Greek State Budget Shows Surplus for January-September 2020, Higher Than Target

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The Greek state budget showed a primary surplus of 5.987 billion euros in the January-September period, which is higher than the budget target of 2.436 billion euros and the surplus of 52 million euros in the same period last year. This increase is due to higher VAT receipts and higher income tax revenues.

According to the National Economy and Finance Ministry, the general government budget had a deficit of 397 million euros in the 9-month period, which is lower than the budget target of 2.704 billion euros and the deficit of 4.221 billion euros in the same period last year.

Net revenue reached 48.296 billion euros, exceeding the target by 23 million euros. Regular budget revenue amounted to 53.281 billion euros, up 1.1% from targets.

Tax revenue totaled 44.916 billion euros, surpassing the target by 7.4%. VAT revenue reached 17.201 billion euros, an increase of 779 million euros. Special consumption tax revenue was 5.192 billion euros, falling short by 100 million euros. Property tax proceeds amounted to 14.918 billion euros, exceeding the target by 1.614 billion euros. Transfers revenue decreased by 2.133 billion euros to 4.979 billion euros. Revenue from the sale of goods and services fell short by 1.6 billion euros to 639 million euros, while Public Investment Programme revenue was 2.701 billion euros, which was 899 million euros lower than the target. Tax returns reached 4.985 billion euros, surpassing the target by 561 million euros.

Budget spending totaled 48.693 billion euros, which is lower than the target by 2.284 billion euros, but higher than the same period last year by 449 million euros. Regular budget spending fell short by 1.165 billion euros from the target. The Public Investment Programme amounted to 6.568 billion euros, which was 1.119 billion euros lower than the target.

In September, budget revenue was 5.178 billion euros, falling short by 39 million euros. Regular budget revenue was 5.646 billion euros, falling short by 250 million euros. Tax returns reached 468 million euros, falling short by 212 million euros from the monthly targets, while Public Investment Programme revenue was 349 million euros, exceeding the target by 89 million euros.

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