High primary surplus recorded in January

The January budget figures released on Tuesday revealed a primary surplus of 729 million euros against a target for a primary deficit of 103 million.

Data analysis shows that 767 million euros of expenditure was held back last month, meaning that the total only came to 4.548 billion euros against a 5.315-billion-euro target. This difference is due to the budget provision earmarking 982 million euros for the state to pay one-off dues to special salary categories in case payments were not implemented within 2018. Eventually the payments made last month came to 321 million euros.

The expenditure of the Public Investment Program did not even amount to two-thirds of its target, totaling 112 million euros – or 58 million euros below the target. The program’s revenues came to 82 million euros, or 34 million below the target.

Revenues also missed their target, by 61 million euros. Total budget revenues amounted to 4.35 billion euros, with revenues from value-added tax on fuel lagging by 23 million euros, while the shortfall from the special consumption tax on tobacco came to 12 million, and that from the Single Property Tax (ENFIA) to 28 million euros.