Greek Budget Shows 6.502 bln Euros Primary Surplus in January-October



budget targetThe Greek state budget recorded a primary surplus of 6.502 billion euros in the January-October period, from a primary surplus of 4.532 billion in the corresponding period in 2015 and a budget target for a primary surplus of 3.572 billion, official figures showed on Thursday.
The general government surplus was 1.312 billion euros in the 10-month period, from a deficit of 793 million euros last year and a budget target for a deficit of 1.608 billion.
State budget net revenue amounted to 42.09 billion euros in the January-October period, up 2.2 pct from budget targets, while regular budget net revenue was 40.075 billion euros, up 2.4 pct from budget targets.

In the 10-month period, the following revenue categories recorded increases: income tax surpassed targets by 1.2 pct, corporate tax surpassed targets by 11.8 pct, other direct taxes were up 1.3 pct, VAT on tobacco surpassed targets by 3.2 pct, other VAT revenue was up 1.3 pct, special consumption taxes surpassed targets by 2.4 pct, indirect taxes were up 2.3 pct, other consumption taxes were up 4.7 pct and other non-tax revenue surpassed targets by 5.9 pct.

On the other hand, revenues fell short of budget targets in property taxes (down 0.9 pct) and energy product consumption taxes (-1.0 pct). Tax returns totaled 2.386 billion euros, down 90 million from budget targets. Public Investment Programme revenues amounted to 2.734 billion euros, up 18 million from targets. State budget spending amounted to 41.497 billion euros in the 10-month period, down 1.981 billion from budget targets, while regular budget spending totaled 38.507 billion euros, down 1.121 billion from targets. Regular budget spending was up 780 million euros compared with the same period last year. Public Investment Programme spending was 2.990 billion euros, down 860 million from budget targets.

In October, state budget net revenue was 4.985 billion euros, up 938 million from monthly targets, while regular budget net revenue surpassed monthly targets by 920 million to 4.827 million euros. Tax returns totaled 237 million euros, down 90 million from monthly targets. Public Investment Programme revenue was 158 million euros, up 18 million from targets. State budget spending was 4.266 billion euros in October, down 112 million from monthly targets, while regular budget spending was 3.957 billion euros, up 119 million from monthly targets. Public Investment Programme spending was 309 million euros, down 231 million from monthly targets.
(source: ana-mpa)