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Greek Jan-Aug primary budget surplus at 5.6 b euros; Well-above target on high tax collection
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Greece posted a primary budget surplus of 5.6 billion euros in the first eight months of the year, against the budget target of 2.3 billion euros in surplus, preliminary data from the Finance Ministry showed. In the same period of 2022, the budget’s primary position was positive by 19 million euros.
Higher tax collection and lower spending underscored the reasoning for the fiscal outperformance.
Net state revenues reached 43.1billion euros, exceeding the target by 47 million euros, despite the lower Public Investment Revenues
The Ministry said that revenues would have been even higher, as some 1.5 billion euros, concerning the concession of Egnatia Odos are not collected, as the tender is still ongoing. Also, The Ministry cited the The Ministry cited the delay in the collection of the third tranche in RRF money worth 1.7 billion euros.
Tax revenues rose to 39.9 billion euros, 9% higher than the budget target. Better-than-expected previous and this year’s tax dues collection cited. In August alone, the 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.
(Economy)
Stocks end lower as Moody’s upgrade fails to reverse intl woes
Equities in Athens closed lower, giving up early gains, as Europe set its negative tone. Moody’s double-notch upgrade was widely anticipated and priced in to a large degree by investors. Policy meetings by the US Federal Reserve and the Bank of England this week will be closely monitored. The increase in oil prices also weighed.
The general share index dropped 0.6% to close at 1252 points. Turnover amounted to 106 million euros.
Notable movers were PPC +2.3%, Alpha Bank +1.9%. In contrast, Coca Cola HBC shed 3%, Helleniq Energy -2.2%.
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