Greece’s state budget deficit totaled 20.104 billion euros in the January-October period, down from a revised budget target of 20.362 billion euros, but up from 18.081 billion euros in the corresponding period in 2010, official figures showed on Wednesday.
A Finance ministry announcement said that according to provisional budget figures, state budget revenues (regular and Public Investment Program) fell short by 1.103 billion euros while spending were down 1.360 billion euros compared with revised budget targets. Regular budget net revenues totaled 39.230 billion euros, down 4.1 pct from the same period last year, reflecting a higher-than-expected economic recession, lower tax receipts and delays in collecting taxes because of strike mobilizations. The ministry, however, expects that this shortfall would be reversed in the last two months of the year when a new set of tax rules would begin offering results.
The Public Investments Program抯 revenues rose 38.1 pct, or by 521 million euros, compared with the same period last year, while spending fell 37.4 pct or by 2.260 billion euros. Regular budget spending rose 5.7 pct, or by 3.121 billion euros, reflecting higher capital spending (up 19.5 pct), higher primary spending (up 2.4 pct reflecting higher subsidies on social insurance, healthcare and social protection programs).
(source: ana-mpa)
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