Greek budget deficit significantly down in Jan-April at 3.316 bln euros

Greek state budget recorded a deficit of 3.316 billion euros in the January-April period, significantly down from a budget target for a shortfall of 4.973 billion and a deficit of 8.797 billion euros in the corresponding period last year, the Finance ministry said on Wednesday.

The state budget recorded a primary deficit of 799 million euros in the four-month period, significantly down from budget target for a primary deficit of 2.453 billion and a deifict of 6.201 billion in the corresponding period in 2021.

The Finance ministry attributed this positive development to a significant increase in tax revenue, up 1.748 billion euros from targets.

More specifically, budget revenue totaled 17.691 billion euros, up 4.1% from targets, with regular budget revenue up 6.1% to 19.372 billion. Tax revenue rose 12.2% from targets to 16.040 billion euros, VAT revenue was up 755 million from targets to 6.615 billion, special consumption tax exceeded targets by 112 million to 2.042 billion euros, property taxes amounted to 541 million euros, up 18 million from targets, while income tax revenue was 4.354 billion euros, up 409 million from targets. Transfer revenue were down 706 million euros to 2.443 billion euros, sales of goods and services were up 60 million to 236 million euros and fixed assets sale totaled 4 million euros.

Tax returns totaled 1.681 billion euros, up 423 million from targets. Public Investment Programme revenue was 839 million euros, down 636 million from targets.

State budget spending fell by 2.915 billion euros in the four-month period compared with the same period last year. Spending totaled 21.007 billion euros (down 958 million euros from targets).

In April, state budget revenue was 5.728 billion euros, up 2.049 billion from targets, while regular budget revenue was 6.106 billion euros, up 2.191 billion from targets. Tax returns totaled 378 million euros, up 142 million from targets, while Public Investment Programme revenue was 256 million euros, up 26 million from targets.