Greek budget revenue well above target in August
ATHENS – State budget revenues have continued to grow, expanding much-needed fiscal space for the Greek government. Specifically, the Ministry of Finance published a monthly report on budget execution on Friday which shows that budget revenues exceeded targets by 1.4 billion euros, or 5.6 billion euros over the period. January-August.
Commenting on the development, Alternate Minister Theodore Skylakakis said: “Tax revenue significantly outperformed in August, beating targets by 32.6%. This performance is compatible with high economic growth rates this year, while the anticipated receipt of income for the coming months adds security to a fiscal policy implemented in an uncertain period.
The state budget, based on provisional data on a cash basis, showed a deficit of 4.114 billion euros over the eight-month period, from a budget target for a deficit of 9.992 billion and after a deficit of 10.519 billion over the same period last year. . The primary result showed a surplus of €10 million, from a primary deficit target of €5.942 billion and a primary deficit of €6.381 billion over the same period in 2021.
Net revenue was 39.222 billion euros, up 17% from target, while regular revenue was 42.797 billion, up 17.5% from target. Tax revenues amounted to 35.844 billion euros, up 18.6% compared to objectives. Tax returns totaled 3.575 billion euros, up 704 million from target. Revenue from the public investment program was €1.921 billion, down €849 million from target.
State budgetary expenditure amounted to 43.336 billion euros over the January-August period, down 193 million compared to objectives and 1.869 billion euros compared to the same period in 2021.
In August, net income was €5.519 billion, up €882 million from monthly targets, while ordinary budget income was €5.945 billion, up €827 million from target. Tax revenue was €5.695 billion, up 32.6% from target, tax returns totaled €426 million, down €55 million from target and public investment program were 143 million euros, down 467 million from the objectives.