Greece’s Finance Ministry released a report on Monday showing the state budget had recorded primary surplus of 3.162 billion euros in 2018, down from a budget target for a surplus of 3.604 billion but sharply from a primary surplus of 1.940 billion in 2017.
According to provision execution data, in an amended cash basis, the state budget showed a deficit of 2.392 billion euros in the January-December 2018 period, from a budget target for a deficit of 1.911 billion and a deficit of 4.268 billion euros in 2017.
Net revenue totalled 53.598 billion euros, down 2.8 % from budget targets, while regular budget revenue was 50.959 billion euros, down 0.7 % from targets. Tax returns totalled 3.679 billion euros, down 963 million from targets, while Public Investment Programme revenue was 2.639 billion euros, down 1.216 billion from targets.
State budget net spending was 55.990 billion euros in 2018, down 1.085 billion from targets. Regular budget spending was 49.753 billion euros, down 572 million from targets, but up 300 million euros compared with 2017. Public Investment Programme spending was 6.237 billion euros, down 513 million from targets.
In December, net revenue was 6.127 billion euros, down 2.326 billion from monthly targets. Regular budget revenue was 5.339 billion euros, down 1.005 billion from monthly targets. This divergence from targets reflected a delay in the payment of 1.115 billion euros from an extension contract of the Athens International Airport for the period 2026-2046 which will be paid in January instead of December 2018 as originally planned. Public Investment Programme revenue was 788 million euros in December down 1.321 billion from targets. Tax returns totaled 498 million euros in December, down 487 million from monthly targets.
Budget spending was 11.082 billion euros in December, up 1.723 billion from monthly targets, while regular budget spending was 7.340 billion euros, up 686 million from targets. Public Investment Programme spending was 3.743 billion euros in December, up 1.038 billion from monthly targets.