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Greece’s Jan-Aug primary surplus beats target, on solid tax collection, lower spending
Greece posted a primary budget surplus of 5.6 billion euros in the first eight of the year, against the budget target of 2.3 billion euros in surplus, according to final data released by the Finance Ministry. In the same period of 2022, the budget’s primary position was positive by 12 million euros.
Greece posted a primary budget surplus of 5.6 billion euros in the first eight of the year, against the budget target of 2.3 billion euros in surplus, according to final data released by the Finance Ministry. In the same period of 2022, the budget’s primary position was positive by 12 million euros.
Tax collection remained solid, exceeding the budget target. VAT, ENFIA and personal income tax came in stronger than expected.
Net state revenues reached 43.1 billion euros, exceeding the the budget target by 61 million euros, despite the lower Public Investment Revenues.
The Ministry also cited delays in the collection of the third tranche of RRF money worth 1.7 billion euros. Moreover, the concession tender of Egnatia Odos, concerning some 1.5 billion euro is revenues, fell behind schedule. In contrast, the collection of 603 million euros in ANFA profits boosted revenues.
January-August tax revenues rose to 39.8 billion euros, 9.2% higher than the budget target. Better-than-expected previous and this year’s tax dues collection cited.
In August alone, tax revenue growth exceeded budget target by 23%, as the payment of the first two instalments of personal income was extended to September 4.
State spending stood at 43.2 billion euros, falling short of the budget target by 2.3 billion euros.
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