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Economy

Greek Budget Tax Revenues Exceed Targets by €5.5B in Jan-Aug

September 26, 2022

ATHENS – Tax revenue surpassed targets by 5.5 billion euros in the January-August period, with August tax revenue exceeding monthly targets by 1.3 billion euros, the finance ministry said on Monday.

More specifically, a report on budget execution in an amended cash basis in the January-August period showed a general government deficit of 4.105 billion euros, from a budget target for a deficit of 9.992 billion and after a 10.519 billion euros shortfall recorded in the same period last year.

The budget showed a primary surplus of 19 million euros, from a budget target for a primary deficit of 5.942 billion euros, and a primary deficit of 6.381 billion in 2021. Net budget revenue was 39.232 billion euros, up 17% from targets, while regular budget revenue was 42.808 billion, up 17.6% from targets. Tax revenue was 35.734 billion euros, up 18.2% from targets, social contributions revenue was 37 million euros, up 1.0 million from targets, transfer revenue totaled 4.318 billion, down 125 million from targets, revenue from sale of goods and services totaled 555 million euros, up 171 million from targets, other revenue totaled 2.155 billion, up 834 million from targets, while fixed property asset sales totaled 7 million, up 7 million from targets.

Tax returns totaled 3.575 billion euros, up 704 million from targets, while Public Investment Programme revenue was 1.921 billion euros, down 849 million from targets.

Budget spending totaled 43.337 billion euros in the eight-month period, down 192 million from targets. Regular budget spending was down 864 million from targets.

In August, budget revenue was 5.530 billion euros, up 892 million from monthly targets, regular budget revenue was 5.956 billion, up 837 million from targets. Tax returns were 426 million euros, down 55 million from targets, while Public Investment Programme revenue was 143 million euros, down 467 million from targets.

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