GREECE: Balance of employment flows positive, budget tax revenue up 13.7% from targets

The balance of employment flows was positive between January and September while tax revenue exceeded targets by 13.7% or 4.902 billion euros in the same period.

The labour ministry said in a report on Monday that the balance of employment flows was positive by 263,463 job positions in the January-September period, after a positive balance of 26,238 jobs in September.

The report by the IT “Ergani” system showed that new hiring’s totaled 2,261,137 in the nine-month period, while lay-offs and voluntary retirements totaled 1,997,674, leaving a positive balance of 263,463 job positions.

In September, new hiring’s totaled 343,166 and lay-offs 316,928, leaving a positive balance of 26,238 job positions.

Meanwhile, tax revenue exceeded targets by 13.7% or 4.902 billion euros in the January-September period, totaling 40.644 billion euros, the finance ministry said in a report on Monday.

Alternate Finance Minister Theodore Skylakakis, commenting on the budget execution data, said that the September tax revenues were compatible with the targets of the draft budget plan and evidence of strong growth in the third quarter of 2022.

The state budget showed a deficit of 4.236 billion euros in the nine-month period, on an amended cash basis, from a budget target for a shortfall of 10.081 billion and a deficit of 10.150 billion euros in the corresponding period last year.

The primary result showed a surplus of 37 million euros, from a budget target for a deficit of 5.943 billion and a primary deficit of 5.960 billion in the same period in 2021. Net revenue was 44.008 billion euros, up 13.4% from targets, while regular budget revenues were 48.348 billion euros, up 14.5% from targets.

Tax returns totaled 4.340 billion euros, up 917 million from targets, while Public Investment Programme revenue was 2.394 billion, down 466 million from targets.

Budget spending in the January-September period totaled 48.245 billion euros, down 641 million from targets and down 1.355 billion euros compared with the same period last year.

In September, budget revenue was 4.776 billion euros, down 492 million from monthly targets, while regular budget revenue was 5.541 billion, down 279 million from targets.

Tax revenue was 4.909 billion euros, down 11% from targets. Tax returns totaled 765 million euros, up 213 million from targets, while Public Investment Programme revenue was 473 million, up 383 million from targets.

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