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Economy

Greek State Budget Records Primary Deficit of €1.473B in January

February 15, 2021

ΑΤΗΕΝS — "Based on preliminary data on budget execution, tax revenue in January totaled 3.690 billion euros, down 7.4 pct from budget targets. This decline is attributed to the impact of the lockdown, but also reflects the preservation of a satisfactory culture of payment among taxpayers, a positive sign for public finances for the day after the pandemic," Alternate Finance Minister Theodoros Skylakakis said on Monday, presenting the January budget execution report.

More specifically, the Greek state budget, on an amended cash basis, recorded a deficit of 1.561 billion euros in January, from a budget target for a deficit of 1.091 billion and a shortfall of 768 million euros in the same month last year. The budget also showed a primary deficit of 1.473 billion euros, from a target for a deficit of 1.031 billion euros and a primary surplus of 495 million in 2020. Net revenue totaled 3.848 billion euros, down 17.4 pct from budget targets, while regular budget revenue totaled 3.690 billion euros, down 7.4 pct from targets. Tax returns totaled 274 million euros, up 9.0 million from targets, while Public Investment Programme revenue came to 145 million euros, down 615 million from targets.

State budget spending totaled 5.409 billion euros, down 342 million from monthly targets, but up 728 million euros compared with January 2020. Public Investment Programme spending rose by 597 million euros to 927 million euros in January.

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