Greek Budget Records Primary Deficit in Jan-April, Hit by the Impact of the Pandemic

ATHENS – The Greek state budget recorded a primary deficit of 1.506 billion euros in the January-April period this year, from a budget target for a surplus of 783 million and a primary surplus of 1.463 billion euros in the corresponding period last year, the finance ministry said on Friday.

In a report on budget execution, on an amended cash basis, the ministry said that the general government budget recorded a deficit of 4.062 billion euros in the four-month period, from a budget target for a shortfall of 1.655 billion euros and a deficit of 1.041 billion recorded in the same period last year.

Net revenues amounted to 14.110 billion euros, down 8.7 pct from budget targets and reflecting the impact of the Covid-19 pandemic. Regular budget revenue came to 15.435 billion euros, down 7.4 pct from targets. Tax returns totaled 1.325 billion euros, up 106 million from targets, while Public Investment Programme revenue was 1.267 billion euros, up 153 million from targets.

Budget spending totaled 18.172 billion euros, up 1.064 billion from targets, reflecting increased spending due to emergency measures taken to deal with the repercussions of the pandemic, increased capital payments and higher Public Investment Programme spending.

In April, budget revenues came to 3.007 billion euros, down 1.178 billion from monthly targets. Regular budget reveue was 3.274 billion euros in April, down 1.145 billion from targets. Public Investment Programme revenue was 361 million euros, up 245 million from monthly targets, while tax returns totaled 267 million euros, up 33 million from targets. Budget spending totaled 5.246 billion euros in April, up 1.189 billion from monthly targets.


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