EUROSTAT: Greece tops EU ranking for business innovation

Greek flag business Hellenic Exchange eurostat

According to a graph released by Eurostat on Friday, Greece has outdone other European Union countries for the percentage of businesses that reported some kind of innovation activity between 2018 and 2020, achieving first place with a rate of 73 pct.

Posting the graph on social media, Development and Investments Minister Adonis Georgiadis spoke of a "new significant first place for Greece in the EU" and praised Deputy Development and Investments Minister Christos Dimas for the high percentage of Greek businesses investing in innovation in that time.

20 8

Dimas also posted a similar message, noting that "according to Eurostat, Greece had the highest percentage (73 pct) of businesses that have invested in innovation in the three-year period 2018-2020."

According to a Eurostat tweet, the EU average for innovation activity was 53 pct, with Greece ranking first, followed by Belgium (71 pct), Germany and Finland (69 pct). The lowest ranking countries were Romania (11 pct), Latvia (32 pct), Hungary and Spain (33 pct).

Meanwhile, Greek state budget tax revenues significantly exceeded targets in the January-October period, totaling 45.626 billion euros, up 12.6% from targets, the finance ministry said on Tuesday. Tax revenue also exceeded monthly targets by 6% in October.

Alternate Finance Minister Theodore Skylakakis, commenting on budget execution figures, said the data for October did not show any markedly different trend relative to the very positive course of the Greek economy in 2022, despite increased global economic uncertainties and a slowdown in Europe.

More specifically, according to provisional budget execution data on an amended cash basis, the state budget showed a deficit of 4.769 billion euros in the 10-month period, down from a budget target for a deficit of 11.027 billion and a shortfall of 11.497 billion euros in the same period last year.

Primary results showed a deficit of 349 million euros, from a budget target for a primary deficit of 6.752 billion and a primary shortfall of 7.179 billion in 2021. Net revenue was 48.866 billion euros, up 12.1% from targets, while regular budget revenue was 53.775 billion, up 13.3% from targets.

Tax revenue was 45.626 billion euros, up 12.65% from targets. Tax returns totaled 4.909 billion euros, up 1.058 billion from targets. Public Investment Programme revenue was 2.591 billion, down 499 million from targets.

Budget spending in the January-October period totaled 53.635 billion euros, down 1.001 billion from targets, regular budget spending was down by 566 million euros from targets.

Public Investment Programme spending was 7.627 billion euros, down 434 million from targets. Budget spending was down by 2.018 billion euros compared with the same period in 2021.

In October, budget revenue was 4.842 billion euros, up 38 million from monthly targets, while regular budget revenue was 5.412 billion, up 179 million from targets.

Tax revenue was 5.066 billion, up 6% from targets, tax returns were 569 million euros, up 141 million from targets, while Public Investment Programme revenue was 198 million, down 32 million from targets.

RED MORE: SYRIZA: Mitsotakis is plunging Greeks into poverty.