Greek Budget Primary Surplus Up By €1.105 Billion Over Last Year

Date: 25.11.2018 / By Nick Kampouris / / Comments (0)

The Greek state budget recorded a primary surplus of €6.435 billion ($7.315 billion) in the ten months between January and October 2018, exceeding a target of €4.749 billion ($5.397 billion). The new figures also show a surplus of €5.330 billion ($6.057) over the same period last year, the country’s finance ministry said in a report released on Monday.

The state budget balance showed a surplus of €1.625 billion ($1.848 billion) in the 10-month period, well over budgeted projections for a deficit of €62 million ($70.5 million). This also greatly exceeds a surplus of €144 million for the same period last year.

The state’s revenue exceeded targets in the categories of corporate income tax (2.6 per cent), property tax (0.8 per cent), and VAT on oil products (0.8 per cent). It also exceeded projections for other consumption taxes (5.9 per cent), indirect taxes (5.6 per cent) and other non-tax revenue (0.9 per cent).

Disappointingly, revenue from direct taxes (3.9 per cent), VAT on tobacco (1.3 per cent) VAT on other items (0.2 per cent) fell somewhat short of targets.

State budget spending totaled €40.786 billion ($46.374 billion) in the 10-month period, down €1.621 billion ($1.843 billion) from the projected figures, while regular budget revenue was €38.697 billion ($44 billion), down €300 million ($341 million) from targets.

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