Greece’s Finance Ministry released its report this week showing a primary surplus of 1.463 billion euros for the first quarter of the State budget (January-April).
These results were from an initial budget target for primary deficit of 670 million, but down from a primary surplus of 1.8 billion euros in the same period in 2018.
During this period from January to April, the general government balance showed a deficit of 1.041 billion euros, down from a budget target for a shortfall of 3.117 billion euros. Net revenue was 15.956 billion euros, up 8.9 % from budget targets, while regular budget revenue was up 8.9 % to 17.147 billion euros in the first four months of 2019. Revenue exceeded targets in the categories of: VAT of goods and services (8.9 %), other taxes on services (16.5 %), property taxes (5.6 %), production taxes (5.0 %), corporate income tax (5.3 %), capital taxes (91 %), transaction taxes (9.1 %) and sales of goods and services (434.7 %) and other revenue (18 %). On the other hand, revenue fell short of targets in the categories of: VAT on oil products (3.1 %), VAT on tobacco (9.1 %), special consumption tax on tobacco products (10.9 %), stamp (21.3 %), income tax (1.6 %), other income taxes (7.9%) and other current taxes (15.6 %).
Tax returns totaled 1.191 billion euros, up 98 million from budget targets, while Public Investment Program revenue rose 37 million from targets to 893 million euros.
Budget spending reached 16.997 billion euros in the four-month period, down 769 million from targets. Public Investment Program spending was 886 million euros, down 154 million from targets. Regular budget spending were up 1.729 billion euros compared with the same period last year due to higher interest payments.
In April, budget revenue was 3.971 billion euros, down 24 million from monthly targets, while regular budget revenue was 4.2 billion euros, up 20 million from targets. Pubic Investment Program revenue was 11 million euros, down 159 million from monthly targets, while tax returns was 229 million euros in April, up 44 million from targets. State budget spending was 4.243 billion in the month, up 241 million euros from monthly targets.