Greek budget records €5.44 billion primary surplus in January-September

The Greek budget recorded a primary surplus of 5.440 billion euros in the January-September period, from a primary surplus of 3.072 billion in the same period last year, sharply up from a budget target for a primary surplus of 1.907 billion euros for the period, official figures showed on Monday. The figures said that regular budget net revenue surpassed targets by 1.483 billion euros.

The general government budget showed a surplus of 592 million euros in the nine-month period, from a deficit of 1.904 billion in 2015 and a budget target for a deficit of 3.023 billion euros.

More analytically, state budget net revenue amounted to 37.824 billion euros in the January-September period, up 514 million or 1.4 pct from budget targets. Regular budget net revenue was 35.248 billion euros, up 1.483 billion or 4.44 pct from targets. Budget revenue surpassed targets in income tax (up 0.5 pct), corporate tax (up 18.4 pct), past years direct tax (up 16 pct), other direct taxes (4.8 pct), VAT on tobacco (7.3 pct), insurance tax (7.9 pct), registration duty (59.8 pct), other special consumption tax (5.0 pct), indirect taxes (92.4 pct), other non-tax revenue (23.5 pct) and NATO revenue (up by 32 million euros).

Tax revenue fell short of targets in special categories income tax (8.4 pct), property tax (4.7 pct), VAT on oil products (11.8 pct), ANFAs & SMPs (37.5 pct), privatisation revenue (50.9 pct).

Tax returns, excluding state arrears to the private sector, amounted 2.149 billion euros, down 18 million from budget targets. Public Investment Programme revenue totaled 2.576 billion euros, down 969 million from targets.

State budget spending in the January-September period totaled 37.231 billion euros, down 3.101 billion from budget targets. Regular budget spending was 34.550 billion euros, down 2.472 billion from targets as primary spending fell 1.903 billion euros. Regular budget spending surpassed 2015 levels by 525 million euros. Public Investment Programme spending was 2.681 billion euros, down 629 million from targets.

In September, state budget net revenue totaled 5.879 billion euros, up 1.103 billion from monthly targets, while regular budget revenue was 5.371 billion euros, up 1.025 billion from targets.

Tax returns, excluding state arrears to the private sector, was 242 million euros, down 115 million from monthly targets. Public Investment Programme revenue was 508 million euros, up 78 million from monthly targets.

State budget spending amounted to 4.246 billion euros, up 328 million from targets, while regular budget spending was 3.737 billion euros, up 74 million from monthly targets. Public Investment Programme spending was 509 million euros, up 245 million from monthly targets.

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