Primary deficit beat target last year

Τhe primary deficit of the 2022 state budget, beat its target (1.6% the gross domestic product) by 0.2-0.6%, according to the execution data released on Monday.

The primary deficit came in at 6.6 billion euros, against a target of €8.5 billion, which is a message to markets, according to a source at the Finance Ministry.

This trend shows a 0.2-0.3% improvement against the target, while another 0.3% of GDP is likely to be added if Eurostat includes in 2022 the income from the last repayment installment of the SMPs and ANFAs, which has not yet been collected.

Otherwise this will improve the 2023 result, for which the budget foresees a primary surplus of 0.7% of GDP.

“The figures of the execution of the December budget are safely compatible with the target of the deficit, which has been set in the introductory report of the budget. We should also await the execution of the January and February revenues, as well as the related fiscal adjustments, carried out by Eurostat, in order to confirm this forecast,” said Alternate Minister Thodoros Skylakakis.

Tax revenues amounted to €55.3 billion, up by €180 million or 0.3% compared to the target included in the budget report.