ATHENS – Tax proceeds exceeded budget targets by 511 million euros or 17.5% in March, more than covering the very high tax returns which exceeded targets by 321 million euros in the month, Alternate Finance Minister Theodore Skylakakis said on Tuesday presenting the provisional budget execution data.

More specifically, the state budget recorded a deficit of 3.921 billion euros in January-March, up from a budget target for a shortfall of 3.593 billion euros but down from a deficit of 5.714 billion in the corresponding period last year. The state budget recorded a primary deficit of 1.687 billion euros in the first three months of the year, exceeding a budget target for a deficit of 1.331 billion, but down from a primary shortfall of 3.413 billion in the same period in 2021. Net budget revenue was 11.925 billion euros, down 10.4% from targets, while regular budget revenue was 13.228 billion euros, down 7.7% from targets. Tax revenue totaled 12.144 billion euros, up 12.4% from targets, while tax returns totaled 1.303 billion, up 280 million from targets. Public Investment Programme revenue was 548 million euros, down 697 million from targets.

Budget spending totaled 15.846 billion euros in the January-March period, down 1.059 billion from targets and down 1.376 billion euros compared with the same period last year.

In March, net revenue was 2.952 billion euros, down 416 million from monthly targets, while regular budget revenue was 3.613 billion euros, down 96 million from monthly targets. Tax revenue was 3.439 billion euros, up 17.5% from targets, while tax returns totaled 661 million and Public Investment Programme revenue was 2.0 million euros, down 603 million from targets.

Skylakakis said that the positive trend in public revenue continued in March despite the negative effects from the war in Ukraine and added that in the next few days Eurostat will release its figures for the country’s fiscal deficit in 2021, which is expected to be better than budget forecasts.