Greece’s Finance Ministry announced on Thursday that the state budget recorded a primary surplus of 7.626 billion euros in the January-November period this year.
According to the Ministry the surplus was much higher than the anticipated surplus target of 4.071 billion euros and compared with a 4.646 billion euros surplus in the corresponding period last year.
In its monthly report on budget execution in an amended cash basis, the Ministry said that general government showed a surplus of 2.563 billion euros in the 11-month period, up from a budget target for a surplus of 1.005 billion euros and a deficit of 774 million in the same period last year.
Net revenue was 47.471 billion euros, up 1.6 % from targets, while regular budget net revenue was 45.620 billion euros, up 1.5 % from targets. Budget revenue exceeded targets in the categories of: individual income tax (0.2 %), corporate income tax (4.3 %), property taxes (0.8 %), other VAT (0.3 %), other consumption taxes (9.4 %), indirect taxes (4.3 %), other non-tax revenue (2.0 %), while revenues fell short of targets in the categories: special categories income tax (2.5 %), direct taxes (5.7 %), car registration duties (6.2 %), special consumption tax on energy products (0.5 %), other special consumption taxes (2.2 %).
Tax returns totalled 3.181 billion euros, down 475 million from targets, while Public Investment Programme revenue was 1.851 billion euros, up 105 million from targets.
State budget spending totalled 44.908 billion euros in the January-November period, down 2.808 billion from targets, while regular budget spending was 42.414 billion euros, down 1.257 billion from targets. Budget spending was down 996 million euros compared with the same period last year. Public Investment Programme spending was 2.495 billion euros, down 1.550 billion from targets.
In November, state budget revenue was 5.06 billion euros, up 694 million from monthly targets, while regular budget revenue was 4.895 billion euros, up 589 million from monthly targets. Public Investment Programme revenue was 165 million euros, up 105 million from targets, while tax returns was 84 million euros, down 475 million from monthly targets. State budget spending was 4.122 billion in November, down 1.187 billion from targets, while regular budget spending was 3.717 billion euros, down 957 million from monthly targets. Public Investment Programme spending was 405 million euros, down 230 million from targets.