x

Economy

Greek Budget Deficit Lower Than Expected in Jan-Aug

September 27, 2021

ΑΤΗΕΝS — Greek state budget deficit totaled 10.519 billion euros in the January-August period, down from a budget target for a deficit of 13.487 billion euros, but up compared with a deficit of 9.681 billion euros in the corresponding period last year, the Finance ministry said on Monday.

The primary result was a deficit of 6.381 billion euros in the eight-month period, down from a budget target for a shortfall of 9.405 billion but up from a deficit of 5.484 billion euros last year. Net revenue was 34.686 billion euros, up 7.6 pct from budget targets, although excluding extraordinary receipts from the EU, along with ECB's gains from Greek bond purchases, net revenue was down 1.6% from budget targets. Regular budget revenue was 37.510 billion euros, up 6.7% from targets. Tax revenue was 28.716 billion euros, down 0.6% from targets, reflecting increases in the categories of: VAT on oil products (1.1%), VAT on tobacco products (5.1%), VAT on other products and services (0.8%), special consumption tax on tobacco (2.9%), special consumption tax on other products (4.8%) and taxes on financial and capital transactions (21.3%). Also, taxes on car registrations (11.7%), other taxes on goods and services (196.8%), income tax (1.3%), transfers (72.8%) and other current revenue (0.7%). Tax revenue fell short of targets in the categories of: special consumption tax on energy products (2.2%), stamp tax (6.8%), other taxes on production (2.0%), corporate income tax (19.9%), capital taxes (12.1%) and other current taxes (11.5%). Taxes from selling fixed assets were down 98.7%.

Tax returns totaled 2.824 billion euros, down 89 million from targets, while Public Investment Programme revenue was 3.404 billion, down 292 million from targets.

State budget spending totaled 45.205 billion euros in the January-August period, down 1.1% from targets.

In August, budget revenue totaled 7.717 billion euros, up 3.090 billion from targets, while regular budget revenue was 8.049 billion, up 3.017 billion from targets. Tax revenue was 4.342 billion euros, down 1.9% from targets, tax returns totaled 332 million euros, down 73 million from monthly targets, while Public Investment Programme revenue was 1.227 billion, up 735 million from monthly targets.

RELATED

ATHENS - The Public Power Corporation (PPC) will double electricity production from renewable energy sources within 2022, according to the plans for an increase of installed wind and solar capacity to 489 MW from the current 239 MW, presented by PPC CEO Giorgos Stassis.

Top Stories

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

General News

PHILADELPHIA – The Federation of Hellenic Societies of Philadelphia and Greater Delaware Valley announced that the Evzones, the Presidential Guard of Greece will be participating in the Philadelphia Greek Independence Day Parade on March 20.

Video

Man of God Opens in Australia & New Zealand on June 2, Canada June 3

NEW YORK – Man of God, the inspirational and award-winning story of Saint Nektarios — one of the most renowned Greek orthodox saints — continues to captivate audiences around the world.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.