Greek budget showed primary deficit of 3.413 bln euros in Jan-March

Greek state budget recoded a primary deficit of 3.413 billion euros in the January-March period, from a budget target for a deficit of 4.365 billion and a primary suprlus of 494 million euros in the corresponding period last year.

In the first three months of the year, the general government balance recorded a deficit of 5.714 billion euros, from a budget target for a shortfall of 6.605 billion.

More specifically, net revenue was 11.509 billion euros in the first quarter, down 5.4 pct from budget targets, while regular budget revenue was 12.492 billion euros, down 5.5 pct from targets. Tax revenue was 10.509 billion euros, down 3.3 pct from targets. Tax proceeds exceeded targets in the categories of: special consumption tax on tobacco (8.7 pct), stamp taxes (21.8 pct), tax on financial and capital transactions (34.4 pct), vehicle registration taxes (26.7 pct), other taxes on goods (107.5 pct), income tax (2.9 pct), tax on sales of goods and services (8.6 pct), other current revenue (87.8 pct). On the other hand, tax revenue fell short of targets in the categories of VAT on oil products (-14 pct), VAT on other products and services (-6 pct), special consumption tax on energy products (-16.9 pct), special consumption tax on other products (-10.9 pct), tax on import duties (-22.5 pct), regular tax on property (-12.9 pct), other tax on production (-82 pct), corporate tax (-12.5 pct), transfers (-25.4 pct) and selling of fixed assets (-99.2 pct).

Tax returns totaled 983 million euros, down 64 million from targets, while Public Investment Program revenue was 1.112 billion euros, down 303 million from targets.

Budget spending totaled 17.222 billion euros in the January-March period, down 1.549 billion from targets, while public investment program spending exceeded targets by 1.297 billion euros.Budget spending was up 4.297 billion euros in comparison with the same period last year.

In March, budget revenue was 2.975 billion euros, down 938 million from targets, while regular budget revenue was 3.356 billion euros, down 918 million from monthly targets.

Tax revenue was 2.885 billion euros, down 12.8 pct from targets.Tax returns totaled 381 million euros, up 21 million from monthly targets, while public investment program revenue was 275 million euros, down 80 millon from targets.

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