Greek state budget recorded a primary surplus of 494 million euros in the January-March period, up from a budget target for a surplus of 426 million, but down from a primary surplus of 1.443 billion in the same period last year.

More specifically, budget execution data, on a amended cash basis, showed that the general government’s balance recorded a deficit of 1.822 billion euros in the first three months of 2020, from a budget target for a deficit of 1.782 billion euros. Net revenue was 11.103 billion euros, down 1.5 pct from budget targets, with revenues exceeding targets in the categories of: taxes on specific services (3.4 pct), production taxes (989.7 pct including a 528 million euros dividend by the Bank of Greece), other current taxes (8.6 pct), transfer taxes (23.7 pct) and other current revenue (12.8 pct).

On the other hand, budget revenue fell short of targets in the categories of: VAT on oil products (13.4 pct), VAT on other goods and services (6.8 pct), special consumption tax on energy products (7.0 pct), car registration taxes (17.4 pct), property taxes (8.3 pct), income tax (5.6 pct), sales of goods and services (27.8 pct), sales of fixed assets (99.5 pct). Tax returns totaled 1.058 billion euros in the January-March period, up 74 million from targets. Public Investment Program revenue was 906 million euros, down 92 million from targets.

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Budget spending was 12.926 billion euros in the three-month period, down 125 million from targets. Capital payments totaled 109 million euros. Budget spending were up 172 million euros compared with the same period last year.

In March, budget revenue was 3.536 billion euros, up 303 million from monthly targets. Regular budget revenue was 3.882 billion, up 299 million from targets. Public Investment Program revenue was 475 million euros, up 250 million from monthly targets. Tax returns totaled 335 million euros, down 4.0 million from targets. Budget spending totaled 4.262 billion euros in March, up 50 million from monthly targets.

Source: amna