Greek State Budget Recorded a Primary Deficit of €9.056Β in Jan-Oct

November 16, 2020

ATHENS — The Greek state budget recorded a deficit of 13.442 billion euros in the January-October period, from a budget target for a shortfall of 987 million euros and a surplus of 906 million recorded in the same period last year, the finance ministry said in a report on Monday. The state budget also recorded a primary deficit of 9.056 billion euros in the 10-month period, from a budget target for a primary surplus of 3.261 billion and a primary surplus of 5.739 billion euros in the corresponding period in 2019.

Net revenue amounted to 38.403 billion euros, down 11.1 pct from targets, reflecting a decline in economic activity due to the pandemic crisis, the impact of government support measures and increase tax returns.

Regular budget revenue was 42.984 billion euros in the January-October period, down 8.5 pct from targets. Tax revenue totaled 35.564 billion euros, down 14.5 pct from targets (6.052 billion), but only 43 million euros lower compared with a provisions included in a draft budgetary plan for 2021.

Tax returns totaled 4.581 billion euros, up 778 million from targets, while Public Investment Programme revenue was 4.436 billion euros, up 1.681 billion from targets.

State budget spending was 51.845 billion euros in the 10-month period, up 7.668 billion frmo targets, reflecting spending on government support measures. Budget spending was 9.383 billion euros, up compared with the same period last year.

In October, net revenue was 4.899 billion euros, down 72 million from monthly targets, while regular budget revenue was 5.393 billion euros, down 5.0 million from targets. Tax revenue was 4.569 billion euros, down 561 million from monthly targets, but only 137 million lower compared with provisions included in a draft budgetary plan. Tax returns totaled 494 million euros, up 67 million euros from monthly targets, while Public Investment Programme revenue was 606 million euros, up 524 million from monthly targets.

State budget spending was 7.079 billion euros in October, up 2.666 billion from targets.



ATHENS - While Greeks pay income taxes up to 45 percent the government is going ahead with plans to tax multinational companies in the country at a rate of 15 percent, anticipating it will bring in 80 million euros ($86.

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