totaled 16.029 billion euros, down 14.5 pct from budget targets, while regular budget revenue was 17.804 billion euros, down 12.3 pct from targets.

Budget revenue exceeded targets only the transfers category (up 15.8 pct), while revenue fell short of targets in the categories of: VAT on oil products (25.2 pct), VAT on tobacco products (5.7 pct), VAT on other products and services (14.2 pct), special consumption tax on energy products (10.8 pct), special consumption tax on tobacco products (4.7 pct) and special consumption tax on other products (29.76 pct). Also, stamp revenue fell short of targets by 29.7 pct, capital and transaction taxes were down 25.9 pct, car registration taxes were down 37.4 pct, taxes on imports fell 15.2 pct, property taxes were down 13.8 pct, income taxes fell 10.2 pct, corporate taxes were down 10.2 pct, capital taxes fell 36.2 pct, taxes from sales of goods and services dropped 40.5 pct and revenue from state asset sales plunged 99.5 pct. Tax returns totaled 1.775 billion euros, up 209 million from targets, while Public Investment Program revenue was 1.294 billion euros, up 117 million from targets.

State budget spending totaled 23.523 billion euros, up 2.271 billion from targets. Spending was up 2.195 billion euros compared with the same period last year.

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Source: amna