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Economy

Greek State Budget Recorded a Primary Deficit of 18.195 Billion Euros in 2020

January 25, 2021

ATHENS — The Greek state budget recorded a deficit of 22.806 billion euros, on an amended cash basis, in 2020, from a budget target for a deficit of 24.319 billion euros and a shortfall of 168 million in 2019, the finance ministry said in a report on Monday. The state budget also recorded a primary deficit of 18.195 billion euros from a target for a primary deficit of 19.624 billion and after a primary surplus of 5.017 billion in 2019.

Net revenue amounted to 47.364 billion euros in the January-December 2020 period, up 2.0 pct from budget targets, reflecting the collection of 644 million euros in ANFAs. Regular budget revenue was 53.036 billion euros, up 2.4 pct from targets. Tax revenue was 43.198 billion euros, up 418 million from targets. More specifically, tax revenue exceeded budget targets in the categories of: VAT on tobacco products (2.3 pct), VAT on other products and services (4.9 pct), special consumption tax on tobacco products (1.5 pct), other taxes on services (1.2 pct), income tax (3.8 pct), corporate tax (13.8 pct), other income taxes (1.2 pct), transfers (13.8 pct) and other current revenue (2.5 pct). On the other hand, tax revenue fell short of targets in the categories of: VAT on oil products (-7.8 pct), special consumption tax on energy products (-1.5 pct), taxes on financial and capital transactions (-4.3 pct), property taxes (-2.8 pct), other taxes on production (-3.7 pct) and other current taxes (-26.1 pct), taxes on goods and services (-7.3 pct), taxes on sale of fixed assets (-69.5 pct).

Tax returns totaled 5.672 billion euros in 2020, up 312 million from targets. Public Investment Programme revenue was 5.542 billion euros, up 76 million from targets.

State budget spending totaled 70.169 billion euros in 2020, down 0.9 pct from budget targets. Public Investment Programme spending rose to 10.647 billion in 2020, up 226 million from targets. Budget spending was up by 14.904 billion euros compared with 2019.

In December, budget revenue was 5.238 billion euros, up 103 million from updated monthly targets, while regular budget revenue amounted to 5.846 billion euros, up 305 million from monthly targets. Tax proceeds totaled 4.063 billion euros, down 98 million from targets. Tax returns totaled 608 million euros in December, up 202 million from monthly targets, while Public Investment Programme revenue was 692 million euros, down 255 million from monthly targets. State budget spending totaled 9.791 billion euros in December, up 1.8 pct from monthly targets.

 

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