19 November 2017
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Greece beats targets for deficit in Jan-July 2017

24 August 17 - RE+D Magazine
Greece beats targets for deficit in Jan-July 2017

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The Greek state budget deficit was some 930 million euros lower than targets for the seven-month period of January-July 2017, according to budget execution data released by the Greek finance ministry.

 

The state budget primary balance amounted to a surplus of 3,024 million euros, against the primary surplus target of 2,098 million euros and the primary surplus of 2,715 million euros performed at the same period of the previous year.

According to the data available for the execution of the state budget on a modified cash basis, the state budget balance for the period of January - July of 2017 presented a deficit of 1,351 million euros, against the MTFS 2018-2021 target deficit of 2,280 million euros for the same period of 2017 and a deficit of 1.676 million euros for the same period of 2016.

State budget net revenues amounted to 27,316 million euros, showing an underperformance of 636 million Euros or 2.3 pct against the target of MTFS 2018-2021.

Ordinary budget net revenues amounted to 26,251 million euros, 682 million euros or 2.5 pct lower than the target of MTFS 2018-2021.

Particularly, during the period of January-July 2017, there was an increase against the target mainly in the following revenue categories:

 

a) Property Taxes by 136 million Euros or 22.7 pct,

b) Direct Tax Arrears by 130 million Euros or 10.7 pct,

c) VAT Other by 234 million Euros or 3.1 pct,

d) Other Transaction Taxes by 30 million Euros or 10.5 pct,

e) Taxes on Vehicles by 25 million Euros or 21.3 pct,

f) Indirect Tax Arrears by 106 million Euros or 17.9 pct,

g) Revenue of incorporated off-budget accounts by 20 million Euros or 13.1 pct,

 

During the same period there was an underperformance against the target in the following main revenue categories:

 

a) Personal Income Tax (PIT) by 338 million Euros or 7.1 pct,

b) Corporate Income Tax (CIT) by 47 million Euros or 4.7 pct,

c) Other Direct Taxes by 101 million Euros or 8.2 pct,

d) VAT on fuel by 25 million Euros or 2.3 pct,

e) VAT on Tobacco by 25 million Euros or 7.7 pct,

f) Other Excise Taxes (Tobacco, etc) by 150 million Euros or 9.8%,

g) Privatization proceeds by 343 million Euros or 26.2%,

 

Note that in May 2017 there is an amount of 296.16 million euros included in the revenue category ‘VAT Other’, concerning concession of regional airports (privatization proceeds).

Tax refunds (excluding those from the arrears clearance programme) amounted to 2,310 million Euros, increased against the target (1,934 million Euros) by 376 million euros.

PIB revenues amounted to 1,065 million euros, increased by 46 million euros against the target.

Particularly, in July 2017 the State Budget net revenues amounted to 5,141 million euros, 688 million euros lower than the monthly target of MTFS 2018-2021.

Ordinary budget net revenues amounted to 4,913 million Euros, 756 million Euros lower than the monthly target.

The main revenue categories that increased against the monthly target in July 2017 are the following:

 

a) Other income tax by 21 million euros,

b) Property Taxes by 47 million euros,

c) Direct Tax Arrears by 30 million euros,

d) Indirect Tax Arrears by 38 million euros,

 

The main revenue categories that decreased against the monthly target in July 2017 are the following:

 

a) Personal Income Tax (PIT) by 215 million euros,

b) Corporate Income Tax (CIT) by 161 million euros,

c) Other Direct Taxes by 86 million euros,

d) VAT on Fuel by 23 million euros,

e) VAT on Tobacco by 24 million euros

f) Other Excise Taxes (Tobacco, etc) by 96 million euros,

g) Other non tax revenues by 78 million euros.

 

State budget expenditures for the period of January - July of 2017 amounted to 28,667 million euros, 1,565 million euros lower than the target (30,232 million Euros). Decreased against the target were mainly grants to hospitals, YPE-PEDY by 199 million euros, Social Solidarity Income by 99 million euros, allowances to families with many children by 60 million euros and earmarked revenues by 302 million euros.

Ordinary Budget expenditures were decreased compared to the respective period of 2016 by 497 million Euros. Expenditures increased by 234 million Euros for Social Solidarity Income, by 89 million Euros for payments to EU, by 42 million Euros for agricultural subsidies, by 42 million Euros for migration flows and by 67 million Euros for military equipment procurement.

PIB expenditure amounted to 1,114 million Euros, showing an underperformance against the target by 522 million Euros.

For July in particular, State Budget expenditures amounted to 4,896 million Euros, 122 million Euros less than the monthly target, while Ordinary Budget expenditures amounted to 4,690 million Euros, showing an over performance of 106 million Euros against the monthly target. Public Investment Budget (PIB) expenditure amounted to 206 million Euros showing an underperformance against the monthly target by 228 million Euros.

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