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Greek Budget Revenues Exceed Targets in August

Greek Budget Revenues
The headquarters of the Bank of Greece. Credit: Greek Reporter

Greek budget revenues exceeded targets by 1.4 billion euros in August and by 5.6 billion euros in the January-August period, according to data released on Friday.

Commenting on this development, Alternate Minister Theodore Skylakakis said: “Tax revenue significantly over-performed in August, exceeding targets by 32.6%. This performance is compatible with high economic growth rates this year, while the advance collection of next month’s revenue is adding safety in an uncertain period.”

The state budget, based on provisional data on a cash basis, showed a deficit of 4.114 billion euros in the eight-month period, from a budget target for a deficit of 9.992 billion and after a deficit of 10.519 billion in the same period last year.

The primary result showed a surplus of 10 million euros, from a target for a primary deficit of 5.942 billion euros and a primary deficit of 6.381 billion in the same period in 2021.

Net revenue was 39.222 billion euros, up 17% from targets, while regular revenue was 42.797 billion, up 17.5% from targets.

Tax revenue up 18.6% from the target in the Greek budget

Tax revenue amounted to 35.844 billion euros, up 18.6% from targets. Tax returns totaled 3.575 billion euros, up 704 million from targets. Public Investment Programme revenues were 1.921 billion euros, down 849 million from targets.

State budget spending totaled 43.336 billion euros in the January-August period, down 193 million from targets and down 1.869 billion euros compared with the same period in 2021.

In August, net revenue was 5.519 billion euros, up 882 million from monthly targets, while regular budget revenue was 5.945 billion, up 827 million from targets.

Tax revenue amounted to 5.695 billion euros, up 32.6% from targets, tax returns totaled 426 million euros, down 55 million from targets and Public Investment Programme revenues were 143 million euros, down 467 million from targets.

Last month, UBS, the Swiss-based investment bank considerably raised its growth forecast for Greece’s gross domestic product (GDP) for 2022.

UBS raised its estimate to 5.7 percent from four percent based, among other factors, on the dynamic recovery of the tourism sector, which, it expects, will post record-breaking revenue of €20 billion—better than the €18 billion achieved in 2019 prior to the COVID-19 pandemic.

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