Greek Budget Revenue Exceeded Targets in 2021

Economy

Greek Budget Revenue Exceeded Targets in 2021

January 17, 2022

Greek Finance Ministry. (Photo by Eurokinissi. Christos Bonis)

ATHENS – The Greek state budget revenue exceeded targets in 2021, totaling 59,24 billion euros, up 2,1% from targets, while budget spending was down by 420 million euros compared with 2020, the finance ministry said on Monday. In a report on provisional budget execution data, the ministry said that tax revenue was 47.602 billion euros, up 1.6% from targets and noted that the final result will be much higher since payment of car registration fees was given a two-month extension. The ministry said that a crucial year like 2021 with a high fiscal cost because of budget spending to deal with the pandemic, the primary result showed a deficit of 10.985 billion euros, down from a budget target for a primary deficit of 12.946 billion and a primary deficit of 18.195 billion in 2020.

Alternate Finance Minister Theodore Skylakakis, commenting on budget execution data said the figures were provisional and that the ministry will have to wait until the release of final figures. However, he noted that budget execution was better than expected and that it was a significant development for the fiscal credibility of the Greek state.

In the January-December 2021 period, the state budget recorded a deficit of 15.529 billion euros (amended cash basis) from a budget target for a deficit of 17.487 billion and a shortfall of 22.806 billion in 2020. The primary result showed a deficit of 10.985 billion euros, from a budget target for a deficit of 12.946 billion and a primary shortfall of 18.195 billion in 2020. Net revenue was 54.220 billion euros, up 1.5% from budget targets. Regular budget revenue was 59.324 billion euros, up 2.1% from targets. Tax returns totaled 5.104 billion euros, up 443 million from targets, while Public Investment Programme revenue was 4.519 billion, down 275 million euros from targets.

In December, budget revenue totaled 5.744 billion euros, up 474 million from monthly target, while regular budget revenue was 6.578 billion, up 835 million from targets. Tax returns totaled 833 million euros, up 361 million from targets, while Public Investment Programme revenue was 751 million, up 145 million euros from targets.

Budget spending totaled 69.750 billion euros in 2021, down 1.6% from targets.

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