The Greek state budget recorded a primary surplus of 3.751 billion euros in the January-August period, slightly down from a surplus of 3.798 billion in the same period last year, but sharply up compared with a budget target for a primary surplus of 980 million euros.
Regular budget revenues surpassed targets by 458 million euros, the finance ministry said in a report on state budget execution on an amended cash basis, released on Tuesday.
The general government’s deficit was 1.040 billion euros in the eight-month period, from a deficit of 1.104 billion last year and a budget target for a deficit of 3.880 billion.
State budget net revenue was 31.945 billion euros, down 1.8 pct from targets, while regular budget revenues amounted to 29.878 billion, up 1.6 pct from targets.
In the January-August period, revenues surpassed targets in corporate tax (14.1 pct), direct taxes (14.1 pct), VAT on tobacco (13.5 pct), other VAT (4.9 pct), insurance VAT (14.5 pct), car registration duties (55.5 pct), other special consumption taxes (9.2 pct), non-tax revenue (17.1 pct). On the other hand, budget revenues fell short of targets in: income tax revenue (0.4 pct), special category income tax (7.3 pct), property tax (34.6 pct), VAT on oil products (13.5 pct), other consumption taxes (40.0 pct), revenues from ANFAs and SMPs (37.5 pct) and privatization proceeds (59.5 pct).
The Finance ministry attributed a decline in revenue from property taxes on the postponement of payment of a first tranche of a special property tax (ENFIA) for September instead for August.
Public Investment Program revenue totaled 2.067 billion euros, down 1.048 billion from targets.
In August, state budget net revenue was 3.947 billion euros, up 52 million from monthly targets. Regular budget revenues was 3.926 billion euros, up 57 million from targets. Public Investment Program revenue was 20 million euros, down 5.0 million from monthly targets.
State budget spending in the January-August period was 32.985 billion euros, down 3.429 billion from targets. Regular budget spending was 30.813 billion euros, down 2.546 billion from targets, but up 507 million from the same period last year. Public Investment Program spending was 2.172 billion euros, down 883 million from monthly targets.
In August, state budget spending was 4.155 billion euros, down 133 million from targets, while regular budget spending was 3.688 billion euros, down 151 million from monthly targets. Public Investment Program spending amounted to 468 million euros, up 18 million from targets.
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