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Economy

Greek State Budget Recorded a Primary Deficit of €7.0B in Jan-Sept

October 26, 2020

ATHENS — The Greek state budget recorded a primary deficit of 7.0 billion euros in the January-September period, hit by the pandemic and the lockdown, the finance ministry said in a report on Monday. More specifically, the report on budget execution on an amended cash basis showed that the the state budget balance recorded a deficit of 11.269 billion euros in the nine-month period, from a budget target for a deficit of 1.544 billion and a shortfall of 119 million euros in the same period last year. The primary result showed a deficit of 7.011 billion euros, from a budget target for a primary surplus of 2.568 billion and a surplus of 4.474 billion in the same period in 2019.

Net revenue totaled 33.497 billion euros, down 12.4 pct from targets, while regular budget revenue was 37.584 billion euros, down 9.6 pct from targets. Tax revenue totaled 30.988 billion euros, down 15.1 pct from targets. More specifically, tax revenue exceeded targets in the categories of: current taxes (8.2 pct), transfers (43.5 pct), while tax revenue fell short of targets in the categories of: VAT on oil products (27.2 pct), VAT on tobacco products (6.2 pct), VAT on other goods and services (15.7 pct), special consumption tax on energy products (9.9 pct), special consumption on tobacco products (6.4 pct), special consumption tax on other products (24.5 pct), stamp duty (12.6 pct), taxes on financial and capital transactions (18.7 pct), car registration taxes (26.6 pct), regular property taxes (50.8 pct), production taxes (3.7 pct), income taxes (9.0 pct), corporate taxes (27.8 pct), capital taxes (29.5 pct) taxes on sales of goods and services (25.9 pct) and taxes on sales of fixed assets (98.4 pct).

Tax returns totalled 4.086 billion euros, up 711 million euros from targets, while Public Investment Programme revenue was 3.831 billion euros, up 1.158 billion from targets.

Budget spending totaled 44.766 billion euros in the January-September period, up 5.002 billion euros from targets and up 6.122 billion compared with the same period last year. Public Investment Programme spending was up 2.416 billion euros in the nine-month period.

In September, state budget net revenue was 3.342 billion euros, down 2.422 billion from monthly targets, while regular budget revenue was 4.097 billion euros, down 2.217 billion from targets. Tax revenue was 3.898 billion euros, down 1.948 billion from monthly targets. Tax returns totaled 755 million euros, up 206 million from monthly targets, while Public Investment Programme revenue was 23 million euros, down 137 million from targets. Budget spending totaled 5.035 billion euros in September, up 617 million from monthly targets.

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