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Economy

Greek State Budget Records Primary Deficit in Jan-April on COVID-19 Related Measures

ATHENS – The Greek state budget recorded a primary deficit of 1.516 billion euros in the January-April period this year, from a budget target for a primary surplus of 783 million euros and a primary surplus of 1.463 billion euros in the same period in 2019, the finance ministry said on Monday.

The general government budget, on an amended cash basis, recorded a deficit of 4.072 billion euros in the four-month period, from a budget target for a shortfall of 1.655 billion and a deficit of 1.041 billion euros in the corresponding period last year.

Net revenue was 14.100 billion euros, down 8.8 pct from budget targets, hit by the impact of measures taken to deal with the consequences of the Covid-19 pandemic. Regular budget revenue was 15.425 billion euros, down 7.5 pct from targets. Budget revenue exceeded targets in: taxes on production (3.4 pct) and transfers (18.7 pct). On the other hand, revenue fell short of targets in the categories of: VAT on oil products (20.9 pct), VAT on other product and services (6.8 pct), special consumption tax on energy products (9.8 pct), special consumption tax on other products (17.9 pct), stamps (27.8 pct), taxes on financial and capital transactions (20.1 pct), car registration taxes (32.2 pct), property taxes (12.2 pct), income taxes (7.3 pct), capital taxes (29.1 pct) and asset sales (99.5 pct). Tax returns totaled 1.325 billion euros, up 106 million from targets. Public Investment Programme revenue was 1.267 billion euros, up 153 million from targets.

State budget spending in the January-April period totaled 18.172 billion euros, up 1.064 billion from targets and up 1.175 bllion euros compared with the corresponding period last year (reflecting higher spending in the Public Investment Programme).

In April, state budget revenue was 2.997 billion euros, down 1.188 billion from monthly targets, while regular budget revenue was 3.264 billion euros, down 1.155 billion from monthly targets. Public Investment Programme revenue was 361 million euros, up 245 million from targets, while tax returns totaled 267 million targets, up 33 million from targets. State budget spending was 5.246 billion euros in April, up 1.189 billion from monthly targets.

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