ATHENS – Greek state budget tax revenues exceeded targets by 587 million euros in the first two months of 2022, evidence that the Greek economy was growing faster than expected before the war in Ukraine, Alternate Finance Minister Theodore Skylakakis said on Tuesday.

In a statement, Skylakakis said that tax revenues totaled 8.765 billion euros in the first two months of the year, up 887 million from budget targets. This figure included 300 million euros in proceeds from car duties (payment was extended by two months). The Alternate minister stressed that these figures confirmed that the Greek economy was growing faster than expected in the January-February period before the war in Ukraine and offered the government room to announce more relief measures for households and enterprises hit by the energy crisis.

The general government budget recorded a deficit of 903 million euros in the January-February period, down from a budget target for a shortfall of 2.004 billion and a deficit of 3.268 billion euros in the same period in 2021. The primary result showed a surplus of 847 million euros from a budget target for a deficit of 239 million and a primary deficit of 1.497 billion euros in the same period in 2021. State budget revenues were 8.860 billion euros, down 10.9% from targets (figures included the collection of the first installment from the Recovery Fund worth 1.718 billion euros). Regular budget revenue was 9.503 billion euros, down 10.6% from targets.

Tax revenue was 8.765 billion euros, up 11.3% from targets, while tax returns totaled 642 million euros, down 40 million from targets and Public Investment Programme revenue was 427 million euros, down 213 million from targets.

Budget spending totaled 9.763 billion euros in the January-February period, down 2.185 billion from targets, while regular budget spending was down 2.580 billion euros from targets. Budget spending was down 2.038 billion euros compared with the same period in 2021.

In February, net revenue was 5.005 billion euros, down 473 million from monthly targets, while regular budget revenue was 5.416 billion, down 460 million from targets. Tax revenue was 4.933 billion euros, down 31% from targets, while tax returns totaled 411 million, up 13 million from monthly targets. Public Investment Programme revenue was 359 million euros in February, up 144 million from monthly targets.