greek economy
Image credit: Eurokinissi

Greece’s Finance Ministry announced a primary state budget surplus of 831 million euros in the first two months of the year, down from a budget target for a surplus of 929 million euros, but up from a surplus of 822 million euros in the same period last year.

According to the latest figures, the general government balance showed a deficit of 1.107 billion euros in the January-February period, from a budget target for a shortfall of 814 million.

Net budget revenue was 7.557 billion euros in the two-month period, down 5.8% from targets, reflecting lower Public Investment Programme revenue. Regular budget revenue was 8.280 billion euros, down 4.5% from targets.

Budget revenue fell short of targets in the categories of taxes on services (6.7%), taxes on production (64.3%), other taxes (23.7%), and other current revenue (34.1%). Revenue also fell short compared with the same period last year in the categories: VAT on oil products (5.4%), VAT on other products and services (0.5%), special consumption tax on energy products (3.2%), special consumption tax on tobacco products (4.9%), special consumption tax on other products (12.9%), property taxes (7.3%), income tax (9.5%), other income taxes (5.8%) and transfer taxes (39.9%).

Tax returns totalled 723 million euros, up 78 million from targets, while Public Investment Programme revenue was 431 million euros, down 342 million from targets.

Budget spending totalled 8.664 billion euros in the two-month period, down 175 million from target and down 305 million euros compared with the same period last year. Public Investment Programme spending was up by 221 million euros compared with 2019.