Greek State Budget Revenue Surpassed Targets in January-August

Economy

Greek State Budget Revenue Surpassed Targets in January-August

September 16, 2021

Bank of Greece. (Photo by Eurokinissi/ Yiannis Panagopoulos)

ATHENS — Greek state budget revenues were satisfactory in August despite an one-month extension in a deadline for the submission of tax declarations, with tourism revenues up and the budget deficit falling significantly compared with initial estimates in the January-August period, the finance ministry said on Thursday. Ministry sources said that increased tourism revenue for July and August and the payment of income tax in September are expected to impact budget revenue in the coming months and that these provisions will be included in the draft state budget to be tabled in Parliament in early October.

The state budget recorded a deficit of 10.523 billion euros in the January-August period, down from a budget target for a deficit of 13.487 billion euros, but up from a shortfall of 9.681 billion in the same period last year. The primary result showed a deficit of 6.385 billion euros in the eight-month period, down from a target for a primary deficit of 9.405 billion and a deficit of 5.484 billion in the same period last year.

Net revenue was 34.682 billion euros, up 7.6 pct from budget targets, while regular budget revenue was 37.506 billion euros, up 6.7 pct from targets.

Tax proceeds totaled 28.758 billion euros, down 0.5 pct from targets, while tax returns totaled 2.824 billion euros, down 89 million from targets. Public Investment Programme revenue was 3.404 billion euros, down 292 million from targets.

Budget spending totaled 45.205 billion euros in January-August, down 1.1 pct from targets but by 5.474 billion euros compared with the same period last year.

In August, budget revenue was 7.713 billion euros, up 3.085 billion compared with monthly targets, while regular budget revenue was 8.045 billion euros, up 3.012 billion from targets. Tax proceeds totaled 4.383 billion euros, down 0.9 pct from targets, while tax returns totaled 332 million euros, down 73 million from targets. Public Investment Programme revenue was 1.227 billion euros, up 735 million from monthly targets.

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Economy