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Greece posts primary budget surplus in Jan-Sept

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Greece on Tuesday reported a primary budget surplus of 2.632 billion euros in the January-September period, from a primary deficit of 2.069 billion euros in the corresponding period last year and a budget target for a primary deficit of 2.873 billion euros, the Finance ministry said.

In a report, the ministry said that the general government’s deficit fell to 2.657 billion euros in the nine-month period, from a deficit of 12.719 billion in the same period last year and a budget target for a deficit of 8.273 billion euros. Net budget revenue totaled 38.728 billion euros in the January-September period, up 5.5 pct from budget targets, while net regular budget revenue totaled 34.716 billion euros, up 4.1 pct from budget targets.

Tax revenue totaled 31.097 billion euros, down 1.4 pct from budget targets. The ministry said that this gap fell to 727 million euros in the eight-month period from 1.601 billion euros in the seven-month period, helped by higher collection of direct taxes in September.

Direct taxes totaled 2.309 billion euros, up 24.5 pct from monthly targets, income tax proceeds by individuals jumped 45.6 pct to 1.121 billion euros, corporate income tax proceeds totaled 210 million euros, up 33.8 pct from budget targets, direct tax proceeds from previous years grew 62.9 pct to 248 million euros, other direct tax proceeds rose 13.9 pct to 392 million euros, while VAT on oil fell short by 39.5 pct from budget targets, while proceeds from a special consumption tax on fuel was 49.8 pct down from budget targets.

State budget spending totaled 41.385 billion euros, down 3.583 billion euros from budget targets, while regular budget spending totaled 38.619 billion euros, down 1.999 billion from budget targets.

The Finance ministry said budget execution in the nine-month period confirmed the ministry’s estimates that a shortfall in tax proceeds in the first seven months of the year was a temporary phenomenon which was gradually covered with increased collection of income and property taxes.

Last Updated Wednesday, 23 October 2013
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