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Greek Primary Surplus Rises to 2.5 Billion Euros

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The Greek Finance Ministry said on Tuesday that during the first nine months of the year (January–September) the primary budget surplus is 2.532 billion euros, sharply up from the budget target for a surplus of 1.551 billion, but slightly down compared to the same period last year, when it totaled 2.632 billion euros.

In addition, the general government’s deficit was reduced to 2.285 billion euros between January and September, from a deficit of 2.657 billion euros last year and a revised budget target for a deficit of 3.661 billion euros. During the same period, net budget revenues totaled 37.277 billion euros, 1.1% percent lower than the budget targets, while regular budget net revenues totaled 33.869 billions, 1% lower than target. Tax revenues totaled 32.112 billion euros in the January – September period, down 1.7% from target: In detail, income tax revenues surpasses target by 7.6%, VAT proceeds were 1.8% above target, while other transaction taxes surpassed target by 26.5%. Other non-tax revenues are 19.5% up from the nine-month period target. On the contrary, corporate tax revenues fell short of target by 19.9%, property taxes by 14.4% and VAT on oil products by 6.1%.

In the same manner, Public Investment Program revenues totaled 3.408 billion euros in the January–September period, 76 million lower than the initial target, while state budget spending totaled 39.562 billion euros. Regular budget spending totaled 35.914 billion euros, almost 2 billion less than the budget target and 7% down compared to the corresponding period in 2013. This decline reflects a reduction in primary spending by 5.7%, while 3.648 billion euros were spent over the Public Investment Program, 180 million more than targeted.

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