Greek budget deficit down to 15.9 billion euros in 2012

Greece’s state budget deficit totaled 15.908 billion euros in 2012, down from a budget target for a deficit of 16.312 billion euros, the Finance ministry said on Thursday.

In a report, the ministry said that the budget showed a primary deficit of 3,684 billion euros, down from a budget target of 4.577 billion. The budget deficit was down by 6.866 billion euros compared with 2011, while the primary deficit was 2.742 billion euros lower over the same period, with the state budget balance shrinking by 30.1 pct from 2011.

The Finance ministry said that net budget revenues totaled 51.706 billion euros, down 4.1 pct from 2011, but lacked 687 million euros from a revised budget target due to lower community inflows. Net regular budget revenues totaled 48.116 billion euros in the January-December 2012 period, up 0.9 pct from a budget target reflecting higher income tax proceeds, higher property tax revenues and other non-tax revenues.

The Public Investment Program’s revenues totaled 3.590 billion euros in 2012, down 183 million euros from a revised target, although higher payments in December are expected to raise community inflows in the first two months of 2013.

Regular budget spending fell by 355 million euros from a budget target due to lower primary spending, lower defense spending, lower subsidies to hospitals although spending on interest surpassed a budget target to 12.223 billion euros in 2012. State budget spending fell by 11.9 pct compared with 2011.

SOURCE: ATHENS NEWS AGENCY