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Economy

Greek State Budget Records Lower-Than-Expected Deficit in Jan-Nov

December 27, 2022

ATHENS – Greek state budget recorded a lower-than-expected deficit in the January-November period. More specifically, the state budget -on an amended cash basis- recorded a deficit of 5.648 billion euros in the 11-month period, down from a budget target for a deficit of 6.760 billion euros and a shortfall of 12.267 billion in the same period last year. The primary result showed a deficit of 1.091 billion euros, down from a budget target for a deficit of 2.239 billion and a primary shortfall of 7.882 billion in 2021.

Budget revenue amounted to 53.430 billion euros, up 0.5% from budget targets, while regular budget revenue was 58.981 billion euros, up 0.8% from targets. Tax revenue amounted to 50.178 billion euros, up 0.9% from targets, with VAT revenue up by 135 million euros, special consumption tax revenue up by 52 million, property tax revenue up by 100 million euros and income tax revenue up 154 million from targets.

Tax returns totaled 5.551 billion euros, up 190 million from targets, while Public Investment Programme revenue totaled 2.868 billion, down 75 million from targets.

Budget spending totaled 59.078 billion euros in the January-November period, down 823 million from targets and doiwn 1.665 billion euros compared with the same period in 2021. Regular budget spending were down 824 million from targets.

In November, budget revenue was 4.561 billion euros, up 190 million from monthly targets, while regular budget revenue were 5.203 billion, up 380 million from targets. Tax returns totaled 642 million, up 190 million from targets, while Public Investment Programme revenue was 277 million, down 75 million from targets.

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