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Economy

Greek Budget Showed a Primary Surplus of 6.08 Billion Euros in Jan-Oct

November 27, 2023

ATHENS – The Greek state budget recorded a primary surplus of 6.08 billion euros in the January-October period, up from a budget target for a surplus of 5.607 billion and a primary deficit of 350 million euros in the corresponding period last year, the Finance ministry said in a report on budget execution in an amended cash basis.

More specifically, net revenue totaled 53.925 billion euros, up 49 million from targets, while regular budget revenue was 59.474 billion, up 49 million from targets. Tax revenue was 50.718 billion, up 33 million from targets reflecting a 2.0 million euros increase in VAT revenue to 19.585 billion, an 8.0 million euros rise in special consumption tax revenue to 5.806 billion, a 1.0 million euros rise in property tax revenue to 2.235 billion and a 15 million increase in income tax revenue to 16.934 billion euros. Social contribution revenue totaled 48 million, transfer revenue was 5.098 billion euros, up 4.0 million from targets, selling of goods and services totaled 734 million euros, up 7.0 million from targets and other revenue totaled 2.871 billion.

Tax returns totaled 5.55 billion euros, while Public Investment Programme revenue was 2.81 billion, up 2.0 million from targets.

Budget spending totaled 54.406 billion euros in the 10-month period, down 430 million from targets, but up 767 million from the same period last year, reflecting higher interest payments. Regular budget spending was down 464 million from targets. Public Investment Programme payments totaled 7.73 billion euros, up 34 million from targets.

In October, budget revenue was 5.628 billion euros, while regular budget revenue was 6.193 billion. Tax returns totaled 564 million euros and Public Investment Programme revenue was 109 million.

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ATHENS - If the Bank of Greece did not operate under the protection of the institutional framework of independence, after what happened in 2015, the country would have perhaps left the eurozone, Bank of Greece (BoG) governor, Yannis Stournaras, said on Saturday during the Kathimerini conference in a panel titled: "In the next 50 years, is Democracy safe?" Is Greece reformable?" "Who doubts that if it wasn't for the Bank of Greece, we might not be in the euro after the adventure of 2015?" he said.

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