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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.

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