Greek State Budget Exceeds Expectations with €3.25B Primary Surplus in Q1 2024

budget feat

The Greek National Economy & Finance Ministry unveiled preliminary data on Wednesday, revealing a robust performance in the execution of the state budget for the first quarter of 2024 (January-April). Against a target of €631 million, the primary surplus soared to €3.253 billion, surpassing both projections and the previous year's surplus of €2.443 billion for the same period.

Net revenues for January-April 2024 totaled €22.508 billion, marking an impressive increase of €2.311 billion or 11.4% compared to the corresponding period's target. Notably, the state budget balance for the same period reflected a deficit of €279 million, significantly lower than the anticipated deficit of €2.699 billion outlined in the 2024 budget introductory report, and a notable improvement from the €789 million deficit recorded for January-April 2023.

Excluding the aforementioned deficit, net revenues displayed a remarkable over-performance of €3.949 billion or 21.5% against the target. This substantial increase was primarily attributed to a surge in tax revenues, which rose by €2.155 billion (net of tax refunds), alongside an increase in Public Investment Budget (PIB) revenues by €1.150 billion.

(Source: Amna)

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